Wells Fargo’s participation in the Making Home Affordable Program has brought 3,537 permanent home loan mortgage modifications to those who were facing foreclosure. The home loan mortgage modification program has had both good and bad reports, while helping some and frustrating others.
Wells Fargo has around 30% of homeowners who potentially qualify for a home loan mortgage in a permanent or trial home loan mortgage modification, which is more than can be said for other lenders.
There is push from President Obama to make more home loan mortgage modifications and to make the current modifications permanent so that people who were hurt by the recession would a least be able to afford to keep their homes.
However, despite the success in the homes that received home loan modifications there are hundreds-of-thousands of homeowners who are begging for a modification but are being met with one roadblock after another.
Again, Wells Fargo, with 30% of its potential homeowners in a trial or permanent modification, is one of the top lenders who have made modifications, but is this helping? The home loan mortgage modification process is complicated and with so many looking for help some lenders are just trying to keep up.
Yet, even with 30% of its homes modified it that good enough to be helping those in need? Overall, there has only been about 1/4th of the potential homes put into a modification by the top lenders, so it seems these lenders need to do more to help struggling homeowners.
