Homeowners with Wells Fargo are still being prompted to contact their lender if they are in need of mortgage assistance. Wells Fargo, along with other lenders, are still working with the Making Home Affordable Program to make mortgage modifications available for homeowners.
Wells Fargo has been offering programs outside of traditional modifications to help homeowners that may be struggling with a variety of mortgage troubles. Many lenders have been using various programs since factors like underwater mortgages and unemployment have become a problem that may not be able to be solved with a traditional modification.
While some lenders, like Wells Fargo, don’t feel that all the plans, like principal reductions, from the Obama Administration should be used on a wide range of homes, many vendors are still committed to helping homeowners avoid foreclosure. There have been accusations that lenders are doing all they can, but the Treasury Department has said they are going to investigate these claims and make sure that mortgage lenders are helping homeowners avoid foreclosure.
Homeowners are going to benefit from talking with their lender if they are having trouble making their mortgage payment. Not all troubled homeowners are going to be able to obtain the assistance they need to save their home, but lenders are being pressured to do more than they currently are in order to make homes more affordable for those who are in need.