Homeowners with a Wells Fargo home loan may be able to lower their monthly mortgage payment through a home loan modification plan. Homeowners across the nation have been suffering in their personal finances due to a variety of factors, most commonly unemployment or underemployment, and as a result have been in need of mortgage assistance so that they can keep their home.
Home loan modifications have been offered over the past months and, despite troubles between homeowners and lenders, there has been an increase in the amount of permanent home loan modifications that have been made. Homeowners who have been able to receive these modifications have seen a reduction in their monthly mortgage payment or interest rate, which obviously makes their home loan payment more affordable and can keep homeowners in their home when they would otherwise be unable to afford their mortgage.
Certain problems like the loss of home values, which has created underwater mortgages, and unemployment have necessitated the need for extension programs of the Making Home Affordable modification program, but homeowners are able to use these programs as well in order to obtain a more affordable home loan payment. For instance, certain underwater refinancing opportunities have been made available and an unemployment mortgage assistance program has recently been set in place that would allow homeowners to either reduce their monthly mortgage payment or obtain forbearance on their home loan payments for a set amount of time.
While vendors like Wells Fargo also have in-house mortgage assistance plans available to troubled homeowners, individuals who need mortgage assistance are often advised to talk with their mortgage servicer or consult the Making Home Affordable website or hotline for more information on home loan modifications and other mortgage assistance program. Not all homeowners have been able to obtain the mortgage assistance they need but there is pressure being put on lenders to do more to prevent foreclosures and make homes more affordable so homeowners who contact their lender before mortgage problems get out of hand stand a better chance at finding the mortgage aid they need.