Homeowners with a Wells Fargo home mortgage loan may be able to benefit from expanded plans and options from the Obama Administration in the home loan modification program, which are set to help unemployed and underwater homeowners.
Many homeowners are suffering from unemployment or under employment, which is giving them little or no income. This, obviously is a hindrance to their ability to pay their mortgage so, homeowners that are unemployed may benefit from the forbearance program that would put off their mortgage payments for a few months in the hope these homeowners find employment or can at least find a buyer for their home.
Underwater mortgages are a situation in which homeowners owe more on their home than their home is worth and many homeowners feel that the reason for this being such a widespread problem as of late is due to inflated home prices in the past. Homeowners have been walking away from their mortgage, but this principal reduction plan is hoped to keep more homeowners in their home by correcting the principal on their house’s value.
While not all lenders are on board with these programs, Wells Fargo, among other lenders, is being asked to make assistance available to homeowners. Advisors are telling homeowners to talk with their lenders about mortgage assistance options available to them if there are struggling from unemployment, an underwater mortgage, or just having trouble paying their home loan payment.