The home loan modification program is still providing assistance for homeowners who may be struggling to meet their mortgage payment. Mortgage assistance plans are available from a variety of lenders and come in different shapes and sizes. Since problems that range from unemployment to a decrease in home values have been afflicting many homeowners, and the need for new plans has been met through a variety of programs.
Traditional modifications are still offered and the Making Home Affordable Program has been seeing more and more of these permanent home loan modifications made from month-to-month. However, there are programs like principal reductions, unemployment forbearance plans, and short sell options that can be beneficial to homeowners in a variety of situations.
Not all lenders are using every one of these plans from the Making Home Affordable Program, but there are other plans, some from in-house programs directly provided by lenders, that will help homeowners in need. It will be in a homeowner’s best interest to talk to their mortgage lender if they are having troubles making the mortgage payment or if they foresee this to be a problem in the future.
While the modification program and lenders have not been perfect in their implementation of these various forms of mortgage assistance, homeowners should still seek out any type of aid that may be available as avoiding foreclosure is something lenders are being told to make a high priority when providing mortgage assistance.
Getting some sort of mortgage assistance or modification may be a difficult road for many homeowners, but any trouble incurred from this process will all pale in comparison if a homeowner is able to get a more affordable payment on their home.