Homeowners with Wells Fargo have been struggling to meet their monthly mortgage payment, as have many other homeowners with various lenders across the nation. It’s for this reason that Wells Fargo, along with these other lenders, have been developing and implementing foreclosure prevention programs to help homeowners obtain a more affordable home loan or simply avoid the foreclosure process when they can no longer pay their mortgage.
There has been many critics of the Making Home Affordable Program and lenders have caught quite a bit of criticism as well from many homeowners who are denouncing the seeming lack of organization, caring, and willingness on the part of lenders to help homeowners avoid foreclosure. While there has been no perfect lender, permanent home loan modifications have been increasing over the past months and new programs have been aiding homeowners when it comes to dealing with particular mortgage troubles.
Aside from traditional home loan modifications, many lenders are using principal reductions, a second lien modification program, deed in lieu of foreclosure plans and many are said to be entering into the Home Affordable Unemployment Program in the coming months. While not all lenders are using these programs equally, there are in-house plans available directly from lenders to help homeowners who may not qualify for a modification or other form of assistance in the Obama mortgage assistance plan.
Wells Fargo homeowners who may be struggling with their mortgage payment are often advised to consult with their mortgage lender or the Making Home Affordable website in order to obtain more information or assistance about a particular home loan situation. Again, not all homeowners who have sought help have obtained the mortgage aid they need but there are programs available to assist homeowners who are struggling to make ends meet and who want to avoid foreclosure.