There are those who feel that the federal home loan modification program has begun to slow and, as a result, mortgage servicers are seeing fewer results when it concerns permanent home loan modifications. However, Wachovia Mortgage did see a rise in the number of permanent home loan modifications they have made between September and October, according to HAMP reports.
Numerous financial institutions have participated in the Federal Home Loan Modification plan, but homeowners have had various success when it concerns getting an affordable monthly mortgage payment. There have been individuals who believe that servicers are unwilling to help homeowners in any capacity, while other homeowners have been able to avoid the loss of their home through home loan modification efforts made by various servicers.
While no mortgage institution has been perfect when implementing these mortgage modifications, Wachovia Mortgage did see an increase in permanent home loan modifications from 10,550 in September to 12,779 in October. There are those who would say that these continued increases on the part of certain servicers does point to positive signs for foreclosure prevention efforts, but others feel that financial institutions are not making modifications sustainable or affordable for as many homeowners as could be helped through these plans.
Yet, certain financial institutions who are participating in alternative mortgage modification programs, which are outside of the federal home loan modification plan, have helped homeowners save their home. It’s understandable that since there are still problems between mortgage servicers and homeowners, many individuals may be hesitant about working with their financial institution but advisers often suggest that homeowners contact their servicer early if payment problems arise.
While it is no guarantee, homeowners who begin seeking affordable solutions to their mortgage payment troubles may stand a better chance at finding either a modification plan helpful for their situation or a foreclosure alternative plan if assistance is unavailable.