Despite what many consider to be lackluster results, the Obama Home Affordable Modification Program is still in the works and many lenders have seen their numbers increase in the last two months of 2009.
The mortgage modification program is allowing homeowners who have seen cuts in their income and had subsequent difficulties in paying their mortgage to modify their payments so they can keep their home and avoid foreclosure.
President Obama has been criticized for the program stating it is a huge waste of money and is helping no one. While the numbers in the program aren’t as impressive as originally hoped there is blame falling on lenders for not making enough modifications permanent.
Stories from homeowners in Obama’s mortgage modification plan vary in their experience, but many homeowners are angry with lenders who are not making mortgage modifications according to the law and causing more stress on already troubled homeowners by denying their modification despite having the correct paperwork and meeting qualifications.
However, lenders who are involved with the Obama mortgage modification program are saying homeowners are either not taking the correct steps in the process or they are still missing payments after their loan is modified.
Despite hiccups in the mortgage modification process, there are still available modifications for homeowners in need. Many people are taking the do-it-yourself approach to the modification program while others are working with officials who are aiding homeowners in the process.
Either way, those who are struggling with their mortgage payment should do all they can to avoid foreclosure even if it means wading through paperwork, meeting qualifications, or dealing with a difficult lender.
