Keep in mind, mortgage modifications might not be limited to Bank of America alone as different mortgage servicers are also vigorously contributing in the federally assisted HAMP. In any case, for homeowners who have failed to get qualified for the HAMP plan either through Bank of America or any additional financial institution, could take benefit of another viable alternative that is offered through President Obama's "Making Home Affordable" program.
That is the Home Affordable Foreclosure Alternative Program that is offers "Short-Sale" and "Deed-In-Lieu" foreclosure programs.
Bank of America is an active mortgage servicer in both, the Home Affordable Modification Program (HAMP) as well as the HAFA. And as per the "Making Home Affordable" plan report of October 2010, Bank of America observer an raise in number of destitute homeowners who choose for either short-sale or deed-in-lieu foreclosure options. Bank of America had processed 20,656 applications made by borrowers under HAFA in September 2010 as the number of requirements increased to a shocking 32,396 in October. Through the similar period in September, it was observed that among homeowners who had been denied a trial loan modification by Bank of America, 17, 542 had pursued short-sale or deed-in-lieu foreclosure plans under HAFA however in October even that number had augmented to 18, 560.
For borrowers who have not fulfilled the Bank of America loan modification requirement, foreclosure alternatives under HAFA mightn't be the homeowners' actual choice. But a short sale or deed-in-lieu of foreclosure options offer a decent way out to homeowners, who have been faced with underwater mortgages, with helping out them to avoid a formal foreclosure. However everybody mightn't get eligible for the HAFA foreclosure plans and that could be precisely the reason why you need to take advantage of expert assistance whenever you are considering either of the foreclosing options which are provided with HAFA. This could assist you to get a much better understanding of the complete HAFA process as well providing you active support and professional guidance in arranging the documentation.
To obtain additional constructive information on the Obama loan modification programs, it is hereby recommended to make use of the specialized services accessible by reputed online service providers such as Refinanceitt.
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