Disagreements In Home Loan Modification Program May Bring Changes In Criteria For Making Home Affordable Program

The Making Home Affordable Program recently released data for August 2010 home loan modification servicer report, which tracks the success of the home loan modification plan which has been implemented by various financial institutions. While there have been increases in the number of permanent home loan modifications that have been made, there are still troubles that remain as many homeowners continue to complain that lenders are not doing all they can to assist homeowners in need of foreclosure prevention plans.

Part of the report included data from the Treasury Department which takes a second look at servicers participating in the program. The Second Look review program is set in place to simply review the modification efforts of various mortgage servicers, as there are numerous homeowners who complain that mortgage servicers are either unfairly denying mortgage modifications or are not adhering to qualifications of the program.

This data, which was also covered in a report on housingwire.com, may point to changes that need to be made in the implementation of the Making Home Affordable Program. Homeowners, for months, have been complaining that mortgage servicers seem to be disorganized, unwilling to help homeowners in cases where they may lose their home, or simply denying homeowners assistance through a modification despite the fact homeowners had qualified.

While, again modifications have increased over the past months and representatives from many financial institutions defend their practices, report that changes have been made in their modification efforts, and also cite the fact that there are homeowner faults which are causing difficulties in the modification program as well.  These reviews are hoped to set in place standards that will allow homeowners who should receive a modification to find the assistance they need no matter what servicer they use.