Home Loan Modification Programs Provide Affordable Mortgage Payments

The home loan modification programs that are being provided to various homeowners in order to make mortgages more affordable are still in place and many lenders are working with the Making Home Affordable Program and also using in-house mortgage assistance plans to help struggling homeowners. The Obama Administration, along with Treasury officials, have asked that lenders do more to prevent foreclosure due to the fact that the home loan modification program has not seen the results that many have wanted thus far.

While there have been problems in the home loan modification program and many homeowners and analysts are very critical of the implementation of this program by the big mortgage lenders, there are increases in the number of home loan modifications that have been made over the past months.

There have been traditional modifications from the Making Home Affordable Program that have been used, but alternate programs have been developed to cover a wide rage of mortgage troubles like underwater homes or homeowners that are unemployed. Principal reductions, refinancing options, and unemployment forbearance programs have been suggested by the Obama Making Home Affordable Program and are hoped to be adopted by more lenders.

Homeowners that are struggling to make their home loan payment are being advised to talk with their lender about options that may be available to make their home more affordable or consult the Making Home Affordable website for assistance as well. While getting mortgage assistance has been difficult for many homeowners, there are still mortgage aid options available for homeowners that may be facing foreclosure.