Homeowner Delinquency And Foreclosure–Making Home Affordable Delinquent Homeowners Seeking Modifications

Homeowner delinquency remains a major problem for numerous individuals across the nation who are attempting to find mortgage assistance through the Making Home Affordable modification program. Obviously, there are many homeowners who are having difficulty meeting their monthly mortgage payment obligation, and have primarily turned to the federal modification program as a way to lower their overall costs on their mortgage from month to month.

Yet, foreclosure prevention efforts and modification plans which were hoped to stabilize the housing market by offering affordability on monthly mortgage payments to numerous homeowners have had mixed results over the past months as many of the nation’s top financial institutions have offered these home loan aid plans through a variety of means.

However, as far as federal modifications ago, increases in the number of delinquent homeowners are necessitating that more modification efforts be made and extensions of mortgage assistance programs be offered. According to the September 2010 Making Home Affordable report there were 1,304,572 homeowners who were estimated to be eligible for a Making Home Affordable modification because they were delinquent on their mortgage payments by more than 60 days.

This number increased to 1,467,243 according to the October Making Home Affordable Program, which indicates that hardships which are being faced by homeowners and causing them to lose the ability to meet their monthly mortgage costs are still present. However, the federal modification program is not the only option homeowners may have and there is some good news in certain areas as reports have recently been published stating that Fannie Mae’s delinquency rate has dropped for the first time in years.

While there are extension programs which homeowners may use if they are in a particular mortgage situation, like an underwater mortgage or in a case where a second lien on a home is present, proprietary modifications are also still available and being used by top mortgage servicers to address homeowner mortgage payment needs. None of these mortgage modification plans or extension programs are guaranteed to help every homeowner, and foreclosures are sure to continue in many areas, but homeowners are still being made aware of these foreclosure prevention efforts that are in place and may help them avoid the loss of their home.