Homeowners who are looking for a home loan modification here in the month of May have been able to track the progress of various servicers over the past months through reports that have been released by the Treasury Department, but some homeowners may be unaware of the options available to them as not all are dealing with major financial institutions that are mostly covered when news and reports are released about the federal modification plan. Yet, for these individuals who may not be with some of the major financial institutions that service mortgages in our nation, there is still help available through the federal modification initiative.
While there are numerous opportunities that homeowners may have to avoid the loss of their homes, federal modifications have been the primary option homeowners have pursued and, for those who may not be with a major bank, there can be help made available to customers with GMAC Mortgage, Green Tree Servicing, Saxon Mortgage Services, and other homeowners who may have their mortgage owned or guaranteed by Fannie Mae and Freddie Mac. This list of servicers is not exhaustive, but it simply is meant to stress the point that homeowners who may not be working with big banks like Wells Fargo or Bank of America do have the opportunities that these homeowners have when it comes to acquiring a federal modification.
As it has been reported on over the past months, there are certain aspects of the home loan modification program that must be adhered to before these homeowners can gain a trial modification, but changes in certain aspects of the program that are set to begin in the coming months are hoped to cut down on problems that homeowners may have faced. Essentially, many homeowners have had trouble when it comes to qualifying for a home loan modification due to paperwork issues, communication difficulties with their servicer, or instances where homeowners feel they were unjustly denied a home loan modification.
While guidance from housing counselors is available at the present time, there are proposals that are being set in place to create a single point of contact for homeowners with servicers who are implementing these modification plans and some homeowners may be in an area where they can appeal a home loan modification decision and have their case reviewed in the hopes of either getting a trial or permanent modification offered to them. There is one factor, though, that does still cause issues for homeowners and could be the reason that many who have failed out of the program believe the costs of these modification plans are too high.
That factor remains an issue as we near June 2011 and unemployment still remains high. Numerous homeowners, despite ups and downs in the unemployment rate, jobless claims, and reports that more private-sector jobs are being added each month still are struggling in the area of their income, which can lead to trouble in the modification program. Yet, while homeowners ride out this time of uncertainty in the job market, pursuing foreclosure prevention assistance through these plans is still an option for numerous individuals across the nation, even when they are working with a servicer that may not be one of the major institutions in the nation.