Mortgage assistance through home loan modifications have been quite popular over the past months as homeowners who are struggling to make their payments turn to assistance options from these plans. While the popular Making Home Affordable Program has allowed numerous homeowners the opportunity to lower their monthly mortgage payment costs, some homeowners have had a difficult time taking this route to an affordable monthly mortgage payment.
Despite the fact that mortgage servicers are often given the blame for homeowners being booted out of the home loan modification program, there are foreclosure alternative programs from in-house modification plans and refinancing opportunities available for certain homeowners, both of which may bring lower monthly mortgage costs.
In-house, proprietary modifications have been said to have helped more homeowners than the Making Home Affordable Program. While these types of mortgage modification assistance plans are tailored specifically by mortgage servicers, and may vary from servicer to servicer or from homeowner to homeowner, they can provide homeowners an alternative path to assistance on their home loan payments.
Also, affordable home loan interest rates have allowed certain homeowners, who may be in a financial position to do so, the chance to refinance their home loan for a more affordable mortgage payment. Some homeowners have chosen a 30-year fixed rate mortgage, which can bring a lower monthly mortgage payment as well as a lower interest rate as well, but other homeowners have refinanced for a shorter term mortgage, like a 15-year fixed mortgage, and have received lower mortgage payments from month and month as a result.
While refinancing has only helped homeowners who were in the financial position to meet the costs associated with refinancing and who have had a good credit score, it has been an alternative to modifications which has allowed homeowners to gain a more affordable mortgage payment as a result. However, homeowners who may benefit from refinancing can consult various mortgage lenders, but modifications are typically only available through a homeowner’s mortgage servicer.