Homeowners who are attempting to avoid foreclosure have typically sought assistance through home loan modification programs, like those offered from the Making Home Affordable Program. Major servicers like Bank of America, Citigroup, Wells Fargo, and J.P. Morgan Chase have been offering these assistance plans to homeowners, yet, there have been various reasons for which homeowners have been denied either a trial modification or a permanent home loan modification from servicers who are working within HAMP.
Understandably, homeowners have been quite upset with servicers in these cases, as many feel the Making Home Affordable Program is their only hope when it comes to saving their home through lower monthly mortgage payments. However, numerous mortgage servicers working within the government modification program also offer private home loan modification plans in some cases.
In fact, it has been reported that more private modifications have been made than modifications stemming from the Making Home Affordable Program. While defaults still remain a problem for some homeowners, as mortgage payment requirements under modifications are still too costly for some, there are alternative options available to homeowners who may have been denied a modification from the Making Home Affordable Program.
Also, unemployment mortgage assistance plans, second lien home loan modification programs, and foreclosure alternative initiatives are also set in place to help homeowners with specific needs on their mortgage. Factors like unemployment or underwater mortgages have caused a great deal of difficulty in many cases, but servicers who are working within the Making Home Affordable Program have been able to offer homeowners various alternatives to and extensions of traditional home modifications.