For homeowners with an FHA insured mortgage there has been some increases in the number of modification programs that have been made available to homeowners with this particular type of home loan who are in need of mortgage payment assistance through a modified home loan that can potentially make their costs more affordable. Obviously, homeowners who are suffering from unemployment or may have simply hit a rough patch in their financial life are looking for these opportunities so that they can either avoid further problems in the future or, in cases where homeowners may have fallen behind on their mortgage payment, continued to meet payments from here onward so that they can avoid further issues related to their mortgage.
It was recently reported by the Treasury Department that the number of FHA trial home loan modifications that were started and the number of permanent modifications that were started both saw an increase between May and June, as this information is the most recent data we have. In May of 2011, the total number of FHA trial modifications that were started stood at 4,952, while in June that number increased to 5,376. The permanent modifications that were started under this program stood at a total of 3,314 in May and that overall total increased to 3,762 in June.
Homeowners are well aware of modification efforts that are ongoing but there are some qualifications that may have to be met before a homeowner can take advantage of specific programs. While there are extension plans that may be available within the federal Home Affordable Modification Program, not all of these plans are not necessarily available to homeowners who may have an FHA-insured mortgage, and this is where programs that may be helpful from the FHA or directly from a mortgage servicer could be necessary if a homeowner cannot find the foreclosure prevention aid they need through more traditional programs that have been in place these past months.
In some cases though, homeowners may be able to take advantage of programs directly from their state or private home loan modifications that are from their servicer alone, as there are issues that homeowners with FHA and non-FHA mortgages have faced related to their inability to meet their mortgage payment even after a home loan modification is offered. However, with continued increases in the area of trial modifications and permanent home loan modification plans with not only these FHA-insured mortgages, but with other homeowners who may have more traditional home loans as well, it’s hoped that continued success will be seen for homeowners who are still suffering in this particular area of their personal finances, as ongoing factors like long-term unemployment do still continue to be one of the reasons behind the need for these modification plans.