Homeowners with Wells Fargo have been able to find mortgage assistance through the Making Home Affordable home loan modification programs and various extensions of this plan that offer mortgage aid as well. Many homeowners have come upon difficult financial times as of late and monthly mortgage payments have simply been beyond their means. To avoid widespread foreclosures, and damage to the housing market, the Obama administration instituted the mortgage modification plan which, lenders like Wells Fargo, are using to help homeowners in mortgage distress.
Wells Fargo has seen an increase in the number of permanent home loan modifications they made over the past months and new extension programs of the Home Affordable Modification Program have also been made available to help homeowners who may not benefit solely from a modification on their home loan. The Second Lien Modification Program, the Home Affordable Modification Program, and foreclosure prevention efforts like deed in lieu of foreclosure plans have been used by a variety of lenders to aid homeowners.
While the Wells Fargo home loan modification program has helped many homeowners, there are those who feel that not enough is being done on the part of lenders to keep homeowners in their home or help them avoid foreclosure. While some homeowners have trouble like underwater mortgages or simply have faced a situation where they can no longer afford their home even with a modification, there are plans available but many critics of lenders and the modification program say that not enough homeowners are being given assistance through these options.
Despite many criticisms of lenders, there are many people who still feel that a homeowner should first contact their mortgage lender if they are having mortgage trouble or foresee trouble on the horizon. While there have been many companies and organizations set in place to help homeowners who feel that working with their mortgage lender is getting them nowhere when seeking a modification, caution should be exercised as there are many fraudulent offers for mortgage modification help. Also, homeowners can still consult the Making Home Affordable website for more information on obtaining a home loan modification, what servicers require, and assistance for homeowners who may be having trouble in the modification program.