The Obama Making Home Affordable home loan modification program has seen its share of troubles over the past months and a recent proposal by Congress to repeal the program has many homeowners wondering what may become of their foreclosure prevention opportunities were the federal modification program to be cut short, while others feel that a full repeal of the program may be shortsighted as there are options to tailor the program by revising guidelines and servicer requirements so that more homeowners may find the help they seek.

A recent article made mention of numerous difficulties which homeowners have faced and troubles with oversight within the home loan modification program that have reportedly caused the lackluster performance leading to the modification plan falling short of its original goals. Some of the issues which were reportedly causing a stifling effect within the modification program center around oversight problems that have allowed some financial institutions to improperly implement the program without any penalty.

Financial institutions are not required to participate in the Making Home Affordable Program but when they enter into contracts with the Treasury Department to offer home loan modification assistance and receive incentives from the government as a result, there are treasury officials who state that even when banks fail to properly adhere to program guidelines, there are few measures which can be taken in order to correct any problems.

There are those who feel that the home loan modification program’s shortcomings related to the original goal which was set and current levels of homeowners who have been helped simply negates benefits from the continuation of the program, and as a result, members in the House of Representatives have proposed legislation to end the federal modification program. Yet, there are those who feel that rather than simply cutting the program off completely, changes could be made to better suit homeowners in a way that may allow for more home loan modifications in the coming months.

One suggestion that was made was that the treasury could cut off incentives to financial institutions that do not adhere to program guidelines, but there is concern that if servicers are punished they may forego using the federal modification program altogether. While blame for the program’s lack of success has usually fallen on the shoulders of financial institutions and the need for more oversight, there are questions as to why a proposed repeal of the home loan modification is in the works due to the fact that there have been homeowners helped by various mortgage servicers through the home loan modification program and, if problems in the program could be corrected, there may be more homeowners aided in the future through these foreclosure prevention efforts.

Yet, some feel that the modification program is stopping the housing market from finding a bottom, which could hinder recovery, but arguments against this line of thinking often cite the fact that if homeowners faced widespread foreclosure and, as unemployment remains high, recovery in the housing market could be extended due to the fact that numerous homes sitting empty could decrease property values and cause other strains in the area of housing.

At its core the home loan modification program prevents homeowners from the loss of their home during an economic time where the personal financial lives of many homeowners have led to situations where millions may find themselves without a roof over their head were this lifeline to be taken away. While there are those who feel that stricter penalties levied against banks could aid to troubled modification program, but there is, again, concern that banks may simply walk away from the modification plan if incentives are removed and these penalties are enforced.

However, if the home loan modification program is repealed and this path to foreclosure prevention is shut to homeowners, there are still options like proprietary home loan modifications that are offered directly from servicers and have reportedly been outnumbering the federal modification program as a result. Whether it is strict guidelines set in place by the federal Making Home Affordable Program or the the lack of oversight which allows servicers to improperly implement modifications, it’s no secret that the federal modification program does have a lot of room to improve, but changes will be necessary before more success may be seen in the federal modification initiative. Yet, servicers do still continue to offer these federal assistance and in-house, alternative modification plans that have aided numerous homeowners over the past months find more affordable monthly mortgage payments and security against the loss of their home.

Health insurance plans for unemployed individuals are a concern for many who are still seeking a job and may be uninsured due to a long-term unemployment difficulties. Obviously, some men and women who have lost their job we’re able to benefit from coverage offered through COBRA health care benefits, but some of these options have you been exhausted or are simply too expensive for individuals who are without employment at the present time.

It goes without saying that numerous unemployed men and women are having a difficult time concerning their personal finances and feel that paying into a health insurance plan is simply not affordable or a waste of money. Understandably, affordable health insurance plans for the unemployed are needed by many, and in some cases, there have been opportunities available to cover medical expenses if an unemployed individual becomes ill or has an unexpected accident.

Sudden costs which arise from medical treatment related to catastrophic events can be incredibly expensive and do a great deal of damage in the life of someone who is unemployed, and for this reason there have been men and women who have sought out unemployment insurance through short-term health care plans. While these types of health care coverage can be affordable and offer low payments, they also provide security in the event that someone who is unemployed finds themselves in a situation where high medical costs are acquired or treatment is needed.

Yet, the short-term health insurance plans are not the only option for unemployed individuals, as there are numerous opportunities from a variety of health insurance providers for affordable insurance plans for those who are without a job. However, there are some who have been looking into health insurance savings accounts as a way to cover medical costs. These types of health insurance plans allow a policyholder to make deposits into their account, which can be used for medical expenses. However, these plans are only beneficial when an individual is able to contribute money which will be used to meet deductibles, typically in association with a high-deductible health insurance policy.

Health insurance savings accounts are not a form of insurance that can be used by unemployed individuals, but there are, again, options outside of plans like short-term health insurance programs or COBRA benefits that may be helpful for some uninsured men and women who are looking for work. As an example, advisers suggest that unemployed men and women look for specific options for unemployed health insurance in their state, look for affordable individual health insurance policies, or perhaps seek coverage from a spouse’s health insurance plan, if this option is available.

While individuals who are employed at the present time may be able to begin a health insurance savings account, this is not an opportunity that is the most beneficial, or even available, for unemployed men and women. Yet, alternative health insurance plans are in place to help men and women who are looking for a job and worry that unexpected medical costs could create a great deal of financial strain in their life. Yet, advisers also suggest that those who are looking for unemployment health insurance plans do a great deal of research so that they can find not only a plan that is comprehensive but meets their financial ability to pay.

Small business loans have been an issue that many companies have followed throughout 2010 as their are many individuals who feel small business lending has been quite difficult and banks have put tighter regulations on small business loans over the recent months, which has been frustrating for some companies in need of access to capital. However, incentives from the SBA have allowed lenders to make more loans in some cases as a higher percentage of SBA loans were guaranteed throughout 2010, which was the result of funding provided by the federal government.

Yet, many businesses have been seeking ways to gain access to a small business loan quickly and new SBA programs in 2011 are hoped to address these issues as the Small Loan Advantage and Community Advantage are two new programs which are hoped to address the needs of businesses who are seeking out funding for their company. The Small Business Administration feels that these two new initiatives will increase the number of loans for companies seeking low-dollar small business loans or businesses in underserved communities.

Many businesses may need funds from a small business loan as a way to purchase equipment, use as capital, buy real estate, or simply as a way to reinvest in their company in the hopes of expanding and, in some cases, adding to their workforce. Obviously, small businesses have been called on to create much-needed jobs and lower high levels of unemployment which are wreaking havoc on the economy, housing market, and in the personal lives of consumers across the nation.

Understandably, access to small business loans will not automatically lower levels of unemployment or turn the economy around, but many feel that companies who have the potential to grow and become more profitable will ultimately push the economy and job market in the direction of recovery, if access to capital will be made available. For this reason, these new programs from the SBA are hoped to not only open borrowing opportunities for small businesses but offer an application process for their 7(a) program, which can provide loans to small companies for up to $250,000.

Reports indicate that these new loans will also offer guarantees as loans up to $150,000 will have an 85% government guarantee and a 75% guarantee for loans over $150,000. Many financial institutions are said to have been hesitant to lend unless these guarantees were in place as, obviously, many banks felt that businesses may default on these small business loans due to slow economic recovery. However, it’s felt that not only will more access to capital be granted through these new SBA initiatives, lenders will begin making more loans to businesses who may benefit, but also, the speed with which these loans may be accessed will be increased and financing will get into the hands of small business owners in a timelier manner.

Also, it’s hoped that in communities which are deemed to be underserved, some institutions like community development organizations will be able to begin offering financing opportunities to companies so that jobs may be created in small communities.

While the Community Advantage program is hope to provide a wider variety of funding opportunities and locations where companies may access these opportunities, the Small Loan Advantage Program will be available through the SBA’s Preferred Lender Program, which is said to include many of the agency’s highest volume lenders, which again, is hoped to bring more borrowing opportunities to companies and promote overall small business growth throughout 2011.

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New information for Bank of America’s participation in the Making Home Affordable Program has been made available from the Treasury Department as a recent report compiling data through November 2010 was released and has shown that Bank of America has seen an increase in the number of permanent home loan modifications within the federal Making Home Affordable mortgage assistance plan.

Recent news has indicated that many officials feel the modification program overall has been lacking over the past months as a higher number of foreclosures seems to be present, despite the fact that fewer permanent modifications are being made by servicers. While there are reports that also state in-house modifications are becoming more popular, which may suggest homeowners are moving away from the federal modification program, there are still increases being seen from servicers like Bank of America within the federal modification initiative.

According to a report released by the Making Home Affordable Program, Bank of America has 83,759 active permanent modifications as of the November report, which tracks data through November 30. The number of active permanent modifications for Bank of America has increased from October, which only registered 79,339, again according to HAMP reports. Also, for the year, Bank of America has seen a drastic increase in the number of permanent modifications as the January 2010 report only showed 12,761 permanent modifications.

Obviously, there are still concerns over the number of foreclosures homeowners are facing, but mortgage difficulties continue to be directly tied with unemployment in many cases and factors like underwater mortgages as well. While Bank of America and other financial institutions have programs in place which can address these issues, officials are still concerned over the success that the federal modification program has seen, as the program is predicted to fall short of its original goal.

However, there are still homeowners finding assistance from certain servicers and, for this reason, advisers are still suggesting that homeowners either contact their mortgage servicer if financial troubles related to their mortgage payment have arisen or talk with an approved housing counselor about options to make their home loan more affordable. While there are no perfect modification plans or mortgage servicers, homeowners do still have options for finding affordability in their home which may prevent foreclosure, but these issues related to homeowner financial troubles must be addressed early so that the best foreclosure prevention plan can be found.

There may be positive news on the job front as it has been reported that job opportunities may be on the rise in certain areas as state unemployment levels begin to fall. Various states saw increases in jobs, which is seen as a positive sign for the job market despite these jobs not being numerous enough to reduce the national unemployment level by any substantial means at the present time.

There are some indications that the private sector is beginning to add more workers, but this could be due to a variety of reasons. Some have said that layoffs which swept the nation during the recession and in the past months gave businesses the opportunity to still report profits despite dismal economic times. However, there will now be more calls for these companies to continue to show profits and gains, which will obviously necessitate that they begin producing more products, services, or generating more business, all of which requires more workers.

Yet, some have attributed these increases in hiring to seasonal job opportunities which are beginning to become available for retailers in various areas across the nation. Obviously, unemployed men and women have been fighting for these seasonal holiday positions, even if they may only be temporary.

Seasonal holiday jobs are required by many businesses and retailers over the holiday season as, obviously, more consumers begin to up their spending. Reports show that numerous companies are adding additional workers to their workforce over the holiday season, even though these numbers are smaller than employees who were hired before the recession. Yet there are some reports which have indicated that more retailers and companies will hire a greater number of workers than last year, as the past few years has been somewhat bland for many stores.

While seasonal jobs are not typically sources of long-term security, many men and women have attempted to lock in these employment opportunities in the hopes that it could lead to a more permanent position within a company or store.

Understandably, there are some who feel these increases in job opportunities could be due to holiday employment positions, while others say that the jobs which are being created, like manufacturing jobs or, again, private employers who are not in need of seasonal workers, could point to a more positive sign that jobs which are being created at the present time could put previously unemployed men and women in a more permanent employment position.

Again, any additions to the job market are welcome, but before our nation can begin to really see results in areas like employment and reduce troubles in sectors like housing, a far greater number of employment opportunities will have to be generated and prove to be long-term, sustainable jobs.

When it comes to investing, especially for retirement through various retirement accounts, more individuals have been worried about taxes which could be levied against certain retirement accounts, like 401(k)s and have considered converting or starting a Roth IRA. Obviously, there are a variety of retirement options anyone can use when they are planning for their future, but the tax advantages of a Roth IRA are often one of the main draws for investors.

Some investors may worry about future tax laws or their tax bracket if they stand to have a higher income when they retire. Obviously, the taxes that one will pay on withdrawals through traditional IRAs or 401(k) plans will be dependent upon an investors financial situation, and many men and women who are using these types of retirement accounts to plan for the future are concerned about how much they will loose to taxes.

It’s for this reason, among others, that younger investors are considering Roth IRA investments as a better option and, for those who qualify, converting to a Roth IRA may pay off in the end. New rules that were set in place for 2010 has made converting to a Roth IRA easier for certain investors, but there will be taxes levied against this conversion as well. Obviously, someone who is near retirement or may lose a great deal of their investment due to taxes will not benefit from converting to a Roth IRA, but the extension to pay taxes on this conversion through 2011 and 2012 may make converting helpful for certain individuals.

Yet in the end, those who are worried about taxes when they retire often choose a Roth IRA simply because the earnings one acquires will not be taxed when they began to withdraw these funds from their account. As opposed to a traditional IRA, the income that an investor makes will be taxed each year, even if they put a percentage into a Roth IRA. Some choose a traditional IRA because money invested into this retirement account can be written off, which is opposite of a Roth account.

However, the idea that some investors may earn a great deal in their Roth IRA and be able to keep this money tax-free has been something that investors have understandably been attracted to, but advisers do counsel investors to make sure they look at their present financial situation and consider where they are likely to be in the future when choosing the retirement account that will be right for them.

Again, there are some individuals who are worried at the present time about tax cuts and extensions, but some investors have offset these concerns and possible taxes which may be taken out of certain types of retirement accounts by diversifying their investments and putting money into various retirement accounts rather than simply focusing their funds solely on one retirement plan.

Over the past months, the Obama home loan modification plan from the Making Home Affordable Program has assisted homeowners by offering more affordable mortgage payment options which are being implemented by various financial institutions that service homeowner mortgages. Yet, there are mixed reviews and opinions on the home loan modification program has many have come to feel that the assistance available to homeowners has been met with a meager amount of success.

Some of the nation’s top financial institutions like Bank of America, Chase, Citigroup, and Wells Fargo were leading the pack at the beginning of the year when monthly modification reports began to be published from the Making Home Affordable Program. While many of these financial institutions have seen positive results over the past months, the original goal of homeowners who were to be helped through this modification plan has fallen short of the actual number of homeowners who have been assisted.

While this doesn’t mean that this modification program from the Obama Administration has not helped anyone, frustrated homeowners who have been denied mortgage assistance have often pointed out that servicers are making the modification program incredibly difficult, keeping homeowners in a trial period for much longer than is required, and simply denying homeowners assistance only to pursue a foreclosure on their home.

However, there have been faults on the part of homeowners, according to many of the nation’s financial institutions who are providing these modification plans, as some individuals have not responded to offers for a modification, have filed improper paperwork, or simply have a debt-to-income ratio that is so low they do not meet the qualifications required of a homeowner entering into a home loan modification program.

Again, homeowners do have stories which have brought about questions as to whether home loan modification plans are being properly implemented, but recent foreclosures that were questioned have also added fuel to the fire for homeowners who are accusing mortgage servicers of not doing all they can to offer foreclosure prevention assistance.

While many of the cases which were under review as a result of mortgage servicers “robo-signing” were deemed to be instances where a homeowner would have faced the loss of their home no matter if a proper foreclosure process were used or not, there are homeowners who feel that their case was not reviewed in a way that may have brought about an appropriate foreclosure prevention option, like a home loan modification.

Recently, Daniel Tarullo, a member of the Board of Governors of the Federal Reserve, stated that these foreclosure suspensions have brought to light the fact that mortgage servicers need to weigh the social costs of opting to foreclose on a home rather than offer mortgage assistance programs, reduction of a mortgage principal for underwater homes, or other alternatives to help homeowners avoid the loss of their home. Mr. Tarullo mentioned that homeowners who attempt to get a modification are often disappointed, but homeowners who have simply stopped making their mortgage payments have been able to stay in their home for an extended period of time, without cost, before they are to face a formal foreclosure.

There are some arguments that financial institutions do, in certain cases, stand to benefit from incentives if they foreclose rather than modify a home loan, but it was also mentioned that there have been organizations within the mortgage industry who have attempted to increase their rate of modifications versus foreclosures. As an example, it has been reported over the past months that proprietary home loan modifications have been offered to individuals who may not qualify for a governmental modification program, and these in-house mortgage assistance plans have outnumbered those made from the Making Home Affordable Program.

While factors which have been the cause of so many mortgage difficulties still remain in place, financial institutions who have been lacking in their efforts concerning home loan modifications are being called upon to do more to help homeowners avoid the loss of their home through modification programs. Again, some financial institutions may be able to evict the homeowner and quickly resell the property, but in many instances the costs of doing this may outweigh the benefits and, more so, there are homes which are simply sitting empty and causing property values to decline.

However, both servicers and the Obama Administration have offered various mortgage assistance plans through not only the Making Home Affordable Program and in-house modification initiatives, but funding made available to states through the Hardest Hit Fund is also allowing various state housing agencies to offer various types of home loan assistance in areas where unemployment and underwater mortgages have particularly been a problem.

Understandably, mortgage modifications and other home loan assistance plans are no perfect solution to the housing troubles that are being faced at the present time and not all homeowners may qualify for or deserve aid for their mortgage. Yet,  many believe that if servicers and homeowners can begin to work together and combat the current financial troubles that are being experienced, more homeowners will be able to avoid foreclosure as the economy slowly recovers and this could allow more individuals to keep their home until they can resume their traditional home loan payment plan.

Alternatives to foreclosure, like short sales and deed in lieu of foreclosure programs, have been greatly helpful to numerous homeowners who have suddenly come upon a difficult time in their life that has no longer given them the financial stability to meet their mortgage payment. Usually, short sales and deed in lieu of foreclosure plans have been available to homeowners who had an excellent payment history on their mortgage, but due to unemployment or cutbacks in their job, are simply in over their heads at the present time.

While job loss has been a big factor for some, short sales have been sought out by homeowners who have found that their mortgage payments have become more difficult due to the loss of value in their property. Yet, some homeowners who are having a troublesome time working with servicers to either short sell their home or participate in a deed in lieu of foreclosure program have been questioning whether banks are using these alternative plans in the majority of cases that warrant this type of assistance.

It’s understandable, though, that certain homeowners may be able to make their monthly payments, but due to factors like underwater mortgages, may be attempting to escape their mortgage obligations. There are cases where homeowners may present a fraudulent situation to a bank, which may seem like a short sale or deed in lieu of foreclosure program is warranted, so it’s plain to see why some financial institutions have been slow to offer these types of alternative plans.

Yet, there are some stories and reports which would seemingly point to the fact that some financial institutions will not allow homeowners to, for instance, short sale their home even when an offer has been made, but rather allow the home to sit empty for months before they can resell the property.

There are some cash incentives which are given to financial institutions, by organizations like Fannie Mae, but there are still complaints from homeowners that short sales and other foreclosure alternative plans are, in some cases, too difficult to obtain. However, the foreclosure alternative plans, available through programs like the Home Affordable Foreclosure Alternatives Program, from the Obama administration, are still available and can be used by homeowners.

While some financial institutions may require that homeowners try a modification plan before a foreclosure alternative program is offered, short sales and deed in lieu of foreclosure opportunities can still be helpful to homeowners, despite troubling stories. Foreclosure alternative plans are not a guarantee and mortgage servicers have been imperfect in their implementation of some of these programs, but advisers still suggest that homeowners who may qualify for these plans contact their financial institution and inquire about what is needed so that they can take advantage of these options to avoid the foreclosure process.

Recently, Bank of America announced that they will begin foreclosures in 23 states, despite the fact that there are still questions over the validity of certain foreclosure documents and procedures which caused Bank of America, along with other financial institutions, to suspend foreclosures. This issue has become a major concern not only for homeowners but individuals in the financial industry, regulators, and the banks themselves.

Homeowners have accused mortgage servicers like Bank of America of falsely beginning foreclosure proceedings, being unable to produce documentation proving that a particular financial institution even owns the home on which foreclosure has begun, and other questions as to origination, the selling of mortgage-backed securities, and whether foreclosure has been warranted on certain properties or not.

Understandably, homeowners have been angry at financial institutions since the beginning of the recession in areas that range from foreclosures to home loan modifications. Bank of America and other financial institutions have come under criticism for a variety of reasons and, there are now questions asking if homeowners have been wrongly evicted.

Yet, Bank of America has stated they have reviewed foreclosure documents which were questioned and have found nothing to point to the fact that homeowners were unjustly evicted or that fraud has taken place. Obviously, there have been errors which were made during the foreclosure documentation procedure, but financial institutions who have suspended foreclosures have stated that they feel the paperwork is in order and the only questions remaining stem from the lack of review on certain documents by some employees.

Homeowners argue that they have lost their home when a review was not given to their case, which could have led to the realization that a homeowner may have benefited from mortgage assistance, like a home loan modification plan.

Despite the fact that banks have pointed out that many homeowners who are questioning their foreclosures were already in default, which would make the loss of their home just, there are those who are calling for banks to be “reigned in” while a proper review, and even management changes, are implemented.

Many see these questionable foreclosures as proof that fraudulent activities have occurred at many of the nation’s top financial institutions, and as a result, some homeowners are facing the loss of their home and, overall, these bankers are becoming richer through criminal activities.

Yet, these heated accusations have not stopped Bank of America from announcing that they will begin foreclosing on Monday in 23 states, and there was also a statement from the financial giant which said they not only didn’t find foreclosures which were unwarranted in their reviews but they will also defend themselves against these questions over foreclosures if it is necessary. While there may be some cases where banks may have to conduct further reviews, the outcry remains from homeowners for action to be taken against these lenders that simply goes beyond foreclosure reviews.

Reports indicate that jobless claims fell last week, but there are still troubles that must be overcome before the employment sector even begins to show signs of improvement. For months men and women who have been unemployed for 99 weeks or more have been calling for unemployment benefits extensions, particularly a tier 5 benefits extension.

The issue of unemployment benefits is one which is highly debated and has caused a great deal of arguing from both sides as many feel that extending unemployment benefits only creates a lack of want for unemployed men and women to find a job. Yet, those who have been unemployed and seeking a job for the long-term state that unemployment benefits are not offered at a level that allows someone out of work to live in luxury.

Long-term unemployed individuals often state that these benefits, while helpful, do not meet all of one’s necessary financial demands, and do not promote long-term unemployment across the nation. While there have been proposals in some cases for a tier 5 unemployment benefits extension, Congress has not addressed this issue heavily in quite some time.

Continued calls for unemployment benefits extensions do have many speculating that the issue may be addressed, but there are those who feel the issue has little hope of even going to a vote before Congress. While this could change after the midterm elections, long-term unemployed men and women are still seeking employment opportunities but are desperate for some form of income like that from unemployment benefits.