Homeowners Seeking To Become Current On Delinquent Mortgage Payments–Reinstatement Programs Outside of HAMP

There are numerous homeowners who are attempting to become current when they have fallen behind on their mortgage payments but despite some being in a position where they may be able to pay their home loan once again, it’s difficult for many to meet costs that may be associated with payments that were missed during a time of difficult circumstances which may have led to their delinquency. Yet, there are some reports that show homeowners have increased in number, in terms of those who may be current on their mortgage payment despite seeking out assistance like modifications provided from the Making Home Affordable Program, but this is not always the case for some and it may be worth exploring reinstatement programs available in some areas for delinquent homeowners.

Obviously, homeowners have attempted to acquire a federal modification, private home loan assistance plan, or some other form of loss mitigation aid that may be available directly from their bank but many have had trouble when it comes to finding a sustainable or even helpful plan for their situation when problems like missed payments are still a factor. Yet, there have been some positive reports that show homeowners who were not accepted for a trial modification increased in terms of the numbers who were current after this action had been taken as Treasury Department reports indicate that the program total number of homeowners in this category stood at 384,531 as of May.

Yet, there are still some homeowners who may have seen results that may not have been as positive in terms of their ability to make their mortgage payment, but certain state housing agencies are offering reinstatement programs which homeowners may be able to explore to help them when it comes to becoming current on their delinquent home loan payment obligations. While these options are not available in every state, they may be helpful in some areas, particularly like those states where the Hardest Hit Fund has been set in place to offer this type of assistance when a homeowner’s servicer is participating in this specific program.

Ideally, homeowners who are behind on their mortgage payments due to factors like unemployment or a reduction in their income may be able to get help in terms of payments made to their servicer as part of these programs which can hopefully bring a homeowner to a point where delinquency is no longer an issue and they can continue to make their home loan payments from that point onward through the help of modification programs, unemployment assistance plans, or due to the fact that they may be in a better financial position.

Homeowners may need to consult with their servicer or a housing counselor to inquire whether this option is available in their area or for their specific situation, as not all banks may participate in these reinstatement programs, but for homeowners who are in the specific situation where delinquency is a problem and they can use help becoming current on their payments since foreclosure may be unavoidable due to the fact that they can continue to meet their payments at the present time, there have been homeowners aided by these particular options and since they are still in place could be of assistance to homeowners currently struggling with delinquency.