Home Loan Modification Programs See An Increase In Permanent Home Loan Modifications

The Making Home Affordable Program has seen a great deal of success and criticism over the past months in which lenders have been assisting homeowners in seeking some form of mortgage aid. Homeowners are still reeling from economic troubles stemming from the recession and there are many homeowners that are in need of a home loan modification so that they can avoid foreclosure.

Documented troubles between homeowners and lenders have been quite common as many homeowners believe that there is not enough being done to help them avoid foreclosure and lenders generally do not care about helping those who are struggling to make the mortgage payment.

Yet, there are some positive numbers in the Making Home Affordable Program as the number of permanent home loan modifications have increased over the past months. For instance, as of April, 295,348 permanent home loan modifications were made from top lenders in the home loan modification program. The number of permanent home loan modifications made up until the month of May was up to 340,459.

While many would see this as a big jump in the number of permanent home loan modifications made, there are still many homeowners and governmental officials who feel that this is far too few homeowners that have been helped. There are set to be reviews done to make sure that lenders are actually doing all they can to help homeowners and flush out any troubles within the Making Home Affordable Program.

There have been issues but homeowners are still being prompted to contact their lender or consult the Making Home Affordable website in order to see if they qualify for a home modification or get any assistance they may need when attempting to avoid foreclosure. While the modification program has much more work that can be done, there are improvements being made so homeowners in need of mortgage assistance should not give up hope.