The mortgage modification program has been beneficial to many homeowners over the past months and could continue to help homeowners over the next year, if not longer, but some banks are having trouble keeping up with demands of homeowners and the program itself. Many feel that these kinks in the mortgage modification program are a result of the newness of the mortgage modification plan and the amount of people who need help, but others feel that banks want little to do with the plan and would rather continue to foreclose rather than work to modify a mortgage.
The mortgage modification program has helped people whose income or employment status has been affected by the recession by changing their monthly payment for a trial period, then if the homeowner is able to make payments within the mortgage modification program it is extended. However, despite many numbers of homeowners who qualify there are more that don’t and this is where banks are said to be getting bogged down in the mortgage modification program. Mortgage institutions have brought in additional personnel to aid with questions but the amount of homeowners seeking a modified home loan seems to grow daily. Also, those who do qualify for home loans are having troubles at varies points in the process so this is adding more calls to the daily masses of homeowners wanting to know if they qualify for a mortgage modification.
Others feel that lending institutions who are being told to allow these mortgage modifications to struggling homeowners are shuffling their feet and seeking to foreclose on homes, sometimes before a homeowner’s ability to qualify for a mortgage modification is investigated. With interest rates so low and the first-time homebuyer tax credit being extended some believe that banks are now at a point where they want homes back so as to take advantage of homeowners looking to buy a first home or use the repeat homebuyer tax credit.
No matter the reason the program is hitting bumps but there is evidence that it is helping people. Mortgage holders are on hand to assist homeowners with mortgage modification questions and procedures so anyone seeking answers need to seek out these sources. With many homeowners left who qualify for a mortgage modification, looking into if you qualify is something that could be of great benefit in the end.
If you cannot go through a mortgage modification it might be a good idea to consider other ways to save money. Some can save cash with a Craigslist used car purchase. Remember that there are tons of options on Craigslist but it is always smart to research as much as possible. Rather than jumping into a car transaction as soon as possible it might be wise to document prices over time. This may help you to pay your mortgage in the near future.