Government aided relief from foreclosure is not an easily attainable reprise for many homeowners around the country struggling to keep their homes these days. Though there are programs in place that the federal government is supporting to hopefully keep more families in their homes, there have been some serious pitfalls in the actual workings of these programs to the dismay of many struggling home owners.
The Making Homes Affordable program has been experiencing a variety of setbacks and delays in assisting home owners to cut down their mortgage payments to the level of 31% of their monthly income. However, only around 4% of the home owners who've applied for this program have actually attained this level of assistance so far; almost the same number of homeowners who've made it through the program have been dropped from it due to either not qualifying or from not completing the application process.
There has been government pressure put on many of the lenders involved with this program to help move home owners through the process to permanent mortgage modification so that they can benefit from the reduced payment. However, there has still been very little movement of home owners through the process; lenders say that much of the delay is due to the massive amount of paperwork that home owners need to submit.
While most of the lenders claim that any problems with home owners getting timely help on their mortgage modification lies with how the government set up the program, some home owners are pointing their finger directly at their lender. There are many reports of home owners having to resubmit paperwork and documentation that has apparently gone missing and there are some lenders who are less forthcoming with offering home owners information than others as well. There has also been a dismaying amount of miscommunication and outright lack of communication that homeowners have had to deal with so far.
Hopefully the government can continue to work on fine tuning this program so that more homeowners who're under threat of foreclosure can benefit from the program; with the economic climate still in such a depressed state, it is increasingly difficult for many home owners to be able to afford their payments. Owners who can afford to stay in their homes can relax a little and live with less of the stress that is hurting families right across the nation.
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