Homeowners are still seeking assistance from the Making Home Affordable modification program which has been offered through some of the nation’s top mortgage servicers. Financial institutions like Bank of America, Chase, Citigroup, and Wells Fargo have been charged with implementing these home loan modification plans in the hopes of reducing foreclosure rates across the nation by providing more affordable home loan payment opportunities.
While these programs modify the first lien on a home for a homeowner who may be struggling, there are cases where many individuals have been met with trouble when it comes to dealing with their mortgage servicers. There are various accounts where homeowners have been unable to obtain a modification, despite meeting modification qualifications, have had to resubmit paperwork multiple times, or have had servicers increase the amount they owe from month-to-month, rather than lowering a homeowner’s payment.
Numerous accounts from homeowners have many troubled over the success of the home loan modification program and criticism against Bank of America, Citigroup, Chase, and Wells Fargo have become more common over the past months. Yet, there are instances where homeowners have simply been unable to qualify for these mortgage modification options, have not submitted the proper paperwork, or have even defaulted and while a home loan modification was in place.
More extensive measures have been taken to assist homeowners through the Making Home Affordable Program and, despite the fact that many homeowners are at odds with mortgage servicers, in-house, proprietary home loan modification plans have also been made available to homeowners struggling to meet their mortgage payment. It’s been reported that these in-house modification plans, or alternative home loan modification options have assisted more homeowners than the Making Home Affordable Program.
Also, extension plans like the Second Lien Modification Program and the Home Affordable Unemployment Program have also been made available to aid homeowners who may not have benefited from a traditional home loan modification. There are some cases where a second lien on a home loan may cause a modification to be ineffective or factors like unemployment have caused homeowners to struggle financially when it comes to meeting their monthly mortgage payment.
While there are still difficulties that remain on the part of mortgage servicers and some mortgage modification troubles can be traced back to homeowner error, it’s hoped that these extension programs and continued modification efforts from major mortgage servicers will begin to provide homeowners with more affordable mortgage payment options. However, many do still trace the origins of many housing problems to factors like unemployment and until more job opportunities become available it is believed that homeowner difficulties will likely remain.