The Making Home Affordable Modification Program has had a low success rate in helping homeowners modify their mortgages and save their homes. However, even homeowners unable to save their homes under this program have received some benefit for their participation in the program. First, while you are applying for a loan modification you will not be required to pay your mortgage. This means that homeowners pursuing a modification may have two to three months without a mortgage payment, which will allow them an opportunity to save their money in case their modification is not approved. In addition, during the modification process lenders will usually suspend foreclosure proceedings that have already begun. As a result, homeowners who were facing foreclosure can remain in their home a little longer, allowing them an opportunity to prepare for a transition to a new home.
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