Bank of America announced that it will begin refinancing mortgages up to 105. This report also showed that some consumers are actually receiving loan modifications wherein their payments increase. This report should have not come as surprise to the administration or the banking industry. However now that focus is being applied to this situation the administration is setting guidelines for loan modifications and Bank of America is following suit. While this will most likely set precedence for the banking industry and make an attempt at reversing the high rate of Mortgage modification failure, one needs to ask if even this is not just another method to cover up the problem, and if these new adjustments will be enough. The key words of Bank of America’s modification plan are â€short term loan modificationsâ€, so some questions need to be asked: 1. Will these temporary adjustments be converted into long term modifications and even if they are will they be what are needed to rescue the homeowner who is facing foreclosure? 2. Will this possible â€industry standard’ be good for the consumer? 3. Will a minor adjustment to the rate of failure for modifications be sufficient ammunition for the administration and banking industry to establish a set of guide laws? 4. If so what will these guide laws mean to the homeowner? 5. Will they be required to accept a set of â€cookie cutter†modifications? 6. Or will they benefit from knowing exactly what they can expect from a banks loan modification? 7. Wouldn’t the homeowner have a better chance of being able to handle the mortgage adjustments if they were tailored to their particular needs? 8. Will these standards not cause main street America to fit into a very tight range of qualifications in order to save their home? 9. By establishing standards such as the ones being implemented temporarily by Bank of America and the FDIC are we not attempting to eliminate the very fiber of individualism that makes America what it is? 10. Would the nation as a whole not be better suited to a variety of options that would cover an array of financial capabilities, rather than just one? 11. Should the lenders have power over the homeowner, or should the home owner have power over the lender and mortgage modifications? These points should be greatly considered before we allow a bank to establish a set of guidelines that may in the long run be detrimental to the health of America. All we can do is wait to see what happens and hope that the distressed homeowner is truly the concern here, that the solutions will provide recovery from millions of foreclosures. Meanwhile there are still millions of America that are in need of immediate help with mortgage negotiations, if you are one of those distressed homeowners you should give great consideration to hiring a negotiation expert to assist you with your mortgage modifications. A reputable negotiation expert will be able to represent you in a way that will provide a solution that is catered to your personal situation. Given the current state of affairs with the mortgage modification industry you do not want to attempt to mitigate with your lender alone. Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue
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