Homeowners in Florida who have had mortgage payment troubles are seeing that, according to the latest information from the Treasury Department, modification programs from the Making Home Affordable initiative are seeing improvements in this particular state, which is one of the areas that has been particularly impacted by housing troubles and unemployment. Obviously, when homeowners are in a position where joblessness or issues with their home’s value have arisen, it has led to the need for some to seek out payment assistance options that may lower their mortgage obligation and help them avoid the loss of their home as a result.
While homeowners have had different stories, experiences, and results when it comes to dealing with a variety of mortgage servicers, the Treasury Department indicated that the number of active trial modifications and program modification plans between July and August increased in Florida. As an example, active trial modifications in July stood at 13,994, while this number increased for the month of August to 14,170. Furthermore, permanent modifications increased from 79,995 in July to 81,772 in August, which is some positive news coming from a program that has seen very opinions and results arise as of late.
Homeowners are still struggling when it comes to working their way through these modification plans but some servicers are also seeing improvements in their modification activity as a result of Treasury Department rating systems that were set in place to review various aspects of the program and how homeowners may be better helped when foreclosure may be on the horizon. Yet, homeowners in Florida have also been fortunate enough to have state-specific plans made available if these federal programs are unhelpful, as there are simply some homeowners who cannot seem to benefit from these efforts to make mortgage payments more affordable, despite the fact that there are homeowners who have only been able to keep their home as a result.
Each homeowner’s situation will be different and, obviously, when it comes to the servicer they happen to be dealing with, it could complicate matters as to what opportunities are open for their mortgage payment assistance needs, but many servicers are offering multiple options that may come from the federal plans, or even private homeowner assistance programs, yet homeowners have seen rates of default increase in some areas after modification is granted so this could lead to homeowners having to explore state options.
Homeowners are aware that there are no guarantees when it comes to getting a modification, and again there are many who are still having trouble when it comes to dealing with their servicer, but representatives from various programs, like housing counselors, servicer representatives, or even resources from a homeowner’s state housing agency like those in Florida could provide further information as to how a specific homeowner’s mortgage payment troubles may be best met by programs that are currently available.