Homeowners who have been seeking a home loan modification have primarily sought out assistance through the Making Home Affordable Program by working with their mortgage servicer in the program set forth by the Obama Administration. However, there have been many homeowners who have become angry and have waged a variety of complaints against servicers and the modification program as a whole.
There have been indications that in-house programs from mortgage servicers have been more successful than the Making Home Affordable modification program. It is reported that half of the homeowners who are denied a home loan modification through the Home Affordable initiative from the Obama Administration have been given help from mortgage servicers themselves.
There have been representatives and reports which have stated that more homeowners are finding the home loan modifications they are seeking from in-house lender programs rather than the Obama modification plan. While there are numbers to suggest that more homeowners are finding aid from mortgage servicers than the Making Home Affordable Program, homeowners may not be finding the best mortgage assistance in these cases.
There are troubling reports which state that no matter if a homeowner is rejected from the Making Home Affordable Program and given a modification from their mortgage servicer, they may still be unable to meet the terms of one of these in-house modification plans. Some angry homeowners have accused lenders of not allowing homeowners a permanent modification from the Obama Administration’s plan simply because these mortgage servicers want to force homeowners to accept a modification with less than ideal terms that will only be beneficial to banks.
On the other hand, there have been homeowners who were denied a modification from the Making Home Affordable Program, received an in-house mortgage assistance plan from their servicer, and were able to avoid foreclosure. While the housing market continues to struggle and many homeowners are finding their mortgage payment to be troublesome, there are assistance plans for some homeowners outside HAMP. Yet, little is still known about these in-house programs and they vary from lender to lender and homeowner to homeowner in some cases. These in-house programs are viewed by some in the same light as the Making Home Affordable Program in that they can be hit or miss but overall better solutions need to be provided for troubled homeowners.