Homeowners who are seeking a Wells Fargo home loan modification have had mixed results as many lenders in the Obama Making Home Affordable Program have come under criticism due to the amount of homeowners not receiving permanent modifications. However, Wells Fargo, along with other mortgage lenders, recently testified at a hearing concerning housing and mortgage assistance.
Wells Fargo did not deny that there were some troubles within the Making Home Affordable Program, but there are more and more permanent modifications being made each month and homeowners who simply do not qualify for the Making Home Affordable modification program may have options from assistance plans offered directly from Wells Fargo.
Also, the Wells Fargo representative at this hearing mentioned that new programs and plans are being implemented or will be in the near future and could help make the modification process easier for homeowners and lenders alike. For instance, Wells Fargo said they will soon begin assigning one modification representative to a homeowner so that throughout the entirety of the modification process a homeowner seeking mortgage assistance will only have to work with one individual.
While there have been outcries from homeowners and politicians, lenders have been stating they are upping their efforts to make modifications more available, as well as, providing other mortgage assistance options outside of traditional modifications and offering foreclosure prevention plans for homeowners who simply cannot afford to stay in their home.
The modification program and lenders themselves are not perfect but homeowners are still being advised to talk with their home loan lender if they are having trouble making their mortgage payments. While getting a modification might not be an easy road for many homeowners, there are a variety of options available to anyone who is having trouble meeting their monthly mortgage payment.