The home loan modification program has been a very complex, difficult, but at times helpful mortgage assistance program for many homeowners. There are a variety of modification options for homeowners and various mortgage assistance plans to help those who have particular mortgage troubles. For instance, underwater mortgages, unemployment, or the simple need to avoid foreclosure have been causing many homeowners financial distress.
While there have been complaints from homeowners who have sought mortgage aid from the Making Home Affordable Program there is more being done to help homeowners and it seems that lenders have now worked out some of the problems that were plaguing both the program and homeowners just a few months ago. For instance, Wells Fargo has stated they want to provide homeowners seeking a modification one representative to see them through the entire process, which will hopefully make the modification program progress more smoothly.
Yet, the lenders within the home loan modification program and homeowners themselves have not been perfect when it comes to carrying out their part of this mortgage a plan. While some homeowners have failed to file the proper paperwork, simply do not qualify for modification, or can’t make mortgage payments within the trial modification period, there seems to be more being done on the part of financial institutions since many have stated that foreclosures are not beneficial to their business nor their homeowners.
Obtaining mortgage assistance has been easy for some, and next to impossible for others, but it is still being advised that homeowners who are struggling may find that there is a plan available either through the Making Home Affordable Program or an in-house mortgage assistance plan from their lender that can be of use in their situation. While there have been difficulties, homeowners are still being asked to talk with their lender about mortgage aid options or consult the Making Home Affordable website for any alternate assistance or information they need.