Homeowners with Wells Fargo are still able to benefit from the home loan modification program which is making mortgage payments more affordable for homeowners who are still struggling to make ends meet. Even with reports that the job market is improving and the economy is stronger as well, there are still many people who are having trouble with their finances and need mortgage assistance.
The home loan modification program from the Obama administration has helped many homeowners with a variety of mortgage troubles. Some homeowners have been suffering from a reduction in the value of their home while others may still be simply having trouble paying their mortgage payment due to factors like unemployment or a loss of income at their workplace.
It’s for these reasons that the Obama Administration has been prompting lenders to use more than just traditional modifications from the Making Home Affordable Program. Other suggestions for mortgage assistance plans have come in the form of things like principal reductions and unemployment forbearance plan, as well as, short sell options and underwater refinancing plans.
While not all lenders are on board with every one of these programs, there are still various assistance options available from both lenders themselves and the Obama Administration’s Making Home Affordable Program. No lender has been perfect in the implementation of these mortgage assistance programs and many homeowners have had a very difficult road when trying to obtain some form of assistance on a home loan.
However, it is still being advised that struggling homeowners should contact their lender or consult the Making Home Affordable website to see if they qualify for any of these mortgage assistance options or discuss alternative ways in which they can make their home more affordable with their lender.