Many homeowners have attempted to obtain a modification from the Making Home Affordable Program which has been set in place by the Obama Administration. Many of the nation’s top mortgage servicers like Bank of America, Chase, Citigroup, and Wells Fargo participate and the Making Home Affordable Program, which has seen an increase in the number of permanent home loan modifications that have been made over the past months.
However, many homeowners are denied a modification through this program and, as a result, a great deal of animosity has arisen between servicers and homeowners. Yet, there may be hope for homeowners who are denied a home loan modification from the Making Home Affordable Program as reports indicate more in-house modifications are being made directly from mortgage servicers.
These alternative assistance programs from mortgage lenders can provide alternative home loan modification plans to homeowners who are facing foreclosure. In cases where the homeowner does not qualify for a Making Home Affordable modification plan, in-house options may be available from various mortgage servicers depending upon a homeowner’s situation.
According to the July Making Home Affordable servicer report, the top eight mortgage servicers in the program have made a combined total of 186,157 alternative modifications available to homeowners who had their trial modification canceled within the Making Home Affordable Program and 191,187 homeowners received an alternative modification plan when they were not even accepted for a trial modification.
While no mortgage servicer has been perfect in their implementation of these mortgage assistance plans and many homeowners are still angry over the current housing and employment situation our nation is facing, there is hope for some in these alternative modification plans. While not every homeowner has been able to find the help they need, there may be alternate paths to a more affordable home loan now that mortgage servicers are reported to be outpacing modifications from the Obama Administration’s modification plan.