To determine the effectiveness of home mortgage modifications, all trial and permanent Bank of America loan modification plans provided under Obama’s federal loan modification program were tracked by the Treasury Department. The results indicated mixed responses especially some homeowners found them to be immensely useful in making their monthly payments affordable while few others did not see any help actually coming.

Many borrowers who failed to qualify for Bank of America loan modification program have felt that more changes were needed in the government mortgage modification plan to ensure that more viable alternatives were available for preventing rising number of home foreclosures in the time to come. The “Making Home Affordable” program or MHA servicer report for December 2010 states that of the initial 352, 869 trial home mortgage modifications offered by Bank of America, only 101,604 were eligible for permanent modifications. In any case, as per the current data the number of active trial modifications with Bank of America stood at 45,753 while active permanent loan modifications were estimated to be 90,243.

Nevertheless, there could be a difference if the outlook with regards to various home loan modification plans provided by different mortgage servicers may vary as many borrowers have either filed for bankruptcy or have obtained alternative loan modification programs from lenders for paying off their mortgages. Some have even opted for one of the HAFA alternatives for saving their homes. Still, to witness any sustainable success with the MHA and see the re-default rates drop, borrowers who are in an extremely difficult financial situation, have been given to the feeling that there were flaws in the federal MHA plan. All this is despite the fact that there are numerous extension programs that are available under the MHA program.

Some homeowners also felt that Obama’s streamline loan modification program is proving to be more of an obstacle since it appears to be more beneficial to lenders rather than borrowers. However, these claims cannot be justified as many other struggling homeowners, who have been offered mortgage loan modifications, have been able to make their monthly mortgage payments more sustainable and thus, avoided foreclosures. Therefore, there is no question of revamping the MHA initiative but such borrowers that have failed to qualify for MHA loan modification plans need to explore other various other options provided under MHA with lending institutions like Bank of America if they truly intend to become debt free quickly.

Today the MHA even offers alternatives like “Home Affordable Unemployment Program” or HAUP to assist homeowners who have lost their jobs. Hence, borrowers, who are considering applying for the Obama mortgage stimulus program, primarily need to consult a HUD approved counselor if their main objective is to find a permanent solution for their mortgage related problems. Additionally, this could also enable them to secure vital guidance for understanding the federal loan modification process guidelines and requirements which is essential to improve their chances for success.

To get more valuable information on the HAMP or Bank of America home loan modification program, it’s hereby strongly recommended to utilize the professional services offered by reputed online service providers like http://www.obama-loanmodifications.com/