Homeowners with Wells Fargo that may be struggling with their home mortgage loan might want to look into the home loan modification program options that are available to help homeowners who may be struggling financially. There are various programs from the Making Home Affordable Program to assist homeowners with a variety of mortgage problems.
Tne home loan modification program has had mixed results and many people are still looking for a modification on their home. A new review process is set to make sure that lenders are doing all they can to help homeowners get a home loan modification, so it’s hoped that the numbers in the home loan modification program will begin to rise even more.
Also, there are some lenders who may be willing to use principal reductions for homeowners that have an underwater mortgage. On the other hand, there are lenders like Wells Fargo that have stated they don’t believe principal reductions should be widely used, however they are willing to offer alternate programs for underwater homeowners.
Another modification option, set to fully come into play in the coming months, or unemployment forbearance options. Homeowners that are unemployed may be able to use this option to gain relief from the requirement of paying their mortgage for a few months so they can either find a job or be better prepared for foreclosure.
While some lenders might use all of these programs and others may not, homeowners that are struggling should contact their lender about options available for mortgage assistance.