Wachovia June Home Loan Modification Report–Decrease In Trial Modifications But Rise In Permanent Modifications

Homeowners who have a home loan with Wachovia Mortgage have seen mixed results from the Making Home Affordable reports that were released for the month of June 2010. Wachovia mortgage did see an increase in the number of permanent home loan modifications that have been made, but there was a slight dip in the number of trial modifications that were ongoing.

In the May report from the Making Home Affordable Program Wachovia had 7,744 trial modifications that were in place. That number was the total of trial modifications that were presently being conducted for many, but there was a slight drop to 7,599 in the month of June. Many homeowners have focused on trial modifications as a source of frustration when it comes to dealing with mortgage lenders and the modification program.

Despite the fact that Wachovia Mortgage saw an increase in the number of permanent home loan modifications from May to June, which rose from 1,211 to 3,594, many homeowners are still struggling in the trial modification process and many believe it’s here where homeowner criticism and anger arise. Lenders have spoken of troubles with documentation, the inability to make payments, or the simple fact that many homeowners do not qualify for a trial or permanent modification.

Yet, many homeowners disagree with these assessments and say that lenders are not doing all they can to help homeowners avoid foreclosure. Sadly, some homeowners are unable to afford a home loan modification simply because their income is so meager due to unemployment or other financial strains that even a lower mortgage payment is useless.

However, homeowners are advised to talk with their mortgage lenders if they are having trouble making their home loan payments. Many financial advisers along with the Making Home Affordable Program often counsel homeowners to speak with their lender as early as they can when problems may be on the horizon. While there are some homeowners who believe that it is unhelpful to work with lenders, talking with a mortgage servicer is typically the best place to start.

It is true that homeowners have had trouble with lenders, but before turning to outside sources homeowners need to do their homework. There are companies and organizations that offer home loan modification assistance, meaning they help homeowners deal with lenders, but there have been many scams that have been levied against homeowners so caution should be used when talking to these alternate sources. Again, homeowners can use resources like the Making Home Affordable website if they are having trouble working with their lender.

Source