Homeowners who are finding it difficult to obtain a modification through the federal home loan modification assistance program have, reportedly, found success through in-house home loan modifications, which offer alternative mortgage assistance to homeowners in need. Home loan modification plans offered directly from mortgage servicers may be seeing more positive results and, again, are said to be helping more homeowners than governmental assistance through modifications.
One of the main reasons that many feel these alternative home modification programs are outpacing federal assistance plans is simply because mortgage servicers can tailor specific requirements and qualifications, not to mention modification components, to a particular homeowner’s needs. While there are still troubles that remain with modifications in general, homeowners still accuse servicers of not adhering to the federal home loan modification program’s guidelines, which has resulted in numerous homeowners being denied mortgage assistance through this avenue.
There have been some homeowners who have had a difficult time making their way through the federal home loan modification program, and many have felt that servicers were to blame in the majority of the cases, but others see the qualifications of the Making Home Affordable Program as the problem. Proponents of proprietary modifications often point out that more homeowners are seeing success when working through servicer-direct home loan modification plans and it has been said federal modifications are beginning to slow.
Yet, no matter whether a homeowner finds the affordability they need to prevent foreclosure on their home through a federal home loan modification program or alternative, in-house modification plan made directly from a mortgage servicer, homeowners are still being made aware of these options which could be helpful for their home loan situation.
There are still homeowners who are defaulting out of both the federal and servicer-direct modification programs, but homeowners do have opportunities available for lower mortgage costs through these various home loan assistance plans. In either situation, homeowners have been prompted to talk with their mortgage servicer in order to begin the modification process if they are having trouble making their mortgage payment. Again, home loan modifications are no guarantee to foreclosure prevention, but many feel that the sooner a homeowner begins addressing their mortgage problems the higher the likelihood they can find an assistance plan that will work for their situation.