There have been many complaints about lenders and the home loan modification program as a whole from homeowners who are very upset with their experience in seeking a loan modification on their home. Many people have been using mortgage modifications as a way to get a more affordable mortgage payment during these tough economic times.
Many lenders have come under criticism for their seemingly unwillingness to help homeowners as much as they should or their disregard for the program guidelines when it comes to getting a home loan modification. The Making Home Affordable Program has helped quite a few homeowners but it has come short in reaching its initial intended goal.
Representatives from the Treasury Department have said they feel some lenders may not be doing all they can to help homeowners avoid foreclosure and as a result investigations are to be made. Lenders, on the other hand, say that they have been using the Making Home Affordable Program to help homeowners and they have also used in-house programs within their organizations as well.
While the home loan modification program is viewed quite unfavorably by many, there have been homeowners who were helped by a modification and there still can be many more homeowners who will benefit as well. Anyone who is struggling to make their mortgage payment needs to explore their assistance options with their lender, despite horror stories they may have heard from other homeowners.
Getting a home loan modification may be a tough road to travel, however, any homeowner would feel that this difficult experience would be well worth it as long as they could get a mortgage modification and avoid foreclosure in the end.