Homeowners with Wells Fargo who are looking for mortgage assistance may be able to find help in a variety of programs from both lenders and the Obama administration’s Making Home Affordable Program. Many homeowners have had a variety of trouble with their mortgage over the last few months, but there are plans in place that are hoped to help struggling homeowners avoid foreclosure and make their home loan payment more affordable.
Problems like unemployment, underwater mortgages, or a loss of wages have caused many homeowners who were once able to afford their home loan payment to be unable to do so. With programs like home loan modifications, refinancing, or principal reduction programs many homeowners have been able to get help that they need to make their home more affordable, but the original number of homeowners that were supposed to be helped by these programs has yet to be reached.
Some lenders, like Wells Fargo, have not been using all of these programs, specifically principal reductions, however, Wells Fargo does offer assistance for homeowners who may have seen the value of their home drop a substantial amount. Wells Fargo has stated they don’t believe principal reductions are a widespread solution, they do think that in some cases homeowners may need a principal reduction where the increase of their home’s value is unlikely to occur.
Homeowners are still being advised, no matter what lender they bank with, to talk over options for mortgage assistance plans if they are having trouble meeting their monthly mortgage payment. There is no perfect lender nor perfect program, but homeowners should seek out any mortgage assistance their lender may be able to provide if they face losing their home.