Reports that came in early May have suggested that homeowners are still choosing and sticking with HAMP in terms of their modification needs even though many still have a unfavorable view of the program or have complaints regarding their modification experience. Major financial institutions like Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo/Wachovia Mortgage continue to be the main institutions that offer homeowners the assistance they need for lower mortgage payment options, but there are expansion plans that may still benefit homeowners who are working through the Home Affordable Modification Program and may need aid that goes beyond simple payment or interest rate reductions. Understandably, there have been some issues that homeowners continue to face presently when acquiring a home loan modification, but there are various resources now available to homeowners, and some that may become available in the near future that should help, like options for homeowners to appeal their modification denial and a single representative assigned to homeowners where this is not already in place.
Many homeowners are still primarily seeking out a home loan modification and according to the March 2011 HAMP report, there have been over 500,000 homeowners who have received and are currently in an active permanent modification. This doesn’t mean that HAMP is the only option or always helpful but it continues to be one of the first options homeowners pursue still, as we will soon enter into the summer months.
Yet, there have been homeowners who are struggling when it comes to working with their servicer and finding success in the Making Home Affordable Program, but housing counselors available to work with homeowners through the Department of Housing and Urban Development may have been underutilized by homeowners in the past. Again, these resources are not a guaranteed fix to a homeowner’s troubles, but they may cut down on the difficulties faced when homeowners begin the modification process.
When seeking assistance though, homeowners may need to either contact their mortgage servicer first or a housing counselor to get advice and guidance on these programs, as some alternative opportunities for assistance like the Hardest Hit Fund are only available in certain states and, again, homeowners may not qualify for these forms of home loan payment aid. It’s true that there are some homeowners who are already well-versed in the programs that are available and have been an option over the past months, but for those who are still struggling and that may recently be entering into an area where they need home loan assistance, wading through these programs can be quite taxing on a homeowner and there are some stories of dealing with servicers that could be disheartening for those recently facing home loan troubles.
Homeowners need to understand though, even with these various options and assistance resources they may too face problems and a difficult road, but servicers and counselors may be able to outline available options and, again, if a homeowner is proactive in seeking out these plans, there could be positive results when it comes to finding foreclosure prevention for homeowners who are currently struggling.