While the Obama home loan modification program has been helping many homeowners over the past few months get a permanent home loan modification or some other form of mortgage assistance to help them through a difficult financial time which has been causing strains on their ability to make mortgage payments. However, there have been many problems with the Making Home Affordable Program and the question of whether homeowners or lenders are to blame has arisen.
Many of the top lenders in the Obama home loan modification program are using various mortgage assistance plans to help homeowners obtain a more affordable monthly mortgage payment. Yet, many homeowners have been complaining of doing all they know to do to qualify for a modification only to be met with an almost apathetic attitude from lenders when it comes to getting a modification. The majority of homeowners who are denied a home loan modification seem to have one common thread in their experience, which points to disorganization on the part of lenders.
On the other hand, the Making Home Affordable Program set a very high bar for the amount of homeowners that were to be helped through various mortgage assistance plans and programs. This number has yet to be met and, despite an increase in the number of permanent home loan modifications from month to month, lenders are still being accused of not doing all they can to help homeowners avoid foreclosure.
Lenders defend themselves by saying that not all homeowners qualify for a home loan modification, and this is absolutely true in that the qualifications for the modification program are not always met by each homeowner in need. Also, lenders have made mention that improper paperwork or a lack of paperwork has disqualified many homeowners from the modification program altogether.
Nonetheless, a review is set to flush out any troubles in the modification program and it is hoped that more homeowners will be helped once these problems are repaired. However, stories from homeowners are troubling and have many worrying that there is simply an unwillingness from lenders to make modifications available to homeowners that will make getting some form of mortgage assistance almost impossible.
It is still being advised, however, that homeowners who are suffering from unemployment, a loss in wages from their place of employment, who are facing foreclosure, or have an underwater mortgage should talk to their home loan lender and consult the Making Home Affordable Program’s website in order to talk over mortgage assistance options.
While there are some troubling stories from the home loan modification program, there are more and more home loans being modified each month, so many say there is hope for those who are in fear of losing their home to foreclosure.