It’s reported that over two million people were given home loan modifications thus far in 2009 from lenders outside of the governmental home loan modification program. This is helping struggling Americans stave off foreclosure by adjusting their home loan payments but there are still problems with mortgage modifications.
Many feel that home loan modifications made outside the governmental program are causing more harm than good as the governmental home loan modification program is seeking to make these modifications permanent for homeowners but lenders outside of the governmental home loan modification program are being charged with not making these modifications permanent and charging fees and fines, which creates more problems for homeowners in need of assistance.
The governmental home loan modification program in 2009 has helped over 650,000 and the government is pushing to make these modifications a permanent change to homeowners who keep up with their payments for three months of a trial period.
If you are looking into modifying your mortgage then talk to your lender and see what they can offer. Lenders who are looking to make you pay basically the same amount as your normal mortgage payment despite being in a “modification period” aren’t going to be much help. Lenders who are associated with the governmental home loan modification program are being pressed to make these changes permanent so those lenders may be your best bet.
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