Homeowners who have been attempting to find foreclosure prevention opportunities through the Making Home Affordable home loan modification program may have been troubled as reports indicate servicer’s have slowed in some areas when it comes to making these plans available to homeowners. Yet, despite the fact that home loan modifications do remain available, some good news came in the form of an increase in proprietary home loan modifications from in-house programs made directly from mortgage servicers.
Reports from HOPE NOW indicate that around 120,000 proprietary modifications were made in the month of September, which far outpaces the number of home loan modifications that were made from HAMP.
Obviously, these increases in proprietary modifications give hope to numerous homeowners who are either struggling to find a modification program within the Making Home Affordable Plan, or who may have been denied mortgage assistance from the Obama Administration’s modification plan altogether. While servicers have come under a great deal of criticism for their low numbers in the Making Home Affordable Program, these proprietary modifications have not been highly reported on and, for some homeowners, they are unaware this option is available.
While not all mortgage servicers may offer these in-house modifications, some of the nation’s top financial institutions who service home loans are involved with this program and do offer proprietary home loans for homeowners who may face foreclosure or default without assistance. Understandably, not all homeowners have found the assistance they need through these plans, but during a time where the housing market is seen as far from its old strength and unemployment continues to create trouble for many, homeowners may be able to rest in the fact that there are assistance plans available outside of governmental modifications which may help them avoid the loss of their home to foreclosure.