With alternative mortgage assistance programs, like those from the Hardest Hit Fund, reaching homeowners through state-specific programs, many are wondering if home loan modification programs or proprietary mortgage assistance plans are still available from the nation’s top mortgage servicers. Despite the fact that many foreclosure suspensions have been questioned over the past months and financial institutions have been accused of fraudulently foreclosing on homes, there are still mortgage assistance plans set in place through the Making Home Affordable Program.
There are those who feel that these modification plans have been unhelpful in many cases since there are numerous homeowners who have been disqualified from their modification plan or have simply been unassisted despite having a lower monthly mortgage payment. Some homeowners are still defaulting despite having a modification plan in place, but there have been reports that modifications from mortgage servicers through proprietary, in-house plans have been assisting homeowners not helped through HAMP.
Some of the nation’s largest mortgage servicers like Bank of America, Citigroup, GMAC Mortgage/Ally Financial, J.P. Morgan Chase, and Wells Fargo are some of the more prominent servicers who have been offering these modifications over the past months. While there have been increases in the number of permanent modifications offered through these servicers, there are still widespread foreclosure difficulties being faced across the country as homeowners continue to struggle because of unemployment.
While questions remain over the validity of some foreclosures still are causing trouble for homeowners who have lost their home but feel they may have benefited from a modification plan, mortgage assistance opportunities remain in place through government programs and in-house modification plans which could be beneficial for homeowners who face the loss of their home.
Homeowners have had difficulty with mortgage services over the past months and animosity remains present, but financial advisers have prompted homeowners to contact their servicer as soon as financial trouble become evident or if the homeowner foresees trouble on the horizon. Mortgage servicers have not been perfect in the implementation of these modification programs, but there is a better opportunity to find a mortgage payment solution if a homeowner begins seeking assistance early before financial troubles become insurmountable.