Homeowners that may be struggling to make their mortgage payment might have options in the form of mortgage assistance programs that will modify their home loan to make it more affordable. The Making Home Affordable Program from the Obama administration has been working with lenders and homeowners for the past few months in the hopes of making struggling homeowners’ mortgage payments easier to handle.
Programs like principal reductions, home loan modifications, refinancing, and unemployment forbearance plans have been offered to homeowners so that they may be able to better manage their mortgage payment during times of economic hardship. Unemployment has caused a lot of problems for the housing market over the last year or so and assistance plans have been fighting to combat these troubles.
While not all lenders are using the programs listed above and many lenders are offering in-house assistance options for their homeowners who are struggling, it should be understood that any homeowner who is in need is not guaranteed to qualify for assistance.
Many lenders have been accused of not doing all they can to help homeowners, but there have been some success stories from the home loan modification program as a whole and the Treasury Department is looking to soon begin a review process to make sure lenders are doing all they can.
Homeowners that are struggling, despite the possibility of a tough road ahead, are being advised to contact their mortgage lender about assistance opportunities that may be available. Again, finding help for your mortgage may not be easy, but even a hard road that has to be traveled is going to be a better option than losing your home.