Homeowners with a Wells Fargo mortgage that are struggling to pay their home loan payment may be able to still benefit from various mortgage modification assistance programs which are through the Obama administration.
Principal reductions, unemployment forbearance options, and mortgage modifications are still being asked for my homeowners that are having trouble paying their mortgage or owe more on their mortgage than their home is worth. While these problems are common among many big lenders not all lenders are participating in the Obama administration’s Making Home Affordable Program.
Lenders like Wells Fargo have said that there or some cases, in terms of principal reductions, where they are going to be used. For instance, homeowners that have lost a substantial amount of value in their home in an area where a home’s value is unlikely to be regained might be an example of a case where a principal reduction should be used.
However lenders still feel that principal reduction on larger scale are not something that will be beneficial or fair to lenders or other homeowners. Homeowners feel that since so many homes have lost value across the country that home prices were inflated and therefore they deserve a principal reduction.
While principal reductions are something lenders and homeowners disagree on, lenders are still making home loan modifications for homeowners that are struggling to simply pay their mortgage.
Homeowners often have a difficult road with lenders when it comes to getting home loan modifications from the Obama administration’s Making Home Affordable Program but homeowners that are having trouble with their mortgage payments should still contact their lender to see what options are available to help them in their mortgage troubles.