Homeowners with a Wells Fargo home loan have been using various mortgage modification programs in order to make their mortgage payments more affordable. The home loan modification program from the Obama administration, better known as the Making Home Affordable Program, has been helping homeowners get a lower home loan payment or just generally a more affordable mortgage.
Various programs to help those who are unemployed, having trouble making the mortgage payment, or homeowners who have lost value in their home have been set in place by the Obama administration and lenders have been using a variety of these plans to provide assistance.
While homeowners have had some complaints about lenders and the home loan modification program, there have been an increase in the number of permanent home loan modifications made from almost every lender within the program. However, the lenders have not been using all of the various programs to help homeowners, as principal reductions, for instance, are not widely embraced by lenders. Homeowners still have options, though, both from the modification program and from lender’s programs.
No lender has been perfect in the modification program and many have been accused of not doing all they can to help homeowners, but there is more pressure being put on banks to help homeowners in need and with a variety of programs available for various mortgage troubles, more and more homeowners are getting the help they seek.
Despite some troubles with the modification program, homeowner are still being advised to talk to their mortgage lender and ask about options that may be able to help them make their mortgage more affordable. While some homeowners have had to travel a difficult road to get a lower mortgage payment, it will be well worth the trouble as long as a homeowner can avoid foreclosure and keep their home.