Mortgage assistance plans for homeowners have been largely available through initiatives like the Making Home Affordable Program, which offers a variety of options for homeowners who need a lower monthly mortgage payment. However, there are endless accounts of homeowners who have had trouble dealing with their mortgage servicer and may have been denied help through the Making Home Affordable modification program or proprietary, in-house modification plans as well.
Yet, there may be additional, alternative mortgage assistance plans available through various state housing agencies which are being funded through the Obama Hardest Hit Fund. States like California, Florida, North Carolina, Michigan, and Nevada are just a few of the states which may find they can offer their homeowners various types of mortgage assistance through this home loan aid program.
Homeowners in states across the nation have had difficulty with unemployment, underwater mortgages, second liens, or have simply seen cutbacks in their wages and cannot meet their traditional mortgage payment obligation. Hopefully, these programs which are offered on a state to state basis will be able to reach more homeowners than national modification programs, which have had a lackluster amount of success, according to some.
While home loan modifications from the Obama Administration have had some positive effects on the housing market and have assisted homeowners through lower mortgage payments, it’s hoped that these state-specific mortgage assistance plans will be able to reach homeowners who are suffering from particular housing troubles related to a certain area within the nation. While some programs have yet to begin and others may be on a first-come first-served basis, funding to these housing agencies could provide more mortgage debt relief on a wider scale.