Despite the fact that the Making Home Affordable Program has continued to offer assistance to homeowners there are still troubles being seen and homeowners are also looking for ways that they may be able to file a complaint or express their concerns over practices that they may have experienced when working with a particular financial institution. However, despite the fact that there are still problems within the modification program, servicers have been working to improve in areas where homeowners may have stumbled but, without problems in place, would have otherwise been able to qualify for federal home loan modification assistance.
Many homeowners understand that banks do have issues which still need to be addressed, but a rating system that was put in place recently by the Treasury showed areas where improvement needed to be made by specific banks and there are reports that Freddie Mac is hoping to launch a similar program which will hopefully cause improvement in the practices of mortgage servicers and lead to more success for homeowners who are struggling to make their monthly mortgage payment but are pursuing a modification as a way to resolve these problems.
It’s hoped that, like the Treasury Department’s rating system, this new program by Freddie Mac will be able to show banks where their strengths lie and where weaknesses need to be improved. Some homeowners have found that there is a great deal of miscommunication and confusion when working with representatives from their bank, but problems like this are hopefully being resolved thanks to new changes that were recently implemented which created a single point of contact for homeowners seeking a modification.
Understandably though, homeowners are still frustrated with their experience in some cases and may be able to contact representatives from HUD or seek out assistance from housing counselors made available through the HOPE Hotline, which can help homeowners by providing them with information, offering guidance, and even exploring options that may be available for a specific homeowner’s situation. Some homeowners are simply unaware of what actions they need to take and, as a result, some of these housing counseling resources can help in that capacity, but again homeowners must make sure that they are not falling prey to scams and should use only accredited counselors who are working with the Making Home Affordable Program.
Homeowners realize that the home loan modification plan has not reached as many homeowners as a potentially could have or was reported to be able to help in the early stages, but there are still benefits that some homeowners can gain from this particular plan and if a modification is not right for the homeowner, these resources are available to explore other options. However, it is hoped that with these rating systems in place from the Treasury Department and potentially coming from Freddie Mac, more servicers will be able to help homeowners in a way that will allow those who qualify to easily transition through modification program.