The home loan modification program is still offering assistance plans for homeowners that may be struggling to make their mortgage payment. A variety of mortgage troubles have been afflicting homeowners over the past months and as a result, various assistance plans have been created from both lenders and the Obama Administration.
Traditional home loan modifications have given homeowners a more affordable mortgage payment or rate so that they can afford the costs of their mortgage payment each month. There have also been unemployment forbearance programs, principal reductions, and even underwater refinancing programs that have helped homeowners who are struggling from a variety of home loan troubles.
There have been complaints about the modification program from homeowners and lenders have been accused of not doing all they can in order to make a home loan modification available to those who are struggling. Despite troubles, there has been an increase in the number of permanent modifications made within the Making Home Affordable Program over the past few months.
While there is no perfect lender in the modification program and there have been troubles on the side of homeowners, it is advisable that homeowners still contact their lender in order to find out what assistance programs may be a good fit for them in their personal mortgage troubles. There are in-house programs from lenders as well as the Obama Administration’s programs which can help a homeowner who is in need of a more affordable home loan payment.