Wells Fargo Mortgage Aid–Homeowners Offered Modifications, HAMP Alternatives, And Foreclosure Alternatives

Homeowners with a Wells Fargo home loan may be able to benefit from various forms of mortgage assistance. Home loan modifications from the Making Home Affordable Program have been available to some homeowners who are in need, while others have been able to benefit from modification alternatives and foreclosure prevention options. While some homeowners are angry with lenders after not receiving a modification, there have been more permanent modifications made over the past months from Wells Fargo and, according to reports, alternative plans offered.

The Making Home Affordable servicer performance report for June 2010 stated that 56,821 homeowners with Wells Fargo received an alternative modification plan after their Home Affordable Modification trial program was canceled and 41,334 homeowners who were not accepted for a trial plan in the Home Affordable Modification Program were given an alternative modification. While not every homeowner was offered an alternative assistance plan, there are more options available for those who are denied a home loan modification.

Foreclosure prevention efforts are also being used by many of the nation’s top lenders who are working in the Home Affordable Modification Program. Many homeowners who may either be given a modification but cannot afford their home loan payment even with this type of assistance or those who do not qualify for mortgage assistance and can no longer afford their home have been able to use these foreclosure alternative programs. Deed in lieu of foreclosure options and short sales have been made available from lenders to aid homeowners who are going to lose their home but wish to avoid the foreclosure process.

Lenders have been accused of not helping as many homeowners as they can, and there have been accusations that the Making Home Affordable Program is not working as wells as it should since the original goal of homeowners to be helped has not been met. Despite the fact that many homeowners have received and are still receiving mortgage assistance, there are still those homeowners who are troubled and angry at the lack of aid they have been offered. Yet, these homeowners can consult the Making Home Affordable website or find a HUD-approved housing counselor if they are having difficulty in the modification process and need some form of mortgage assistance in order to avoid foreclosure.

Source