Homeowners with a Wells Fargo home loan have been seeking modifications in order to obtain a more afforable home loan payment and over the past months Wells Fargo, along with other mortgage servicers, has seen an increase in the number of permanent home loan modifications that they have given. However, there is still the problem that some homeowners are facing foreclosure rather than getting the mortgage assistance they need.
Many homeowners have been angry with lenders due to the fact that they are either denied a trial modification or have their trial modification canceled, both of which obviously disqualifies a homeowner from obtaining a permanent home loan modification. Yet more trouble comes because there have been homeowners who have entered into foreclosure because they were not given some form of aid. For instance, Wells Fargo homeowners who had their trial modification canceled faced foreclosure in some cases, as the Making Home Affordable report indicates that, through May 2010, 8,610 foreclosures had started and 1,774 were completed. Also, for homeowners who were not even accepted into a trial modification plan, 12,119 have seen foreclosures proceedings began, while 4,886 closures have been completed.
Even though there are homeowners who have seen foreclosure there have been alternative options available to those who were not able to qualify for a home loan modification program and are still struggling to make their monthly mortgage payment. Wells Fargo is one of the lenders who has offered homeowners either alternative modification plans, short sales or deed in lieu of foreclosure plans in cases where homeowners simply can no longer afford their home but have tried to make their home more affordable.
While lenders and homeowners are still at odds with each other, in many cases, homeowners are being advised to talk over mortgage assistance options with their lender before financial difficulties become a problem. There have been increases in the number of permanent home loan modifications that have been made over the past months, but some homeowners still do could not feel that lenders are willing to help homeowners. In cases such as this, homeowners can consult the Making Home Affordable website or hotline, or possibly speak with a HUD-approved housing counselor for alternative assistance or guidance through the home loan modification process.