Homeowners who are in need of a more affordable home loan payment may have options through in-house home loan modifications, which have been an alternative to federal home loan modification assistance plans over the past months. Numerous financial institutions that work with homeowners within the Making Home Affordable Program also use alternative home loan modifications from programs established through in-house initiatives, which have been beneficial to homeowners who may have been unable to qualify for federal modification plans.
According to a recent press release from HOPE NOW, servicers have offered 101,000 proprietary modifications in October, which could be good news to homeowners who are struggling to make their mortgage payments and are unsure whether they may qualify for a federal home loan modification plan. There have been numerous complaints from homeowners that servicers are keeping them in trial modification plans for too long when seeking assistance through the Making Home Affordable Program, and there have also been troubles related to homeowners being offered permanent modifications, as there have been some who have had their trial modification canceled.
A great deal of animosity has arisen from homeowners towards mortgage servicers, and this has mainly been due to the fact that many feel home loan modifications are simply too difficult to obtain. However, these proprietary home loan modifications which are being offered to a greater number of homeowners are felt to have been seeing success due to the fact that mortgage servicers can tailor these modification plans to meet specific homeowner needs.
Homeowners who did not meet qualifications set down by the Making Home Affordable Program will, obviously, be denied a modification or, in some cases, will not even be offered a trial assistance plan. While there are troubles that remain with federal modifications and proprietary, in-house modifications both, homeowners may be able to find the foreclosure prevention assistance they need through in-house modifications since a servicer can be more flexible in terms of program qualifications and guidelines.
Obviously, these in-house modifications are not perfect and many servicers have been called on to up their efforts in not only federal modification programs but proprietary modifications as well, however, homeowners do still have opportunities to avoid the loss of their home through these modification initiatives. Yet, homeowners who are having trouble in their personal financial life may wish to contact a certified housing counselor or simply speak directly with their mortgage servicer early before troubles arise which cannot be combated concerning their home loan payment obligation.