The home loan modification program has been providing assistance for homeowners who are having trouble making their mortgage payments due to factors like unemployment or having an underwater mortgage. The Obama administration has formulated a number of plans to help lenders provide assistance for homeowners.
While these programs like home loan modifications, principal reductions, and refinancing options, just to name a few, have not been without their troubles, homeowners should still know these options are available. There have been many homeowners who have had a very difficult road in getting mortgage assistance, but a new Treasury Department review process is hoped to hold accountable lenders who are not doing all they can to help homeowners.
Every lender in the Making Home Affordable Program is not using all of the Obama administration’s plans, as many lenders are against principal reductions, for instance. However, there are alternatives for any mortgage situation and lenders are also providing in-house assistance through plans they have created to help homeowners.
Homeowners are still being advised that they should contact their lender if they have any trouble paying their mortgage. Some homeowners may not qualify for these mortgage assistance programs through the home loan modification program, but many lenders are working with homeowners who don’t meet the requirements of the Making Home Affordable Program.
While there is no perfect lender and the plans within the home loan modification program have been far from perfect, homeowners who are struggling to make their mortgage payment still need to seek out as many options as their lender can provide in order to avoid foreclosure.