Mortgage loan modifications are, for some homeowners, the only hope they have of keeping their home as unemployment and a slow economy still take its toll. Big lenders like Bank of America, Wells Fargo, and JP Morgan have the majority of mortgages that homeowners are seeking to modify and while the home loan modification numbers for these lenders rose from November to December 2009, many are wondering what will be the story in January 2010?
Without home loan modifications, many homeowner’s mortgage loan payment would be too costly as those who, pre-recession, were able to meet payments have seen financial hardships that are causing them to struggle just for the most basic of needs.
However, Bank of America, Wells Fargo, and JP Morgan have done a great many home loan mortgage modifications, but there is call for more action and modifications to be moved from a trial phase to a permanent phase.
The problems in the program and slowness of the transition in permanent home loan modifications have been traced to both lenders and homeowners. There are stories from homeowners saying they are ignored and passed over for modifications, while lenders have stories of homeowners not filling out paperwork or following the correct procedure to ensure a permanent modification.
With unemployment the next big issue that must be addressed, big lenders like Bank of America, JP Morgan, and Wells Fargo are in a great position to help homeowners, even if some who are given modifications still fail to make payments down the road. If multiple modifications are made and even just a handful of homes benefit from the home loan mortgage modification then many people believe it would all have been worth it.
