Homeowners who are working with Wells Fargo to obtain a more affordable home loan payment through the mortgage modification program have seen increases in the number of permanent home loan modifications that have been made from month to month. Many see this as a positive sign that more homeowners are finding the aid they need when it comes to making their home loan payment more affordable, but there are still many troubled homeowners who are angry with servicers like Wells Fargo and accuse these institutions of not doing all they can to assist homeowners in need.
Many homeowners are angry about not being accepted into the Home Affordable Modification Programs trial period, and cite the fact that, as of May 2010, Wells Fargo had a total of 98,510 homeowners who were denied a trial modification. These numbers from the June 2010 Making Home Affordable report trouble many homeowners who are attempting to obtain mortgage assistance, but there are alternative programs that have been offered to many who were denied even a trial modification.
For instance, a 41,334 homeowners who were not accepted into the trial modification program from Wells Fargo were given an alternative modification on their home loan. Also, 18,951 are now said to be current on their home loan payment, while 3,236 were offered either a short sale or deed in lieu of foreclosure option.
Homeowners who have been struggling due to a variety of economic factors have most often worried about keeping a roof over their head. The Home Affordable Modification Program has offered a variety of options to aid homeowners who are troubled in their mortgage, but homeowners still believe that more needs to be done and believe that lenders are doing all they can to help the majority of homeowners who face losing their home.
There is disagreement still between homeowners and lenders, as many lenders say homeowners are either not turning in the proper paperwork for a modification or simply do not qualify, there are homeowners who believe that lenders simply do not want to offer mortgage assistance and keep people in their homes.
Yet, many still advise these troubled homeowners to speak with their lender when mortgage troubles arise or seem imminent. There are homeowners who believe that working with lenders is one of the largest roadblocks in the modification program, but homeowners can either gain the assistance they need or information to proceed forward if they primarily talk to their home loan lender about mortgage assistance options.
While there are reputable housing counselors that can be sought out from the Department of Housing and Urban Development website, the making home affordable website and Hotline are also available to homeowners who are seeking a modification. Not every homeowner may obtain the mortgage assistance they need, there are more options now available for obtaining a modification and more assistance plans available to homeowners who are in need and want to save their home.