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Loan Modification

Bank Of America Home Loan Modification Program–Assistance Options For Mortgage Payment Aid

Homeowners with Bank of America who are still seeking assistance opportunities for their mortgage have options from various programs that have been reported on recently offering some good news in terms of increases that have been seen in some areas and continue programs that are helping to address specific issues that homeowners will face.

Permanent Modifications From J.P. Morgan Chase Increase–Latest Information From HAMP Shows Improvements

Permanent home loan modifications with J.P. Morgan Chase increased between August and September and, for homeowners who are currently in the process of pursuing modification assistance, this could be positive news as it does show this particular servicer, among others is still seeing improvements in the area of permanent home loan modifications that are currently active.

Unemployment Continues To Hinder Housing But Federal Unemployment Program Offers More Aid

Unemployment continues to be one of the main hinderances in the housing market and within the personal lives of many consumers as well, but there are still opportunities available through the federal Unemployment Program, which is part of the Treasury Department’s Home Affordable Modification initiative, and it may bring about solutions to the problems that some unemployed homeowners face here and November.

Private Mortgage Assistance Plans Offer More Help Through Modifications But Are They A Better Option For Homeowners?

The federal mortgage modification program was hoped to help over 1 million homeowners, with some estimations being around 2 or 3 million homeowners, but reports released here in November, which track data through September of 2011, indicated that there were only 720,612 permanent modifications that were currently active, which is obviously far fewer modifications than many officials had hoped we would see by this time at the program’s inception.

Housing Counseling For Homeowners Offer More Free Assistance In September To Those Seeking Aid

Homeowners who are looking for assistance may find free help from housing counseling resources available from programs like the Homeowner’s HOPE Hotline as recent information has shown that numbers from August to September have remained strong in terms of the homeowners who are calling in and receiving free housing counseling assistance.

Citigroup Sees Some Positive Numbers In Foreclosures For Homeowner Seeking Federal Aid On Mortgage Payments

Citigroup homeowners who were pursuing a federal home loan modification, in some situations, have fallen into foreclosure but according to the most recent Treasury Department reports that were released here in November more positive data has been seen.

FHA Modifications See Improvements In Offers For Homeowners In Latest Treasury Information

Homeowners who are looking for specific help from the FHA Federal Home Loan Mortgage case and program may find that this particular form of HAMP assistance is beneficial for their situation as, obviously, reduced payments can be greatly helpful when certain forms of financial distress or problems in the lives of homeowners may have arisen as a result of financial setbacks, unemployment, or health-related issues, just to name a few causes.

Chase Second Lien Assistance Plans See More Modifications And Extinguishments In Recent Reports

In the area of a second lien modifications by J.P. Morgan Chase, improvements were seen when it comes to these modifications plans that were started, the number of extinguishment’s that were offered to homeowners, and the number of active plans that are currently in place that may have offered some forgiveness to homeowners in terms of their second lien debt.

Bank of America Foreclosures In Federal Modification Program Increase–Homeowners Seek Alternative Foreclosure Prevention

Bank of America foreclosure prevention assistance has come quite often through the federal modification program but homeowners who have either been denied modification assistance or had their trial modification canceled by Bank of America saw increases in the number of foreclosure starts and completions between July and August of 2011.

Changes In GMAC Mortgage Plans For Homeowners Seeking Trial Payment Aid Show Decreases

Trial modifications for GMAC Mortgage homeowners did see a slight decrease between August and September, according to the most recent Treasury Department reports released here in November, but this does not mean that homeowners who are seeking a trial modification are not finding help in terms of opportunities available for lower mortgage payment assistance plans, as active trials have decreased for many servicers in spite of increases in the area of active permanent modification plans.

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by Dr. Radut.