Wells Fargo saw an increase in the number of permanent home loan modifications made in their participation with the Making Home Affordable home loan modification program. Wells Fargo has seen their number of permanent home loan modifications increase over the last few months, which has helped many homeowners in need.
As of the February 2010 home loan modification report, Wells Fargo had only made 24,975 permanent home loan modifications and in January’s HAMP report they had made 17,652 permanent home loan modifications.
Also, Wells Fargo has made either a permanent or trial home loan modification for 38% of their homeowners who potentially qualify for a home loan modification under the Making Home Affordable Program. This percentage is up from 37% in February and is even with the January percentage.
Homeowners are still able to obtain a home loan modification through the Obama HAMP assistance plan, but new troubles from underwater mortgages and unemployment have caused both lenders and homeowners distress. However, principal reduction programs and forbearance options are available to help those homeowners who qualify.