Homeowners that are still having trouble with their home loan mortgage payment should be aware that big mortgage lenders like Bank of America, Citigroup, and JP Morgan are all still offering home loan modifications, among other lenders. While there are many lenders in the home loan modification program, banks like J.P. Morgan Chase, Citigroup, and Bank of America are some of the larger financial institutions working in the Making Home Affordable Program.
Homeowners are struggling for a variety of reasons and many have lost their home because they could not afford their mortgage payment. However, various assistance plans within the home loan modification program are set to offer help to homeowners who might be struggling to make their mortgage payment due to unemployment, a cut in wages, or due to a loss in the value of their home.
The home loan modification program has not been perfect and many homeowners have been angry with lenders during the process. While there is a new review program set to take place to make certain that lenders are doing all that they can to make permanent home on modifications, there are various programs outside of a traditional modification to help struggling homeowners.
Anyone who may be struggling to make the mortgage payment is being advised to contact their lender and talk about options that may be available for a variety of mortgage troubles. Lenders that may not be able to help through the Making Home Affordable Program oftentimes have in-house programs that can assist homeowners through various means.
While it’s not always an easy road to take, exploring these assistance options is going to be helpful for homeowners who may face foreclosure. Lenders may not always be able to help with one particular program, but homeowners may be able to benefit from another assistance plan, they just simply must talk to their mortgage lender to find out the options available.