Homeowners with a Wells Fargo home loan may be able to take advantage of foreclosure alternative programs and additional assistance on their mortgage from the home loan modification program. The Making Home Affordable Program has been working with many of the nation’s top lenders to offer mortgage modifications to homeowners who are struggling and in need of a more affordable home loan payment.
However, there have been troubles and new assistance options have been made available to help homeowners who have been unable to benefit from a traditional modification. For example, homes with a second mortgage have often seen trouble when they obtain a modification due to the fact that home loan modifications only modified a primary home loan and not a second lien. For this reason the Second Lien Modification Program was set in place to help modify the second mortgage on a home loan.
Also, an upcoming program to help unemployed homeowners, the Home Affordable Unemployment Program, is hope to provide particular mortgage assistance to homeowners who have lost their employment. By offering a forbearance or cutting the monthly mortgage payment of an unemployed homeowner’s home loan to no more than 31% of their income, it’s hope that this new unemployment program can provide the help that many jobless men and women have been seeking.
However, there are cases where homeowners simply can no longer afford their mortgage payment and, after trying to make their home more affordable, simply must face the loss of their home. In cases such as this, the Deed-In-Lieu of Foreclosure program has been set in place so that homeowners who are left with no other options can turn over their deed and avoid the foreclosure process.
Homeowners who are having trouble with their mortgage are often advised to talk with their mortgage lenders early if problems meeting their mortgage have arisen or consult the Making Home Affordable Program’s website for more information on assistance programs.