For homeowners who have been denied a home loan modification from the Making Home Affordable Program, private home loan modifications have been an alternative which has provided many with foreclosure prevention assistance on their mortgage. Economic and financial times have caused a great deal of strain for many homeowners, and continue to do so, but mortgage servicers have been reported to have made a greater number of home loan modifications through in-house assistance plans than from the Obama Administration’s modification plan.
There are mixed reviews and opinions on these in-house, private home loan modification plans as many feel they will not be as beneficial for homeowners as modifications from the Making Home Affordable Program. Some coverage on these modification plans has stated that in-house mortgage modifications are more expensive for homeowners than those from the government’s home loan modification plan.
However, reports also indicate that more homeowners have found assistance through in-house modifications than from HAMP. Many homeowners who have been disqualified from either a trial home loan modification or a permanent modification have faced difficulties like bankruptcy or foreclosure, but many of the nation’s top servicers do offer these alternative modification programs as a way to make home loan costs more affordable.
Yet, there are also reports which state more homeowners are defaulting out of these private modification plans than from the Obama Administration’s program, but again, more homeowners are said to be offered these plans, so a greater number of homeowners defaulting may simply be the result of more homeowners within these types of modification programs.
Mortgage servicers have not been perfect in their implementation of mortgage assistance plans as numerous homeowners have waged complaints against some of the nation’s top financial institutions. However, it’s hoped that homeowners who are denied a home loan modification from the Making Home Affordable Program will find help through these in-house assistance options and avoid the loss of their home.