There is still a great deal of uncertainty in the housing market, as various areas of the economy are still on shaky ground according to many, but there may be some homeowners who are finding more stability in their financial lives which has led to the ability to continue meeting their mortgage payments and financial obligations without the need for assistance. However, due to the fact that unemployment remains quite high, home prices continue to drop, and other areas which impact the lives of homeowners are still struggling to recover, there are some reports that may offer a positive outlook for those who are seeking foreclosure prevention assistance particularly from the Making Home Affordable Program.
While financial institutions participating in this initiative have continued to see increases on a monthly basis, in terms of the number of permanent modifications they have made, there is still a great number of homeowners who are finding the modification program difficult and feel that more needs to be done so that, while housing still remains an issue for many, foreclosures may soon begin to decrease. It’s understandable that there are still factors that will lead to foreclosures in various areas of the country, but it has been reported by the Obama Housing Scorecard that more positive results are being seen from the Home Affordable Modification Program, and for homeowners who are seeking either a trial or permanent mortgage modification, this may be good news.
A recent report released here in July has stated that homeowner delinquencies are beginning to fall, the outlook for the long-term success of homeowners in a permanent modification is more positive, and homeowners are seeing a shorter conversion time when it comes to moving from a trial home loan modification to a permanent modification plan. In fact, the report stated that homeowners moving from a trial to a permanent modification is up 71%, according to the June Housing Scorecard.
This may be positive news in the eyes of some homeowners, but there are those who have still struggled a greatly and, at the present time, are still having difficulty when it comes to dealing with their bank and the modification process. Homeowners have repeatedly been advised to consult housing counselors, which are made available from the Making Home Affordable Program, if issues arise as there are those who are getting free housing counseling assistance from the HOPE Hotline. Homeowners must keep in mind though, a modification is no guarantee and there are some homeowners who may simply not qualify, but consulting free resources, keeping in contact with their servicer, and addressing mortgage payment issues early may put some homeowners in a position where they can take advantage of a modification to keep their home. While the home loan modification program still has its flaws and banks that are implementing this plan have not been perfect, it’s hoped that this data in the most recent Housing Scorecard is reflective of positive changes that will lead more homeowners to an area where they can prevent foreclosure.