Making Home Affordable Home Loan Mortgage Modification Program— Is It Working, What Are The Problems?
The Making Home Affordable home loan mortgage modification program is seeing mixed results and opinions over the success and value of the program overall. In a new report on the home loan mortgage modification program, there were increased numbers in the trial modifications given and the number of permanent home loan modifications made to struggling homeowners, but there is talk that the increases from November to December weren’t enough. Many who criticize the program are placing blame on a variety of sources ranging from the lenders to homeowners to the Obama Administration.
When talking blame on the part of the lenders in the Making Home Affordable home loan mortgage modification program many who are in the trial phase are saying they are making payments but nothing is getting done or those who are in need of a modification for their home, due to financial strain, are being told they don’t qualify. Accounts from customers seem to have the common theme of lenders either being unorganized and overwhelmed or simply giving off the impression they just don’t care.
However, again, there have been jumps in lender’s numbers, like Bank of America and CitiGroup, CitiMortgage, in not only permanent home loan modifications, but also trial modifications and permanent home loan modifications pending. Lenders are saying the unsuccessful numbers are coming from homeowners who either don’t qualify for the program or are unable to pay the mortgage payments within the trial period and are therefore are kicked out of the program.
There are many homeowners who have said they both meet the standards for the program and paid their mortgage during the trial period and beyond, but were told they don’t qualify for a mortgage modification. However, some are putting the blame for this program in the lap of the Obama Administration, citing that unless something is done about unemployment a plan like that Making Home Affordable Program will never work.
The goal of helping millions of Americans with the Making Home Affordable home loan modification program has fallen short of that number, but it has helped a great deal of homeowners, though there have been frustrations. The question then remains: Is the home loan modification program worth the time, effort and money since it isn’t seeing such grand numbers as was originally hoped or should the program continue because it has and will continue to help homeowners in need?