The Making Home Affordable Program recently released data on servicer performance through June 2010 and Wells Fargo, one of the top lenders in this modification program, has seen an increase and the number of permanent home loan modifications that have been made. Many homeowners have been crying out for more to be done on the part of lenders as there are some angry homeowners who feel that these mortgage servicers in the Making Home Affordable Program are not doing all they can to provide home loan assistance.
In Wells Fargo’s case, there was an increase from the months of May to June in the number of permanent modifications that were made from this financial institution. In May 2010, according to the Home Affordable Modification Program reports, Wells Fargo had made 40,759 permit modifications. Yet, that number, for the month of June, increased to 44,628 permanent home loan modifications for troubled homeowners.
While many would say that this increase is good news, there are, again, still homeowners who are upset with mortgage servicers in the Making Home Affordable Program. There have been many stories from homeowners with various lenders about being put on hold for hours, having to resubmit the same paperwork over and over, and simply being denied a trial or permit modification for seemingly no reason. These stories have been pointing to a lack of organization, but lenders argue that many homeowners are filing improper paperwork or simply do not qualify for modifications under the Making Home Affordable guidelines.
At a recent hearing, Wells Fargo representatives stated that they will be assigning one representative to a homeowner’s account in order to help streamline the modification process and give homeowners only one contact with which they must go through when handling their modification. Many homeowners had been angry over the fact that they had to deal with different representatives anytime they called regarding their modification. Yet, these increases in permit modifications are still not enough for many homeowners who believe lenders should do more to help those who are in need.
While there has been anger directed towards many lenders, like Wells Fargo, homeowners still are being advised to first contact their mortgage lender if they are having trouble. While some individuals feel that lenders are unconcerned with helping homeowners obtain a permanent modification, there are resources outside of lenders which can be consulted, like the Making Home Affordable website. However, despite many angry and troubled homeowners, those who are seeking mortgage assistance should know that there are various plans available from a variety of lenders to make a homeowner’s mortgage payments more affordable.