Wells Fargo has been providing home loan assistance for troubled homeowners both within the company and with the Making Home Affordable Program. Many homeowners have fallen on tough financial times over the past few months and are struggling to make their mortgage payment.
Lenders, like Wells Fargo, have been using low interest rates on mortgages that have been available as of late to assist homeowners are making their homes more affordable. Current homeowners have been able to qualify for a low mortgage rate, which has brought many homeowners a much lower mortgage payment.
There are programs like principal reductions, unemployment forbearance options, home loan modification plans, as well as these refinancing options that are set in place to help homeowners. While some lenders, like Wells Fargo, are against using a widespread plan like principal reductions, there are many programs both from the Obama administration and in-house at many lenders that are available to help homeowners who may not be able to afford their mortgage at the current time or who are struggling to do so.
While there have been problems with the home loan modification program and with lenders as well, as many people feel that the banks are not doing all they can to provide mortgage assistance, homeowners are still being advised to contact their lender. With a variety of mortgage assistance options available, homeowners are being told to talk with their lender about options that could aid them in avoiding foreclosure or simply making their mortgage more affordable.