Wells Fargo is one of many lenders in the home loan modification program that may be under review from the Treasury Department in the near future. Many homeowners have been unhappy with their experience in the home loan modification program and there are officials, like the Treasury Department, that feel lenders are not doing enough to help homeowners.
While many lenders would disagree with this, there have been some troubles with homeowners and lenders when it comes to modification programs and their are also lenders who are unwilling to use principal reductions as a means of helping homeowners avoid foreclosure.
Wells Fargo has seen improved numbers in the home loan modification program, in terms of permit modifications, but they have struggled in some areas, as have many lenders. The Treasury Department wants to review lenders and make sure they are doing everything that they can to make modifications for struggling homeowners and take action if lenders are found to be failing at making modifications.
There are troubles with the home loan modification program but homeowners that are struggling with their mortgage are still being advised to contact their lender and ask about options available to assist them in avoiding foreclosure.
Some programs from the Obama administration are set to begin in the coming months while others have been in place for a while, however, even if a lender isn’t using all of these programs the majority are still offering assistance to struggling homeowners.