The Obama loan modification programs introduced by the Obama administration to save millions of home owners from the menace of foreclosure has received mixed feedback from different sources. Experts and professionals who are specialists in the home loan field stated that the Government home affordable modification program was doomed as recent data and statistics proved that not many people could benefit from the B Of A loan modification plan. The data which supported this statement points towards a direction where the Obama loan modification programs original goal was to have 500,000 modification closings done by a particular date but the number that was achieved by that date was 405,700 Bank of America loan modification program trials and permanent Government home affordable modification programs implemented.

The statistics are disappointing and so several experts claim that the B of A Loan Modification will not be as successful as it was though to be. The aim of the Bank of America loan modification program was to benefit millions of home owners maybe around three to four million people from losing their home and making their monthly mortgage repayment amount more affordable but it seems that the Government has failed in achieving the target.

As per the home affordable modification program guidelines any home owner meeting the basic criteria of the program can apply for the loan modification help. But out of the application made for B of A loan modification program only a handful were provided permanent modifications whereas the rest were still in the approval stage. However, with the introduction of the Government home affordable modification program the cases of foreclosure has dropped significantly by almost 15 per cent in the third quarter. Another option which is replacing foreclosures is the short sales and deeds which along with the Obama loan modification programs has led to reduction in the overall foreclosure cases thus indirectly helping the real estate market get back on its feet.

As per recent findings the number of mortgages that are overdue by almost 60 days or more have increased by 20% while the total number of mortgages that are overdue rose by around 15 percent in the third quarter to 7.6 percent of all existing mortgage applications.

Despite bad statistics many people have been able to come out of debt due to the prevalence of the Bank of America loan modification program process. The home affordable modification program guidelines served as a benchmark for approving mortgage modification applications of different people and this decreased the cases of unnecessarily filing for mortgage modification even if one has the capacity to pay off the mortgage loan.

The Government home affordable modification also known as the Bank of America loan modification program was a blessing in disguise to millions of home owners who were on the verge of losing their homes to foreclosure. One of the advantages of applying for the Obama loan modification program was that the foreclosure proceedings were stopped immediately till the time a decision was reached on the B Of A loan modification program.