Homeowners with Wells Fargo have been suffering with other homeowners from various lenders as the housing market continues to see trouble in the form of underwater mortgages and homeowners unable to pay their mortgage because of unemployment. However, the Obama Administration has asked that lenders begin to make more assistance available to homeowners in these situations through the home loan modification program.
Those homeowners with an underwater mortgage, under the Obama Administration’s expanded home loan modification program, may qualify for a principal reduction in their mortgage provided they keep their payments current for a specific period of time.
Any homeowners that are experiencing trouble with their mortgage due to unemployment may be able to get mortgage forbearance, if they qualify, for three to six months. It is hoped that this will be enough time for homeowners to get on their feet or discuss short selling their home.
However, many worry that these programs are going to meet the same problems the modification program has had, and this may be the case. Yet, homeowners that are struggling to make their unemployment payment should know that these new programs are out there and the modification program is still available to assist them.