Homeowners that are struggling with their Wells Fargo home loan are still being advised to contact their lender for mortgage assistance options that may be able to help them avoid foreclosure. Many lenders have been accused of not doing all they can to help homeowners, but the Making Home Affordable Program reports have shown an increase in the number of permanent home loan modifications made each month.
While some lenders, like Wells Fargo, are not using every program that the Obama administration has proposed, they are still providing assistance for some homeowners. An example of this is the disagreement among lenders as to whether principal reductions should be used on a wide scale. Wells Fargo has stated that they are not against principal reductions but that they should only be used in specific cases and they feel that alternative programs are a better fit to help homeowners who are struggling with an underwater mortgage.
No lender has been perfect in the home loan modification program, but homeowners are still finding aid through both the Making Home Affordable Program and through various mortgage assistance plans that are offered specifically from lenders. Some homeowners may not qualify for mortgage assistance, while others have reported meeting the necessary requirements but still being denied mortgage assistance, yet homeowners still need to talk with their lenders if they are in trouble.
For some homeowners a modification has been a long and difficult road, but even if this is the case for many homeowners it’s still a better alternative than facing foreclosure.