A campaign has been launched by the Making Home Affordable Program to make more homeowners aware that mortgage assistance is available through mortgage modifications and various other home loan assistance plans. This advertising campaign is hoped to make knowledge of the modification program more widespread to homeowners who are having trouble making their payments and, with testimonies of successful homeowners, this ad campaign wants to give examples of just how homeowners have been helped.
Many Americans are still struggling to make their home loan payment and, as a result, are in desperate need of some form of assistance. However, home loan modifications sometimes have a negative stigma associated with them since so many homeowners have either been denied a modification or have had trouble going through the trial modification process.
Yet, according to the Making Home Affordable press release concerning this advertising campaign, Treasury Secretary Timothy Geither stated:
“Even though the economy is getting stronger, many Americans are still facing the fear and uncertainty of losing their home to foreclosure. The Administration’s loan modification programs have given more than a million responsible homeowners a chance to stay in their homes, and we want to do all we can to help make sure that struggling homeowners know about these free resources for help.”
This is an uplifting statement to many homeowners who are struggling to make their home loan payment and worry that foreclosure may be inevitable. Unemployment, the loss of value in homes, or cutbacks in wages at places of employment have caused many homeowners to struggle to meet their most basic financial needs, so it’s understandable that many are troubled in their mortgage.
However, there are also increases the number of permanent home loan modifications that have been made from month to month from a variety of the nation’s top lenders in the Making Home Affordable Program, which should give hope to some homeowners. Sadly though, there have been homeowners who have been denied a modification or have had trouble with their lender and are still struggling to make their home loan payment. There have also been accusations from governmental officials and homeowners alike who have stated that homeowners are not doing all they can to help those in need.
While there are cases where lenders have seemingly made obtaining a permanent modification difficult for some homeowners there are sources available outside of mortgage servicers that can help homeowners when obtaining mortgage aid. The Making Home Affordable website and Hotline are two reputable sources that homeowners have been able to consult when seeking mortgage assistance or having trouble with their mortgage servicer.
Homeowners should be aware that while not everyone will qualify for some form of home loan assistance, modifications and alternative mortgage assistance options are available to those who are struggling to make their home loan payment. Working with mortgage servicers and the Making Home Affordable Program has benefited many homeowners over the past months who faced losing their home, so homeowners that are troubled in their home loan are being advised to contact their mortgage lender or the Making Home Affordable website for more information on assistance that may be available.