Some of America’s top mortgage lenders, like Bank Of America, Citigroup, Chase, and Wells Fargo, are participating in the Obama home loan mortgage modification program, or the Making Home Affordable Program, as it is better known. Homeowners have been struggling with various mortgage difficulties over the past months and have been in need of some form of mortgage aid lest they lose their home. For the sake of the economy, homeowners, and financial institutions, these mortgage solutions were presented from the Obama Administration’s Making Home Affordable Program so that lenders might be able to provide help for homeowners who simply cannot pay their home loan.
However, There are many who question the results of these lending institutions as to whether they want to help homeowners or not. There have been accusations that lenders are not doing all they can in order to help homeowners obtain some form of mortgage assistance and a more affordable home loan payment, and a congressional hearing was recently conducted to answer many questions that homeowners and legislators have about the modification program.
Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo are some of the top lenders in the Making Home Affordable Program and testified at this hearing about mortgage modification efforts and foreclosure prevention programs. Many homeowners may not qualify for a traditional mortgage, so there have been alternate assistance plans made available for those who simply don’t qualify for a modification on their home loan. Some homeowners have trouble with a second lien on their home, have lost value in their home, or simply can no longer afford their homes even with a modification.
In cases as these, a Second Lien Modification Program has been set in place to help homeowners get a more affordable mortgage, underwater mortgage solutions like principal reductions and underwater refinancing opportunities for homeowners associated with Fannie Mae and Freddie Mac have been proposed, and options to avoid foreclosure for homeowners who simply cannot afford their home any longer have also been offered so that homeowners can escape their home loan commitment.
While the Making Home Affordable Program has not been perfect and many lenders have been heavily criticized about their participation in the program, there is still help available for homeowners who are struggling. It’s often advised that homeowners who have questions about modifications or other forms of mortgage assistance contact their mortgage lender or consult the Making Home Affordable website in order to gain more information as to which assistance program might be right for their particular situation.