Mortgage Loan Modification – 500,000 Mortgage Loans Modified

Earlier this week the U.S. Treasury Department issued a press release saying that 500,000 mortgage loans have been modified under the Making Homes Affordable Program.

The 500,000 mortgage loan modification goal was set in July of 2009 and was achieved ahead of the November 1, 2009 goal date. 

Along with the government’s push to have mortgage loans modified, lower current mortgage rates have also helped the process along by making it easier to modify home mortgage loans since the monthly payment costs are lower.  Home loan modifications are now being issued at a faster rate than new homeowners are becoming eligible.

The Obama Administration also believes there are more mortgage loans that can be modified and more can be done to assist struggling homeowners and help stabilize the housing market. Treasury and HUD officials also held a series of meetings with home loan servicers this past week to improve the process.

If you’re struggling with your mortgage payments, you should look into the Making Home Affordable Program to see if you’re eligible. Even if you’re eligible to have your mortgage modified, it won’t be an easy process. You can lean more about the program from the government’s website, MakingHomeAffordable.gov.

There have been reports of mortgage service providers and banks repeatedly losing paperwork submitted by homeowners to have their loans modified, along with other horror stories of folks losing their homes while waiting for their loans to be modified. So you should look into the program right away if you’re struggling with your mortgage payments.