The Making Home Affordable Program released numbers for March showing lenders’ progress in the home loan modification program and Wells Fargo has, as of March 2010, 9,162 pending permanent home loan modifications. This number is up from February, where Wells Fargo only had 7,533 pending permanent home loan modifications at the time.
Homeowners with Wells Fargo and other lenders have been asking that more be done to help struggling homeowners with their mortgage. Many people have been unable to afford their home, or have been financially strained due to the economic trouble our country suffered, and arguably, is still suffering from.
There are problems in the forms of underwater mortgages and unemployment that are still giving homeowners problems as owing more on a home than it’s worth or simply having no income is putting people in a frustrating situation.
However, the Obama Administration is calling for additional plans in the Making Home Affordable Program to provide underwater homeowners with a principal reduction and unemployed homeowners with mortgage forbearance options.
While not all lenders are on board with these new programs, Wells Fargo being one lender that doesn’t seem willing to make principal reductions across the board, it is hoped that lenders will either use the HAMP plans or create solutions on their on to help homeowners in these situations.