California homeowners who have been seeking home loan modification assistance have had some success through the Making Home Affordable Program, but there are still extension plans available for those who may have not have been helped by a traditional home loan modification. Recently, data was tracked by the Making Home Affordable Program and reported the number of modifications in various cities and states across the nation, which has provided a breakdown of areas where a high number of home loan modification’s have been requested.
While there are still trial and permanent modifications in place, complaints from homeowners in various areas of the nation center around the availability and affordability of home loan modification plans, as there are some who simply are not benefiting from federal home loan modification assistance. Yet, with extension programs from the Making Home Affordable Program in place and proprietary home loan modifications said to be outpacing these federal plans, not to mention the Hardest Hit Fund providing homeowner assistance, California homeowners may be able to find more foreclosure prevention options as many are still seeing a need for these assistance programs.
Yet, data tracking various areas of California has shown that there are still opportunities for traditional home loan modifications in many cases. As an example, Sacramento, Arden, Arcade and Roseville were reported to have had 8,646 permanent home loan modifications made, as of November 2010, while areas like San Francisco, Oakland, and Fremont had combined of 8,825 permanent home loan modifications for the same time span, and San Diego, Carlsbad, and San Marcus reportedly had 8,337 permanent modifications to their credit. While homeowners in these areas are not the only ones who qualified for and received permanent modification assistance, data tracking various states and cities participating in HAMP has shown a remaining need for these foreclosure prevention plans as many states and counties are still seeing a high number of permanent modification requests despite this data from the end of 2010.
While extension programs, like the Unemployment Program and foreclosure prevention efforts from the Hardest Hit Fund are still in place and may be able to provide more foreclosure prevention opportunities in 2011, homeowners are still being prompted to contact their mortgage servicer when home loan payment difficulties arise. Yet, there are some who would even suggest homeowners either talk with their servicer or contact a certified housing counselor before troubles begin as this could offer a better opportunity for a homeowner to find the foreclosure prevention assistance they need or, when speaking with a housing counselor, this could simply help homeowners better manage their personal finances which could also be helpful in keeping them from missing mortgage payments and losing their home.