The home loan modification program from the Obama administration is still providing assistance to struggling homeowners. Over the last few months the program, overall, has seen increases in the amount of permanent home loan modifications made for troubled homeowners. The program has not been without trouble as many homeowners have complained that lenders have been unwilling to make the modifications that are necessary to help them make their home more affordable.
The Making Home Affordable Program that has been investigating these claims, but still offers a variety of mortgage assistance options for anyone who may be in need. Anything from unemployment to a reduction in a home’s value have been problems in the past and have caused many homeowners to face foreclosure as a result. Programs from the Obama Administration, like principal reductions, modifications, unemployment forbearance, and even refinancing options have been available for homeowners in need.
Also, home mortgage lenders that have not used all of these programs are providing assistance from in-house mortgage assistance plans, which vary from lender to lender. It has been greatly stressed by the Obama Administration that more needs to be done to help homeowners keep their homes as the economic recession that may have driven so many people into a state of financial despair can only truly be shaken off if a stable foundation is built and housing is one of the blocks in that foundation.
Again, there have been no perfect lenders in the implementation of these mortgage assistance programs and some homeowners may face a difficult battle ahead. However, homeowners are still being advised to contact their lender if they are facing financial trouble and are having difficulty making their mortgage payment. While there may not be a mortgage solution for every homeowner, there are programs in place that can help homeowners either make their home more affordable or at least provide assistance to those cases where foreclosure is inevitable.