Total Home Loan Modifications In Making Home Affordable Program Increase–Latest Information In November Release

Here in November we have the most recent information from the Making Home Affordable program and reports show that the total number of active permanent modifications increased between August and September for homeowners who are seeking federal foreclosure prevention assistance.  Obviously, homeowners with a variety of servicers are still looking for help when it comes making their mortgage payment and, despite problems that have been seen between homeowners and their servicers, but there are still strides being made in the area of these permanent home loan assistance plans.

In total, the number of permanent modifications that have been made between August and September increased from 690,969 to 720,612, which is less than a pace that will likely hit the desired goal of the program that was hoped to help around two million homeowners, but there are those who feel changes will have to be made to the program and the benchmarks for servicers set by the Treasury if there are going to be more homeowners helped in the long run.  Yet, with continued increases in the number of permanent modifications that are active being seen, with decreases in the total number of delinquent borrowers also reported, there are still homeowners who benefit from this particular plan.

Homeowners who have been seeking out this assistance obviously are having to deal with different servicers as some of the major banks like Wells Fargo, Bank of America, and J.P. Morgan Chase are just a few of the institutions that have been using these plans to help homeowners in need, but the good news is there are still increases being seen on an individual level as well as many of these financial institutions are improving their modification numbers.

It has been reported that some homeowners are having trouble still when it comes to trial modifications, be it qualifying for or moving from a trial to a permanent modification plan, but Treasury Department ratings have often pointed out areas where these major banks have suffered, and there have been some improvements seen by these individual institutions as well. In some cases though, homeowners may still have a difficult road to travel when it comes to getting a lower payment on their home loan and a sustainable mortgage assistance plan that will help them in the long run, as there are those who are having trouble even meeting a reduced mortgage payment.

However, homeowners do have access to resources that can help them financially as both housing counselors and even credit counselors have been used by some to not only explore mortgage assistance options but also help with overhauling a homeowner’s financial life to the point where these modification plans may be more helpful, as excessive debt obligations in many areas of a homeowner’s financial life will obviously lead to the likelihood that even a lower monthly payment as a result of a modification may be unhelpful. It should be kept in mind, homeowners are not guaranteed a modification nor will they always see success if they are granted this specific type of assistance but as we are seeing continued improvements in the area of permanent home loan modifications that are currently active, it’s hoped that these options will keep homeowners afloat during times of financial hardships and, despite the fact that more foreclosures are likely to be seen in the coming months, more homeowners may be able to avoid the loss of their property as well through various foreclosure prevention efforts.