Wells Fargo Home Loan Permanent Modification Plans–Are Homeowners Finding The Mortgage Aid They Need?

Wells Fargo has been using the Home Affordable Program to make home loan modifications for their homeowners over the past months, and along with many of the nation’s top lenders, there have been positive results for many homeowners who are obtaining mortgage aid through permanent home loan modifications. However, there are seemingly as many homeowners who are angry at lenders like Wells Fargo and the Making Home Affordable Program as there are homeowners who have been helped by these mortgage assistance plans.

Representatives from Wells Fargo and reports from the Making Home Affordable Program have shown that there are more modifications being made each month, but some homeowners feel that this is not enough and others have even insinuated that these numbers are incorrect. However, these reports from financialstability.gov have shown that the number of permanent home loan modifications made over the past months are on the rise. In Wells Fargo’s case, as of April, there had been 36,094 permanent home loan modifications made to homeowners in need. However, that number rose for the month of May to 40,759 permanent home loan modifications, and it is expected that in the coming days when June’s numbers are released there will be more positive results.

Yet, these results are not enough for many homeowners who have been struggling to make their home loan payment but have been denied mortgage assistance through the Making Home Affordable Program. However, lenders have stated that they offer in-house programs for homeowners who are denied a modification in the Obama’s Home Affordable Program and extensions of this program, like the Second Lien Modification Program and the upcoming Home Affordable Unemployment Program, are hoped to aid these homeowners who are angry.

Wells Fargo has also stated they will be offering homeowners who are going through the modification process one representative to work with, so as to end confusion and the problem of homeowners having to submit paperwork multiple times since they have to deal with multiple representatives. Yet, homeowners are still unhappy with many of the results from lenders like Wells Fargo and the Making Home Affordable Program in general.

Despite these bitter feelings by many homeowners, some of which are formed for a good reason, homeowners who are struggling are still advised to contact their primary mortgage lender for assistance. Talking with one’s mortgage lender is the first place to start seeking mortgage assistance, but many homeowners feel, again, that lenders are concerned overall with making homeowners’s mortgage payments more affordable, so there are alternatives to working with lenders if a homeowner is unhappy.

While there are services to help homeowners obtain a home loan modification, there are also warnings about scams that are trying to take advantage of homeowners in these situations. Also, homeowners can consult sources like the Making Home Affordable website for more information and assistance on obtaining the mortgage aid they seek.