Homeowners with Wells Fargo are still using the mortgage modification program from the Obama Administration to get a more affordable home loan payment. Homeowners have come under a great deal of financial strain due to the recession and job loss, so many are using any form of assistance they can find to make their home more affordable.
Modifications, forbearance programs, principal reductions, and even refinancing options have been used by some lenders to help homeowners avoid foreclosure. However, not all lenders are willing to use each of these programs on a wide range of homes. Some lenders, like Wells Fargo, feel that certain programs like principal reductions shouldn’t be used in the majority of cases where homeowners are struggling to make the mortgage payment.
However, Wells Fargo along with other lenders has been providing both assistance from the Obama modification plan and from in-house mortgage assistance programs to help homeowners get a more affordable home loan payment on their mortgage. There have been many troubles and some homeowners have been met with a denial for a modification despite doing everything that is required.
While there are some troubling stories about homeowners who were not able to get a home loan modification, it’s still being advised that homeowners should talk to their lender and see what forms of mortgage assistance options are available and what plans are best for their situation when it comes to avoiding foreclosure.