Saxon Mortgage Services has seen, as of March, 4,061 homeowners that are in a pending permanent home loan modification phase of their home loan modification. Homeowners have asked that more be done on the part of lenders to make home loan modifications permanent but Saxon saw a drop in their pending permanent home loan modification number as February brought a number of 4,451 pending permanent home loan modifications.
However, the number of permanent modifications made for March was up from February as Saxon went from 7,364 permanent home loan modifications to 8,721. Homeowners looking to get a permanent home loan modification may find these numbers to be a good sign, but the housing market is seeing new troubles arise.
Underwater mortgages and unemployment is causing more and more homeowners to need assistance with their mortgage, but lenders are not in total agreement on how to deal with these situations.
Mortgage lenders are being asked by the Obama Administration to adopt new plans for principal reduction programs and forbearance options, but not all lenders want to take this route.
It is hoped though that lenders will provide alternates to these plans if they are unwilling to take part, as more and more homeowners are asking for help.