Home loan modification programs are still available from the Obama Administration and various mortgage lenders. Many homeowners are still in need of a more affordable mortgage payment and have looked to lower their monthly mortgage payment or mortgage rate through a home loan modification.
Factors like unemployment and underwater mortgages have called for the creation of alternatives to a traditional modification but there are still many plans that are set in place to make a mortgage payment more affordable for a homeowner. Principal reduction plans, unemployment forbearance programs, underwater refinancing options, and traditional mortgage modification plans are being used by the Obama Administration and many lenders to help homeowners avoid foreclosure.
While there have been troubles and many homeowners have accused lenders of not doing all they can to help homeowners in need, there is being more pressure put on these lenders to help homeowners avoid foreclosure. Lenders are being given incentives for making mortgage assistance options available and homeowners have a variety of routes in which they can take to help save their home and get a more affordable home loan payment.
Lenders have been using both programs from the Obama Administration and from in-house programs to help homeowners who are struggling financially. While not all homeowners will qualify and there have been some stories where homeowners have done everything right and have still been denied mortgage assistance, anyone who may fear they cannot meet their mortgage payment in the future or currently may be having trouble should contact their lender about options.
Also, there are various resources online, like the Making Home Affordable website, that can provide information about various forms of mortgage aid, so homeowners need to exhaust their resources before giving up. There are some companies that may take advantage of a homeowner so doing your research and working with your lender or the Obama Administration’s Making Home Affordable Program will most likely be in a homeowner’s best interest.
Getting mortgage assistance may not always be an easy route for every homeowner, but any trouble incurred during the process will be well worth it if a homeowner is able to avoid foreclosure.