Wells Fargo homeowners that have been looking for home loan modification assistance are asking that more mortgage relief be offered. Lower mortgage rates are currently available for homeowners looking to refinance, possibly to a rate with a lower monthly mortgage payment, but for some homeowners, more than a lower mortgage rate is needed.
Homeowners have been having trouble with underwater mortgages and unemployment as of late and they are asking for alternate options to be made available outside of refinancing to lower their monthly mortgage payment.
Wells Fargo has been one of the lenders that, when it comes to principal reductions, has said they are unwilling to use this option widely as they are not practical or fair to other homeowners’ whose home may be underwater, but who can still make their mortgage payments.
Homeowners are still suffering from unemployment and underemployment and are asking for options to assist them in making their mortgage payment more affordable. While the Obama Administration has different programs to deal with various mortgage issues, homeowners are being advised to contact their lender about available options for mortgage assistance.