As far as the active permanent modifications that have been tracked over the past months, the most recent data we have comes from the October Making Home Affordable report which indicates that permanent modifications with Bank of America increased from 148,033 to 152,220 between September and October. While the active number of trial modifications did decrease slightly from 17,434 in September to a 15,043 in October, some homeowners still remain in a position where they are looking for other options that may be available from similar mortgage assistance programs.

Homeowners who are in a position where negative equity is a problem may be able to take advantage of such programs from Bank of America as the Principal Reduction Alternative, which has been part of the extension programs offered from the Making Home Affordable modification effort over the past months, which have allowed for some form of principal assistance on homes where negative equity is the problem. In some cases these federal modifications can be coupled with this principal reduction plan and, in these instances, homeowners have been able to benefit from a reduced mortgage principal and, hopefully, more affordability. In this area, the Treasury Department reported that Bank of America had started 13,203 trials where this principle reduction opportunity was in place, with the number of permanent modifications started as of October coming in at just under 10,000 where the PRA was offered.

Bank of America has also continued efforts in the area of second liens as the Second Lien Modification Program with Bank of America was reported to have started 19,177 of these particular plans with Bank of America in October, again according to Treasury Department reports. This plan has been offered to some who are in a position where homeowners are struggling with a second mortgage and, in instances where homeowners may be unable to benefit from a primary modification, homeowners have been able to couple a primary home loan modification plan with this secondary mortgage payment assistance program and avoid foreclosure in some cases.

Yet, there are still some issues of homeowners face issues that may require a short sale or deed in lieu of foreclosure plan, which has been made available by major financial institutions like Bank of America through the Making Home Affordable initiative in such programs as the Home Affordable Foreclosure Alternatives plan, that has been used to the advantage of some homeowners who may have found themselves in a position where financial distress was so severe that foreclosure prevention plans did not help or in cases where negative equity was a problem options like short sales have been the way that these men and women have been able to avoid further financial problems related to their home if, indeed, the opportunity to sell their home at a loss or surrender the deed to their home was an option. Bank of America has completed 3808 of these foreclosure alternatives, according to the October Making Home Affordable report, but of course this opportunity to rid a homeowner of financial burden is not to be taken lightly as it should be remembered that homeowners are not going to always qualify for these plans and there are loss prevention programs that can be more beneficial in the long run when it comes to keeping a homeowner in their property.

Homeowners do still have options to get a trial modification as Bank of America did see an increase in the total number of trials that they had started cumulatively as this number rose between September and October by almost 3500 homeowners. Understandably, homeowners are not always able to benefit from even a reduced payment as the financial situations that some homeowners have have grown so severe that they simply cannot continue to make payments on their home when factors like unemployment, illness, or even simple reductions in their wages have become a problem and lead to other areas of their financial life being hindered, not simply their mortgage obligation.

Homeowners do need to remember that there is assistance available through housing counselors, that may go beyond information or aid available from representatives by major financial institutions, despite the fact that representatives from these large banks like Bank of America may help homeowners also explore what options are available through various loss mitigation efforts directly from that institution or from programs like the Making Home Affordable initiative. Counselors like those from the HOPE Hotline have been used by homeowners with a variety of institutions to better help them explore options from both federal and state programs to help prevent foreclosure, and as a result homeowners may benefit from consulting these particular resources before resigning themselves to particular programs if simple efforts such as a reduced mortgage payment does not address the complexity of their financial distress.

While not all the efforts that homeowners make to save their home may be successful, nor will homeowners always find the help they need from certain programs or their mortgage servicer, officials are still urging these homeowners to pursue assistance plans from both federal and state programs, or even take advantage of proprietary modification plans and loss mitigation efforts directly from their bank, if indeed there are alternative programs that can be of help when it comes to keeping homeowners in their property and avoiding foreclosure.

Homeowners with J.P. Morgan Chase may be in a position where they can benefit from a modification, despite the fact that some homeowners have not been successful in this particular area with a variety of financial institutions, as all banks that have been participating in the federal Making Home Affordable Program have not seen a success rate where every homeowner is able to avoid foreclosure. Yet, in this area of permanent loan modifications, J.P. Morgan Chase saw increases from 97,354 active permanent modifications in August to 103,160 in September.

Homeowners are still being urged to contact housing counselors or representatives from the servicer to inquire what they will have to do in order to begin this process as Chase has seen increases in the number of trial modifications that have been started offered between August and September as well. Again though, homeowners do need to remember that a modification is no guaranteed solution but it does offer a chance for homeowners to get a lower payment on their mortgage and if other areas of their financial life are also facing distress, and are distressed in a similar manner, a modification or home loan could be what keeps a homeowner from losing their property.

While there are some alternatives that homeowners may be able to pursue, it does need to be kept in mind that homeowners who are delinquent on their home loan would typically benefit from taking action sooner as those who delay an attempt to stay afloat without the use of these mortgage assistance plans may do more damage to their financial life as a result. Yet, not every homeowner is going to benefit from the same route of mortgage assistance but again, there are resources that can help men and women explore these options so that the best help available for their situation can be explored and, if foreclosure prevention assistance is not available homeowners may be able to benefit from plans such as a short sale if the situation warrants this particular action.

There are servicers who are still seeing increases in the area of permanent home loan modifications, this again is one of multiple routes that some homeowners have available to them and, specifically for homeowners with J.P. Morgan Chase, it may also benefit these homeowners look at their state for certain foreclosure prevention programs, if it appears that the federal home loan modification plan from Chase will be unhelpful for their situation. Once again, these options are not always helpful but homeowners do stand to benefit more from addressing their problems early than waiting to see if they can simply stay afloat even when financial problems do become more severe.

While there are those who may argue against the helpfulness of a college degree, many still feel that an education is of worth not only in the personal aspects of a student’s life but over their lifetime and career they stand to earn more as a result of having higher education. Yet, what concerns many officials, students, and parents is not necessarily how beneficial college will be for a student but how the financing for a particular student’s college education will be found or how much debt may be acquired if loans are indeed needed.

Some students have actually left college as a result of their debt situation, but many officials feel that this is not the best route to take as, once again, a college education is likely to pay off in the long run despite the fact that the job market right now has not exactly been welcoming for recent graduates in some areas of study. However, since financial problems in the lives of parents are in place, graduates are seeing trouble when it comes to getting a job after graduation, and some students are simply finding it more difficult to get free sources of financial assistance, many argue that these tuition increases across the nation could not be coming at a worse time as, once again, many students are already facing potential high levels of debt if they have to borrow student loans.

It’s because of this that many officials are urging young men and women to look into scholarships, grants, and other areas that may offer them the financing for college, like savings plans, but of course we have seen cutbacks in not only the earnings that some savings plans may bring but the elimination of certain scholarships and grants programs as well. While students can look directly to their university, in their local community, or even state, it does need to be remembered that students have options when it comes to getting financial assistance which, if these sources will not meet the entirety of their financial need, could at least make the burden of borrowing less troublesome in the long run.

Again though, since students do have relatively easy access to loans, like federal student loans or even private loans, these tuition increases are of concern as, at some universities they are needed to make up for losses in state funding, but of course this financial burden that is being put on students is of concern as many feel that the student loan industry could see negative impacts of this borrowing frenzy that we have seen over the past years, specifically at a time where many graduates are not finding the employment opportunities that will allow them to pay off these debts that, once again, may be quite high as a result of tuition costs.

As an example, homeowners do still have a maximum limit for adjustable rate mortgages, but one of the more common issues that homeowners may need to look into when it comes to this program is whether they will benefit from refinancing. Homeowners are not guaranteed a lower rate when this program is available to them, as there are homeowners who may have fallen into an area of financial distress, missed payments, or may simply not have a good credit score where today’s low mortgage rates will be and option for them.

However, homeowners do still have options that may be available from their state housing agency, or directly from their mortgage servicer, that may help address negative equity despite the fact that such options as a principal reduction had not been widespread nor used by every mortgage servicer. The Home Affordable Refinance Program can be beneficial for homeowners and, as it does include more individuals than previously may have been able to benefit from this program, homeowners do need to keep in mind that they will not always qualify for this particular refinancing option, but again, homeowners do have opportunities to make their mortgage payments more affordable even when negative equity is in place, and if refinancing may not be an option.

The Principal Reduction Alternative plan and some principal forgiveness options that may be part of modification agreements could bring some benefits to homeowners in a negative equity position but of course homeowners who are hoping to take advantage of this underwater mortgage refinance program do need to keep in mind that the type of mortgage they have, their financial position and ability to refinance to a lower rate, and their servicer may all come into play as to whether this particular option for underwater mortgage refinancing will even be available or helpful for their specific mortgage situation.

While nothing is set in stone, reports have indicated that students who attend for-profit universities, like many online institutions, are more likely to not only see a high amount of debt in terms of student loans but are in a position where repaying these loans is not as easy. There is data to suggest that students who graduate from a for-profit university will likely have a more difficult time repaying student loans, but this is up for debate as of course some students may have graduated from an online university and have received not only a job that has allowed them to repay what they owe in student loans but of course some are able to attend online university courses without the need to borrow at all.

Yet these for-profit universities do sometimes add up in terms of costs and, there are still arguments that some employers may not view a degree from these institutions as reputable or will see graduates from these schools as someone they potentially want to hire over an individual that may have attended a more traditional institution. Furthermore, there are those who say that students who graduate from traditional colleges are in a better position when it comes to repaying what they owe, but again there are students from every type of university who have indeed had trouble repaying their student loan debts and this does not necessarily mean that only for-profit university graduates are suffering.

However, when students get to a point where they are borrowing a substantial amount of money or a high amount of student loan debt will likely be acquired, officials have prompted these young men and women to take a step back and look at whether the university they plan to attend is the best for what they hope to achieve in their education and, when it comes to graduation, how easy will it be to repay a high amount of debt or find a job in their particular area of study. Understandably, some students have been able to borrow a sizable amount of loans but are in areas of high-need, in terms of the career they enter into, and some have found that they can repay their debt were easily as a result or, in certain situations, some students may have their debt forgiven if they are in certain careers.

It’s because student loan debt has become more of a problem for many that officials are not only asking that students reconsider borrowing, especially when scholarships and grants may be available, but students need to look at the universities they plan to attend to see which ones may be more affordable, offer financial aid outside of loans, and of course students also need to keep their borrowing to a minimum in cases where there are questions over whether students will find jobs in their career field after graduation.

Officials also argued that federal loans, as opposed to private, may offer more opportunities for affordable repayment plans so that students do not begin missing payments, get into financial trouble early in life, and potentially do damage to their credit before they had even made major purchases like an automobile or home. Ultimately, the choice to use student loans or attend a certain university will be up to each individual, but since there are schools that do offer help in terms of financial aid more than others, ways that students may avoid borrowing, and certain types of loans that may be more easily repay others, it’s hoped that future students will weigh these factors in their choice of where they go to school and how they may finance their education.

Yet, officials still advise caution when cardholders are considering a balance transfer or any consolidation at all as overall costs do need to be considered and, for some consumers, practices in their financial life may need to change before these balance transfer consolidation options will be helpful. As an example, if a consumer has a high amount on their balance transfer credit card and the introductory rate expires, it could lead to higher overall costs as a result of having to pay interest rates on the balance they carry, but of course there are consumers who have also gone on to acquire more debt after consolidating as well.

Consumers who are looking to pay down debts only have often benefited from certain types of repayment plans, with consolidation being one of them in some cases, but those who simply want to move debt around, like those who use a balance transfer credit card, free up other credit cards, and continue spending, have found that the overall amount of debt they acquire can quickly get out of control and financial distress may arise if any problems occur in their financial life. While there are officials who debate the usefulness of debt consolidation of any type, as again it can cause overall costs increase, consumers who are seeing balance transfer cards offered with a low interest rate for an introductory period have at times jumped on these offers in the hopes of consolidating debt, paying off what they owe quickly, and avoiding any further interest charges.

Yet, when it comes to these types of cards, officials also point out that fees may be associated with transferring a balance, and this must be factored into the overall costs the consumer will pay as well, but looking at what rate they will receive in the future needs to also be weighed into the decision of whether a balance transfer card is helpful as consumers will likely use these cards after they have paid off their consolidated debt and, for those who carry a balance or may not have the best financial habits, this rate could be problematic in terms of causing overall costs to increase for consumers who feel that this particular type of debt relief strategy is best for their situation.

Obviously, credit cards are not the only way that a consumer can consolidate debts nor is consolidation the only option that consumers have when it comes to finding debt relief, so again, many financial professionals often urge consumers who are attracted to these balance transfer credit card opportunities to run the numbers and see if other debt relief options may be best for their specific situation, how much they may stand to pay on all of these debt relief strategies, and ultimately decide what will be best for them even if financial sacrifice and discipline may be more necessary in some cases than others.

Homeowners who have successfully used a 401(k) loan to refinance with a cash-in option are those who, in the majority of cases, can affordably repay the money that will have to be returned to their 401(k), and of course they have been those who have qualified for a more affordable rate, and have obviously done a great deal of good when it comes to paying down their mortgage principal. Since rates on home loans, like the average 30-year fixed rate mortgage or the 15-year fixed rate home loan, still offer incredibly low interest rates at the present time, with the 30-year rate remaining around 4%, successful homeowners who have used a 401(k) loan to apply cash towards their principal at the time of refinancing have typically been able to get not only an affordable rate but potentially lower overall costs as well.

Some homeowners have made the decision to shorten their mortgage term, meaning they may have opted for a shorter home loan at the time they refinanced, and this coupled with applying money towards their mortgage principal has also helped some cut costs drastically in terms of the overall money they will pay on their home when all is said and done.

Yet, homeowners do need to realize that the costs associated with refinancing can be expensive, repaying a 401(k) loan will be necessary so that such drawbacks like defaulting on this loan and having the money received viewed as income, which then becomes taxable, are just a few of the factors that homeowners must consider if they wish to refinance at the present time. Understandably, low mortgage rates have been very attractive for homeowners who are in a position where they may potentially see a huge rate reduction, as well as lower costs, but homeowners are still being urged to consider all of the drawbacks that may arise when using retirement funds to apply cash towards their mortgage principal at the time of refinancing, look to see how beneficial refinancing will be for their situation, and whether all of the costs associated with cash-in refinancing can be met once they have completed the refinance on their current home.

The number of Unemployment Program forbearance plans that were started between July and August increased from 13,993 to 14,996, with forbearance plans that require homeowners to make no payment improving to 2,772, with forbearance opportunities that may require a reduced payment increasing to 12,224, which was up from the previous month of 11,364. These numbers by the Treasury Department track data through August 2011 and is the most recent information we have on these plans, but homeowners who are unemployed and struggling to make their mortgage payment do need to be aware that even here in November some homeowners are still receiving assistance from this particular opportunity.

Obviously, homeowners are not guaranteed help through this particular plan but there are opportunities available for those who are still suffering from unemployment to avoid foreclosure, bankruptcy, or financial hardships that may result from having no income and other factors like long-term unemployment. Not all homeowners are in a position where they can meet even a reduced payment on their mortgage, and this is where these forbearance plans have been beneficial as homeowners will be able to receive 12 months’ worth of forbearance if they meet these federal qualifications, but of course some homeowners are benefiting from state-specific programs as well.

While it will depend on the particular state in which a homeowner lives, some homeowners who are unemployed are getting payment assistance through certain programs, while others may be able to take advantage of dischargeable loans available in certain states that are not associated with the past program known as the Emergency Homeowners Loan Program. Obviously, each state housing agency will differ in terms of how long this assistance is available, what homeowners may qualify, and homeowners do need to remember that their mortgage servicer will have to be participating in these plans that have been implemented by the Hardest Hit Fund, but officials are still prompting homeowners to seek what may be available in their area as a help for the unemployed in terms of their mortgage payment is still available, but homeowners may also need to go beyond housing payment assistance and look to creditors or counseling organizations to help them find solutions to other debts in their lives so that these mortgage assistance plans may be more affordable if a reduced payment is still required.

It’s common sense that many jobs that are currently available may require specialized skills in certain areas as careers in technology, the medical industry, or other fields are not necessarily open for those who have a generalized set of abilities and may learn on the job, but rather the options are only open to those who have a very specific skill set that will be used to accomplish various tasks, complete projects, and ultimately allow them benefit a particular company. Sadly, there have been reports released in the past few weeks that indicate many hiring managers are looking for certain qualifications that are simply not being found among job applicants, but this is also lead to problems where some job seekers may not have the ability to develop specific skills that these hiring managers are seeking.

Understandably though, some job seekers understand the job market is much more demanding at the present time as there are a wide range of individuals with either no skill or years of experience who may be competing for the same job, and this has allowed hiring managers to tailor their wants to specific areas or individuals, which may mean that some young job seekers are going to have more trouble getting certain positions than others. This has also led some to either return to school or begin pursuing their education for the first time, which has created debt situations that have begun to worry many officials as students who are pursuing their education in the hopes of finding a fit in a certain career after graduation or those who are attending online universities to sharpen their skills are building more debt that may not necessarily allow them to get the experience they need to lead to a job opportunity.

Yet, it’s hope that as the job market does slowly improve, in terms of adding new job opportunities and workers, unemployment will decline and more hiring managers will begin to see employees as investments rather than bodies that they can use to fill a certain position as there are many young job seekers or even seasoned workers who are more than willing to come into a job and work their way up, but of course this is not always something every hiring manager is looking for nor does every industry allow for this type of worker as, once again, specific industries like the medical field or technology-related job did not have the time or resources to allow for on-the-job training without employees at least having a solid foundation from which they can perform their job and learn new skills along the way.

It may be the case that some who have returned to college, like those who may be pursuing a career in the medical field or changing their career path into this particular field, and get the basic experience they need and may be able to learn some of the skills on the job, but officials are urging jobseekers to make sure they fully understand the industry into which they hope to enter, or rather the industries in which they are applying, so that they will better be prepared in terms of what skills they need, how their education may help them with acquiring a job in these areas, and ultimately better appeal to hiring managers who may be looking for more from workers now than in the past.

Data that was recently released indicates that there were over 4 million private home loan modifications that have been offered to homeowners since 2007 but, there is some concern as we have seen problems related to homeowners falling into default once again even after these proprietary modifications are offered. The Hope Now organization states that 80% of homeowners who have received proprietary modifications, after six months, are still performing well and there has been a decline in delinquencies from 2010, but there are still millions of homeowners who are delinquent on these proprietary plans as well.

However, this is where arguments have both risen in favor of proprietary modifications and against these plans as, once again, from the third quarter of 2010 to the third quarter of this year there have been some improvements in areas such as delinquency, foreclosure starts, and even sales that were reported, but this does not mean that homeowners are going to be guaranteed any type of success with a proprietary modification versus a federal home loan modification plan. In fact, there are still instances where homeowners are falling behind on their modified mortgage payment no matter what type of home loan modification assistance is offered, as both federal and private modification programs have seen their problems.

Yet, the homeowners who are in a position where a modification may help, as lower payments on home loans will obviously go a long way for many, homeowners are still being urged to make sure that they speak with their mortgage servicer to inquire about what opportunities may be available, as not all financial institutions charged with servicing these mortgages are going to offer the same types of mortgage assistance plans. Furthermore, homeowners may benefit from various types of counseling assistance as housing counseling agencies may be able to help homeowners explore opportunities available to them, understand what will be required of them, and there are also some homeowners who are looking at counseling for financial areas outside of their mortgage as credit card debt or other personal obligations could hinder homeowners from meeting even a modified home loan mortgage payment and, as a result, may be one reason that continued financial distress is in place in the lives of some of these homeowners.