Homeowners who are attempting to find affordability in their monthly mortgage payment often enter into trial modifications through the Making Home Affordable Program, but when it comes to converting a trial modification program into a more permanent home loan modification agreement, there have been homeowners who have had trouble. However, mortgage servicers often provide outlines for homeowners who are seeking a permanent home loan modification which should be followed to obtain a permanent form of mortgage assistance through these foreclosure prevention efforts, but there are arguments from some homeowners who say that some servicers simply did not offer them a deserved a permanent modification.
A recent report on the difficulty of acquiring a permanent modification shed light on some of the problems which are being faced in the Making Home Affordable Program. While there are arguments that cases where homeowners have had an extensive amount of trouble finding permanent home loan modification aid are rare, there are numerous homeowners with a variety of servicers who have waged complaints while attempting to acquire either a trial or permanent modification.
Many of the complaints center around the fact that servicers have either kept homeowners in a trial modification for much longer than the required three months, while others have stated that they made payments within their trial modification program, but had their servicer either deny them a permanent modification or continue with foreclosure on their home. Obviously, this has created a great deal of frustration on the part of homeowners as many feel that either the home loan modification program overall is at fault or mortgage servicers simply have no incentive to offer modifications to homeowners who may qualify.
Yet, there has been an increase in the number of permanent home loan modifications from the Making Home Affordable Program throughout 2010 and many servicers argue that homeowner error is the reason that permanent modifications are being denied. It is required that homeowners make timely monthly payments for a set period of time during a trial modification, and for some, this has simply not been possible. There have been financial institutions that have pointed out many homeowners have redefaulted while in a trial modification, missed payments or did not pay on time, and others simply did not qualify according to HAMP guidelines.
Understandably, homeowners are still frustrated as many continued to struggle when it comes to finding the affordability they need to prevent foreclosure on their home. However, despite troubles with servicers and homeowners in the federal modification program, alternative home loan modifications directly from mortgage servicers are seeing more success and could offer homeowners who have difficulty in the federal modification program an alternate route to foreclosure prevention.