The making home affordable modification program is still working with mortgage lenders to help homeowners obtain a more affordable mortgage payment on their home, for those homeowners who are still struggling to make ends meet due to financial difficulties. There are a variety of programs in the Making Home Affordable program and homeowners that are struggling from various mortgage troubles should be able to find some form of assistance that can be beneficial.
There have been problems within the home loan modification program, as a whole, however, lenders are being prompted to do more to help homeowners avoid foreclosure. The Department of treasury has stressed that lenders can do much more to help homeowners and there have been talks that if certain mortgage lenders are unable to meet the obligations of the Making Home Affordable Program they will lose the incentives from the program.
Troubles like unemployment or just a simple loss of wages at a homeowner’s place of employment have been causing many homeowners to become unable to pay their current mortgage payment. Some homeowners have turned to refinancing in order to get a lower mortgage rate and lower payment as well, but some homeowners have stretched themselves so thin they are unable to take this route.
Home loan modifications, principal reductions, and even unemployment forbearance programs have been set in place to help homeowners who are having difficulty due to factors ranging from loss of income to a loss of value in their home. While not every mortgage lender is using all of these programs from the Making Home Affordable Program, lenders do have in-house options when it comes to mortgage assistance plans so that homeowners can benefit from some form of mortgage aid.
Homeowners are still being advised to contact their mortgage lender in order to see what assistance may be available for their particular situation. While no lender has been perfect, there are programs in place that should be helpful in allowing a homeowner to avoid foreclosure.