The Making Home Affordable Program is still working with homeowners to provide mortgage modification assistance for those who are having difficulty paying their home loan. Many homeowners were struggling for a wide variety of reasons ranging from unemployment to a loss in the value of their home causing them to owe more on their mortgage than their home is actually worth.
Homeowners that are having difficulty paying their home loan are being advised to contact their lender about various home loan modification options. A traditional mortgage modification is one of the most common ways in which a homeowner can obtain a more affordable home loans payment.
However, some lenders are using programs like principal reductions, unemployment forbearance options, and even underwater refinancing options for homeowners who may be struggling for a variety of reasons. Many of the nation’s top lenders are offering to help homeowners through one of these plans, which are from the Obama administration, or similar plans which are directly from a specific lender.
While there have been troubles in the home loan modification program and many homeowners have been unable to get the assistance that they need, or if they have, it was a very difficult road to travel, it will still be a homeowner’s best interest to speak with their lender. Many lenders are being pressured to help homeowners avoid foreclosure, so if a homeowner is having trouble making their mortgage payment the first step should be to contact their lender to see what options are available to help them in their time of need.