Wells Fargo saw a dip in the number of active trial modifications in the month of June 2010. Many homeowners have had trouble making their mortgage payments during the modification period and as a result many Making Home Affordable modification trials have been canceled by a variety of lenders. Yet, these cancellations and low numbers in the amount of trial modifications have fueled the fires of those homeowners to believe that lenders are not doing all they can to help homeowners.
The Making Home Affordable servicer performance report for the month of May 2010 showed that Wells Fargo had made 45,999 active trial modifications up until that point. However, the June report for the Making Home Affordable program stated that Wells Fargo only had 30,949 trial home loan modifications in progress. While this was a dip from the months of May to June, Wells Fargo did have an increase in the number of permanent home loan modifications they made.
The May report for the Making Home Affordable Program, concerning Wells Fargo, stated that 40,759 permanent modifications had been made until that point. Yet, there was an increase in June to 44,628 permanent modifications from Wells Fargo, which is seen as a positive sign by many. In January, Wells Fargo had only made 17,652 permanent home loan modifications at the time, but there has been a huge jump over the past months.
There are many homeowners who are, obviously, very angry with mortgage lenders and believe that more needs to be done. Accounts from homeowners do raise questions about some instances where homeowners were seemingly denied a permanent modification despite going through the trial program with little trouble. However, Wells Fargo has been implementing mortgage assistance extension plans from the Making Home Affordable Program as many homeowners do not always benefit from modification.
Wells Fargo has also stated they are using in-house programs to help homeowners who do not qualify for one of the Making Home Affordable modifications, which is something other lenders have been doing as well. Despite offering various mortgage assistance programs and in-house assistance plans, some homeowners still have problems with their mortgage lender.
Sadly, this has caused many homeowners to turn away from their lender when seeking mortgage assistance. While it is often advised that a homeowner who is struggling to make their mortgage payment contact their mortgage lender, many homeowners believe that using alternative assistance programs or companies is the best route. Yet, there are warnings of scams that have arisen, so homeowners are advised to be cautious when dealing with modification sources outside of their primary lender or the Making Home Affordable Program’s website.