Wells Fargo is one of the top lenders in the home loan modification program and they have been using a variety of plans to help homeowners that are struggling with their mortgage. Homeowners are falling on tough financial times, still, due to underwater mortgages, unemployment, and loss of wages from their place of employment.
While many homeowners struggle to make their mortgage payment, few realize that there are various home loan modification programs available both from the Obama administration’s Making Home Affordable Program and from lenders like Wells Fargo. Lenders have been using programs from the Obama administration’s modification plan, but many financial institutions also have in-house mortgage assistance options as well.
Some lenders, Wells Fargo being one, have had their concerns over specific assistance options like principal reductions, that they feel are not a practical form of mortgage modification and assistance. While Wells Fargo has stated that they believe there are specific cases where a principal reduction is warranted, many lenders have been offering alternative plans to help homeowners with an underwater mortgage.
While both the programs that are set in place to help homeowners and the problems homeowners are having in their mortgage vary, homeowners are still being advised to talk over options with their lender that may be available to them. With the Making Home Affordable Program and assistance available directly from lenders, homeowners should be able to find some form of mortgage assistance.
It should be known that lenders have not been perfect in carrying out the plans of the Making Home Affordable Program. Many homeowners have grown frustrated with lenders and have said that lenders are unwilling to make assistance options available, and this has become a problem to the point that the Treasury Department is soon to conduct reviews of lenders and the modification program.
However, despite troubles with the modification program, homeowners still need to speak with their lender about what they may be able to do to make their mortgage more affordable. Even if they must travel a tough road it’s a better alternative than losing their home.