The home loan modification program from the Obama Administration is still making plans to lower mortgage payments for homeowners who are in trouble. Unemployment and other economic factors have caused many homeowners distress when it comes to making their home loan payment. It’s for this reason that many of the nation’s top lenders have been using the home loan modification program in order to help homeowners that need a lower mortgage payment.
Factors that range from unemployment to underwater mortgages have been causing many homeowners a great deal of trouble when it comes to paying off their mortgage. It’s for this reason that various plans have been enacted through the Making Home Affordable Program to help homeowners who have specific mortgage troubles.
While the number of permanent home loan modifications made from month to month have been on the rise, there are still problems with the mortgage modification program and many officials want to see more results. The Department of Treasury has said that they feel some lenders are not doing all they can to help homeowners avoid foreclosure and this needs to be corrected.
There are stories from a variety of homeowners who have stated they did everything they were asked in the home loan modification program but they were still denied mortgage assistance. Some lenders seem to be disorganized and have requested similar documents from homeowners repeatedly, advised them to stop making payments so that they will be delinquent on their home loan thus qualifying for a modification, and then accused homeowners of either not submitting paperwork or owing all the money from the missed payments.
However, neither lenders nor homeowners have been perfect when it comes to working together in the home loan modification program. Yet, there are still opportunities for struggling homeowners who may need a home loan modification in order to avoid foreclosure. Homeowners are being advised to consult the Making Home Affordable website or talk with their lenders in order to begin the process of finding a mortgage assistance plan that will work for them.