Green Tree Modification Program Report From HAMP–Latest Data In 2011 On Modifications And Homeowners Assistance

Data for Green Tree Servicing from the Making Home Affordable Program was recently released and tracked not only trial modifications that are currently in place but the number of permanent modifications that are currently active for this particular mortgage servicer, and there are homeowners still keeping an eye on what these various financial institutions and mortgage servicers are doing in terms of offering foreclosure prevention plans. Understandably, there have been countless problems which have arisen for homeowners in the federal modification initiative and some are simply the result of the program’s guidelines and qualifications, but some homeowners have had trouble dealing with a particular servicer when it comes to getting into the modification process in a timely manner or even qualifying for this form of assistance at all.

Yet, according to the February 2011 Making Home Affordable Program report, Green Tree had a total of 4,666 active permanent modifications, with 1,137 active trial modifications in place at the time of the report’s release.  Also, data that was tracked through the end of January 2011 stated that there were 7,627 homeowners who were estimated to be 60 days or more delinquent on their home loan, and could potentially qualify for home loan assistance through this the federal modification initiative and Green Tree.

It was recently reported that Green Tree was bought by Walter Investment, and there are those that hope this could point to more positive signs for those seeking a home loan modification in the coming months. There have been homeowners who have had bad experiences with not only Green Tree Servicing but a variety of financial institutions as well as there are some who have either been denied a modification or have found that the requirements of their home loan modification were simply too costly for them to maintain.

Issues for homeowners in their pursuit of a modification have varied, but there are still options that may help homeowners prevent the loss of their home since Green Tree Servicing is not only listed as one of the institutions that can offer home modifications, but, they can also offer additional support though plans like the Foreclosure Alternatives Program, Unemployment Program, Second Lien Modification Program, and even the Principal Reduction Alternative initiative. Yet, even with these extension programs available from a variety of financial institutions, there are still issues that homeowners face when it comes to avoiding the loss of their home.

Homeowners may not always be guaranteed a modification or affordability on their mortgage, even if they meet some of the qualifications of the modification program, but issues like paperwork, missed payments, or not properly documenting financial hardship have been some of the reasons homeowners are reportedly booted from the modification program during either the trial stage or before even reaching a trial offer. Yet, homeowners need to remember that there are options for assistance, like opportunities to speak with reputable housing counselors from the Hope Now program, that may offer them more guidance or clarity when it comes to making their way through the modification plan and finding solutions for their particular home loan situation that could lead to foreclosure prevention and long-term affordability.