Many homeowners who have a home loan with one of the nation’s top lenders have been working with mortgage servicers and the Obama Making Home Affordable Program in order to obtain a modification on their home loan, which brings a more affordable home loan payment. Yet, there have been troubles between lenders and homeowners over the past months and as a result the HOPE Hotline has been available to homeowners who are having trouble in the home loan modification process.
The June report for the Making Home Affordable Program states that the total number of homeowners since the inception of the home loan modification program is at 1,273,021, with 636,815 homeowners obtaining free housing assistance through this hotline. Many homeowners are consulting the Making Home Affordable website and the HOPE Hotline in order to gain information about modification programs, seek assistance when modification troubles arise, or levy complaints against lenders who may not be following the Home Affordable Modification Program guidelines.
While many lenders report that homeowners either a file improper paperwork, are unable to pay their home loan payment even when a modification is in place, or simply do not qualify for a home loan modification as some of the main reasons why lenders are denied mortgage assistance through the Obama modification program, homeowners still believe that lenders do not have their best interests at heart.
For instance, a report from February 2010 from the Making Home Affordable call center stated homeowners most often complained that borrowers claimed to have lost their paperwork, servicers were difficult to get in touch with, or after a borrower submitted their paperwork there was no response given. Complaints continue as many homeowners grow more frustrated and angry with their home loan troubles, but there have been increases in the number of permanent modifications that have been made by lenders in the Making Home Affordable Program.
Again, not all homeowners will be able to qualify for mortgage assistance through the modification program but homeowners who have faced a particularly difficult road in the modification process or are having trouble with their mortgage servicer have used the HOPE Hotline as a way to either get answers to their modification troubles or as an outside form of assistance when dealing with mortgage lenders has become difficult.
Mortgage lenders have upped their efforts and have been making more modifications and alternative assistance plans available to homeowners, but homeowners who are still in need are being advised to talk with their mortgage lender primarily if trouble making their home loan payment has arisen or if they foresee trouble down the road. If working with a lender proves to be difficult, homeowners have outside sources like a HUD-approved housing counselor or the HAMP website which can be consulted as well.