Homeowners looking for mortgage modification assistance have multiple options that may benefit them in getting an affordable mortgage payment. Big lenders like Bank of America, Citigroup, Wells Fargo, and JP Morgan Chase, all participants in the home loan modification program, offer options for struggling homeowners.
Homeowners that are looking for alleviation in their mortgage payment may be able to use a number of options to help them. There are principal reductions, home loan modifications, underwater mortgage refinancing options and even unemployment forbearance options.
These are all plans from the Obama Administration, of which some are ongoing and some are soon to be implemented, but there are concerns that not all lenders are going to be on board with these programs. Things like principal reductions are one area where lenders are unwilling to budge as many feel that these types of reductions should not be used across the board for homeowners.
However, homeowners with an underwater mortgage, struggling to make their mortgage payment, or unemployed are being advised to contact their lender about assistance options available to them. Some lenders, while not on board with all of the Obama Administration’s programs, may have in-house options available for struggling homeowners.