Homeowners with Wells Fargo have, like other homeowners across the nation, been in need of mortgage assistance through a home loan modification. Sadly, not all homeowners are benefiting from a modification as many are in such a bad financial condition that even with a modification on their home loan they can no longer afford to make their mortgage payments.
Lenders like Wells Fargo have been offering foreclosure prevention options for homeowners who simply cannot afford their home loan payment any longer but would obviously wish to avoid foreclosure. Commonly, homeowners use a deed in lieu of foreclosure plan which allows them to surrender their home and in some cases get a monetary allotment for moving costs, as well as, avoid foreclosure.
Also, homeowners who have been suffering from an underwater mortgage have found that, in many cases, the drop in their home’s value has make their mortgage payments unaffordable. While some mortgage lenders have used principal reductions in order to help homeowners, there are some who simply can no longer afford their home or may want to just be rid of their underwater mortgage altogether. It’s in this case the short sale options have been offered for homeowners that have seen their home’s value drop substantially.
While the modification program has seen success and lenders are continuing to work with homeowners in the hopes of making more affordable home loan payments available, there have been some problems when it comes to getting mortgage assistance for homeowners. Yet, those homeowners who simply can no longer afford their home loan payment may find help through the foreclosure prevention efforts on the part of many of the nation’s top lenders.
It’s advised that homeowners who are struggling and know that they will lose their home, talk with their lender to see what foreclosure prevention options may be available for their particular situation. While no one wants to lose a home, if a mortgage payment is simply outside of one’s financial means, there are ways in order to keep one’s credit score from taking a hit that it would receive had their home faced foreclosure.