Many homeowners with top mortgage lenders in our nation are struggling to make their home loan payment due to a variety of factors like unemployment or the loss of value in their home. However, there are mortgage assistance options from some of the nation’s top mortgage lenders and servicers like Bank of America, Citigroup, and Wells Fargo. These are three of the top banks in the Making Home Affordable Program who have been providing modifications and alternative mortgage assistance to homeowners over the past months.
Bank of America, as of June 2010, has made 72,232 permanent home loan modifications, Citigroup has made 40,813 permanent modifications, and Wells Fargo has made 44,628 permanent home loan modifications to distressed homeowners. These numbers have been increasing for many servicers, not just these three, but there have been complaints by homeowners who have not been assisted through a home loan modification plan.
Some homeowners were disqualified before they were given the opportunity to obtain a permit modification and these homeowners who had their trial modification canceled are, obviously, upset. However, the Making Home Affordable report stated that, as of May, Bank of America has made 20,564 alternative modification plans available for homeowners who had their trial modification canceled, and Citigroup has made 30,145 alternative modification programs available, while Wells Fargo has made 56,821 alternative mortgage assistance plans to struggling homeowners.
Also, these mortgage servicers, along with other lenders, have been offering foreclosure alternative programs to homeowners and Wells Fargo and Bank of America have been able to provide modifications on many homes with a second lien, while Citigroup is set to begin participating in this Second Lien Modification Program in October.
The problem that many homeowners are having though is that it seems many are either disqualified from the Making Home Affordable Program for reasons outside of their control, despite the fact many have claimed to have done all that was asked to qualify for a long-term mortgage assistance plan. There are lenders who have stated that homeowners often improperly filed paperwork or simply default while in their trial modification period.
Despite disagreements from mortgage servicers and homeowners, many financial advisers often counsel homeowners to talk with their mortgage servicer if they are having trouble making their home loan payments. Typically, a homeowner is thought to have a better chance at obtaining a mortgage assistance plan that is beneficial for their situation if they talk with their lender early before problems get out of hand.
Yet there are those homeowners who feel that working with a mortgage lender is unhelpful and these homeowners often turn to outside sources to help them deal with their mortgage lender and guide them through the modification program. There are warnings about certain scams from companies that offer to assist homeowners in obtaining mortgage assistance, so it is in a homeowner’s best interest to research and work with reputable outside sources, if they refuse to talk with their lender, or consult the Making Home Affordable website for help in the modification process.