The home loan modification program has been set in place to help homeowners who are struggling to make their mortgage payment and need some form of mortgage assistance due to a variety of housing troubles. Everything from unemployment to a reduction in home values have been causing homeowners difficulty with their mortgage.
The Making Home Affordable Program has been working with big lenders to make mortgage assistance more available to homeowners. While many people believe that some of these lenders are not doing all they can to help homeowners, there are still modifications being made so that lower mortgage payments might be made available.
No lender has been perfect when it comes to providing mortgage assistance, however, more and more homeowners are seeing modifications and many lenders are using in-house programs to help those who are struggling and may not qualify for the Obama home loan modification program.
Homeowners have grown frustrated and accused many banks of having an uncaring attitude towards homeowner troubles. Yet, the Treasury Department is looking into these claims and will be setting up a review to make sure that lenders are doing all they can to help homeowners who may be struggling.
It’s being advised that homeowners should talk to their lender if they are having trouble making their mortgage payment or if they foresee trouble on the horizon. Some homeowners have had a difficult time in the modification process, but homeowners must do all they can to avoid losing their home to foreclosure.