Wachovia has 82,457 borrowers with home loans and in the struggling economy there has been a push to allow homeowners who are having trouble with their mortgage payments to enter into the home loan modification program, but there have been mixed results from certain lenders.
Wachovia has only put 3% of its borrowers who are in need of mortgage assistance in the home loan mortgage modification program, meaning that 3% is made up of those who are in a trial modification or a permanent home loan modification.
Obviously, some lenders are having better results than others in the home loan mortgage modification program, but for Wachovia to have only aided 3% out of 82,457 seems like a low number in terms of the program’s usefulness.
The home loan modification program had the potential to help countless families keep their homes but lenders need to do their part. Understandably, banks like Wachovia can’t hold borrower’s hands through the process, but having information and assistance available, stressing the importance of the various steps in the process, and moving more home loan modifications into the permanent phase are actions Wachovia could take to better assist others.
The home loan modification program isn’t giving homes away, but rather it’s giving someone who wants to continue paying their mortgage the opportunity to do so even if they are having financial troubles, so Wachovia needs to take steps toward improving their home loan mortgage modification stats.
