Homeowners with Bank of America have fallen into a position where a HAMP modification program may not be available so they have turned to bankruptcy as a result of their financial situation, and according to the Treasury Department Making Home Affordable reports, Bank of America was one of the mortgage servicers who saw an increase in these bankruptcy numbers. However, homeowners may still have opportunities available outside of foreclosure and bankruptcy even when a modification program is not made available.
Yet, it does still need to remembered that there are some homeowners who feel that bankruptcy may be their only option, and in some cases a homeowner’s a situation may have deteriorated to a point where bankruptcy seems inevitable or could indeed be one of the last options they have. For homeowners whose trial modification was canceled within HAMP, the overall program total in the month of April for Bank of America stood at 7,197 homeowners who were facing bankruptcy, while this number in May increased to 7,802. Also, for a homeowners who were not accepted for a trial modification program, Bank of America saw a program total increase from 10,228 bankruptcies in April to 11,694 in May.
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