Wells Fargo Sees Increase Of Homeowner Delinquencies In Modification Program

In the Making Home Affordable Report for February, Wells Fargo has shown an increase in the number of homeowners that are delinquent in their mortgage as the numbers from January to February rose from 357,483 to 379,357.  This, despite a big increase in the number of permanent modifications made, has caused Wells Fargo to fall a bit in the Making Home Affordable standings, but Wells Fargo is still committed to helping homeowners.

Many homeowners are not only struggling within the Making Home Affordable Program, but there are also more and more homeowners falling behind on their mortgage payments, which is causing troubles for lenders trying to modify home loans.

No lender has been perfect in the modification program and with the release of the latest numbers from the Making Home Affordable Program; Wells Fargo has dropped from 38% to 37% in terms of the number of trial and permanent modifications made, compared to the total number of homeowners that potentially qualify.

However, homeowners with Wells Fargo shouldn’t lose hope as the lender has made more permanent modifications available to homeowners and is still climbing the ranks of the top lenders in the Making Home Affordable Program.