Wachovia Mortgage Home Loan Modification Program Sees More Permanent Home Loan Modifications In June 2010

Wachovia Mortgage is one of the lenders participating in the Making Home Affordable Program and has an estimated number of homeowners who potentially qualify for a home loan modification at around 30,957. While there are many homeowners who are struggling to make their mortgage payment, and many have been aggravated with their experience in the home loan modification program, Wachovia saw an increase in the number of permanent home loan modifications that were made as of June 2010.

According to the Making Home Affordable monthly reports, Wachovia Mortgage had only made 1,211 permanent home loan modifications as of May 2010. Many homeowners felt that this was a very low number compared with the amount of homeowners who potentially qualified, but according to the June performance report from the Making Home Affordable Program, Wachovia Mortgage has made 3,594 permanent modifications.

These monthly reports that are issued by the Obama’s Home Affordable Modification Program are provided so that homeowners may see the increases in the number of modifications being made each month. While there have been positive numbers over the past few months and mortgage servicers have seen leaps in the amount of permanent modifications they have made, many homeowners are still quite upset over what is being thought to be a lack of concern on the part of lenders.

Some homeowners have accused lenders of not doing all they can to help homeowners find a more affordable home loan payment or avoid foreclosure, and some angry homeowners have outright stated that the numbers that are being reported do not represent the other side of the coin, meaning homeowners who are being denied mortgage assistance despite being in a desperate situation where a more affordable home is needed.

While there have been many concerns within the Making Home Affordable Program, homeowners who are having trouble are still being advised to talk with their mortgage lender primarily when they are seeking mortgage aid options. While there are resources online that can help people who are looking for a home loan modification on their current home, homeowners are being cautioned to beware of scams that are meant to take advantage of homeowners in a difficult situation. The Making Home Affordable website is one source which homeowners can consult outside of their lender that can give them information on what is required for a home loan modification and the process which homeowners must use to obtain this type of assistance.

Source