With foreclosures remaining a problem for numerous homeowners, home loan modifications have been sought out by a number of individuals who fear the loss of their home due to personal financial troubles. Home loan modifications by many of the nation’s top mortgage servicers have assisted homeowners over the past months by offering more affordable monthly mortgage payments, however, some homeowners have complained that government modifications are too difficult to obtain and accuse servicers of not doing all they can to help homeowners with foreclosure prevention.
However, data released from HopeNow.com suggest that in-house, proprietary home loan modification plans have been helping more homeowners over the past months than modifications from the Making Home Affordable Program. There have been reports that these in-house, proprietary modifications have assisted homeowners with foreclosure prevention efforts by reducing principles, lowering interest rates, or extending mortgage terms.
While these methods of mortgage assistance are similar to those used within the Making Home Affordable Program, homeowners who may be disqualified from the governmental Making Home Affordable modification plan could benefit from these in-house programs which are made directly from mortgage servicers.
Servicers who work directly with homeowners may be able to provide better home loan assistance plans since homeowners who are having trouble meeting their mortgage payments may require different assistance methods before foreclosure can be avoided.
Yet, despite data that suggests homeowners are finding more assistance through these in-house plans, foreclosures are still a problem for servicers across the nation. While these home loan modification plans are still available, many servicers feel that until the unemployment problem in our country begins to subside, greater strides may be needed in order to help homeowners stay in their home.