The home loan modification program has been helping homeowners over the past few months and as of the report for last month’s home loan modification numbers, it shows that there was an increase in the amount of permanent home loans made to struggling homeowners.
Some homeowners have had difficulty obtaining or were unable to obtain a home loan modification. However, homeowners that are in trouble still have options available through various programs from top lenders in the Making Home Affordable Program. While lenders have not been perfect, there are many ways in which a homeowner can find assistance when they are struggling with their mortgage.
A variety of programs ranging from principal reductions and home loan modifications to unemployment forbearance options and refinancing plans, are all available to meet the needs of the homeowners who are having various trials in their financial life and their mortgage. Some lenders are not using all of these programs but no matter what situation a homeowner has encountered there is usually some form of assistance available.
Homeowners are still being advised to contact their lender if they are looking for assistance from a home loan modification or if they are in need of some alternate program that will help their specific mortgage trouble. While, again, there have been some troubles in the home modification program, homeowners that are facing foreclosure should talk over options with their lender to see what can be done to avoid losing their home.