It was reported that homeowners with the Freddie Mac saw increases in certain types of delinquencies as the delinquency rate for single-family homes increased, but there was a slight decrease in the multifamily delinquency rate between August and September. However, for these homeowners with Freddie Mac who are struggling with delinquency, officials are pointing out that there may be mortgage assistance options available as reports from earlier this month outlining a new modification opportunity that some homeowners may have through the Standard Modification Program. There have been some homeowners who may benefit from these plans or may be able to acquire a trial plan that will help find more affordability on home loan payments for those who are struggling to make ends meet.
However, guidelines for this Standard Modification plan do state that homeowners with Freddie Mac must be determined as ineligible for the federal Home Affordable Modification Program before being considered for this particular option, but this is where the homeowners who are struggling with delinquency or are having trouble with their mortgage payment do need to take action as there are still opportunities in place that can be beneficial for homeowners in need.
Obviously, a modification has not always helped homeowners who are struggling but as there are federal and alternative modification programs, along with extension plans like short sales or even refinancing options that may be available for some, homeowners do have more options now than in years prior when financial problems arose and since many mortgage servicers are saying that continued high levels of unemployment, among other things, are causing homeowners distress, homeowners may find that they can qualify for more programs if certain routes are closed.
Again, homeowners who may pursue a federal modification and are unsuccessful do have opportunities to fall back on alternative plans with a variety of servicers as many major banks offer in-house modifications, as well as some homeowners have state-specific mortgage assistance options that can be helpful if a federal modification plan is unavailable. Yet, homeowners are always advised to act quickly when they are having trouble paying their mortgage as some may find that their financial life continues to deteriorate or in cases where one type of mortgage assistance plan does not work, homeowners will obviously want to give themselves enough time to explore other options but also be in a financial position where they can still stay afloat.
While Freddie Mac homeowners are not guaranteed help from these modification plans, as there are some delinquencies still being seen with not only homeowners in these particular instances but in various situations across the country, and it’s being urged that distressed property owners contact representatives from their servicer or housing counselors so that these opportunities may be better explored and those who are able to qualify for this foreclosure prevention option can find affordability and hopefully keep their home.