Many have stated that the source for the low numbers from top lenders in the home loan modification program lies with ineligible borrowers and the program is running as it should, yet the homeowners are the source of trouble when it comes to passing from the trial period to a permanent modification.
However, this seems to go against all the homeowner’s testimonies in respect to their dealing with the home loan mortgage modification process. There are countless homeowners who are looking for help in their home loan and a home loan modification is one of the best ways in which to lower the monthly mortgage payment due on a home.
The problem seems to be that many homeowners are fighting against lenders who don’t actually want them to move into the permanent phase of the home loan mortgage modification program and there seems to be little that homeowners can do about it.
Many homeowners have turned in paperwork on time, completed at least three months of a trial period, if not more, and are spending hours on the phone seeking help only to walk away from the situation empty-handed.
The home loan modification program is helping people and has the potential to historically be one of the great programs that helped American’s get back on their feet coming off the recession but there seems to be a lack of communication between the banks and the governmental authorities who are pressing them to make more permanent home loan modifications.
If the program is to be a success and lenders wish to keep capital coming in from the homes in their charge, then banks have to move their feet on the home loan modification process or banks are going to be left with endless defaulted mortgages and homes sitting empty.
