Homeowners with a Wells Fargo home loan have been struggling over the past months, as have many homeowners with various other lenders, when it comes to making their monthly mortgage payment. Economic difficulties has strained many families’ personal finances and as a result many people are finding it difficult to meet their monthly mortgage payment. However, Wells Fargo, along with other mortgage lenders, have foreclosure prevention programs set in place and mortgage assistance options available to homeowners who may need a lower monthly payment on their home loan.
Foreclosure prevention efforts have been offered to homeowners who are struggling with a variety of mortgage ailments. Everything from a loss in a home’s value to unemployment have caused financial strains for many homeowners and as a result the Making Home Affordable Program has been offering home loan modifications and other mortgage aid plans through some of the nation’s top lenders.
While Wells Fargo and other lenders in the home loan modification program have been criticized for not doing all they can to help homeowners, there are improvements being seen as Wells Fargo is one of the lenders who has experienced an increase in the amount of permanent home loan modifications they have made over the past months. Also, new plans are on the rise to help homeowners who may be having other mortgage difficulties, like those with underwater mortgage troubles or who have a second lien on their home that may be preventing their mortgage modification from being helpful.
There are endless reasons as to why a homeowner may need mortgage assistance but it’s often advised that when a homeowner hits an area of financial distress that they talk with their mortgage lender about options which could be made available to help them make their home loan payment more affordable. Taking preemptive action to stop any mortgage difficulties will be more helpful than waiting until one’s finances have gotten in such a sorry state that making a mortgage payment is impossible.
While lenders have stated they want to avoid foreclosures on home loans, in cases where a homeowner is simply no longer able to afford their mortgage payment even with mortgage assistance, programs like the deed in lieu of foreclosure plan has been offered so that homeowners can surrender their home without having to go through foreclosure.
Again, Wells Fargo nor any other lender has been perfect when implementing these mortgage assistance plans, but there is help available for homeowners that should be sought out so that they can keep a roof over their head and make their home loan payment more affordable. Homeowners are often advised to contact a mortgage lender or consult the Making Home Affordable website for more information on assistance plans that may be available.