Mortgage assistance plans and foreclosure prevention options have been sought out by many homeowners over the past months as unemployment and various housing difficulties are causing mortgage payments to become more of a strain for certain homeowners. Homeowners who are seeking some form of home loan assistance to either prevent foreclosure on their home or avoid the foreclosure process may have options through certain plans that can help aid homeowners who are in trouble with their mortgage.
Obviously, one of the most common mortgage assistance plans that has been offered over the past months comes through home loan modifications. The Making Home Affordable Program and in-house home loan modifications have been reportedly helping more and more homeowners over the past months, with a greater amount of success being seen as of late. While problems like redefaulting, foreclosure, and even bankruptcy are still being faced, these modifications programs have allowed numerous homeowners to avoid foreclosure by simply offering a lower monthly mortgage payment, lower interest rate, or extended home loan agreement.
Yet, there are also efforts to simply allow homeowners to avoid the foreclosure process in cases where they can no longer avoid their home loan. Short sale options for underwater homeowners and deed in lieu of foreclosure plans have allowed homeowners who have been unsuccessful in getting the mortgage assistance they need to avoid the hit their credit score will take from a formal foreclosure proceeding. While it’s understandable that homeowners want to avoid the loss of their home, these options which have allowed homeowners to avoid the foreclosure process may make obtaining a mortgage in the future much easier for homeowners who are currently suffering financial trouble.
The Making Home Affordable Program has also offered extension programs like the Home Affordable Unemployment Program, which is set to help unemployed homeowners, the Second Lien Modification Program, and options like the FHA short refinancing program may help underwater homeowners through principal reductions and refinancing opportunities. While unemployment, the loss in home values, and other economic troubles have caused many homeowners to suffer when it comes to their personal finances, there are plans available that can help some meet their mortgage payment during these difficult times and avoid the loss of their home in a time where unemployment and economic uncertainty remain high.