Wells Fargo has been able to offer a variety of home loan modifications for various homeowners who have been struggling to make their mortgage payment over the past few months. Increases in the number of permanent modifications made by many lenders has helped homeowners who faced foreclosure due to financial troubles that had left them struggling to make ends meet.
In January of 2010, Wells Fargo had only made 17,652 permanent home loan modifications for troubled homeowners. This number from the Making Home Affordable servicer report was deemed, by some, to be too few assistance plans offered to struggling homeowners. Yet, 44,628 permanent home loan modifications have been made by Wells Fargo as of June 2010 Making Home Affordable report.
While home loan modifications are being sought by a number of homeowners who have either seen cutbacks in the wages they receive from their place of employment or who have faced unemployment altogether, there have been homeowners who are unable to obtain this type of assistance on their home loan. Yet, there are alternative mortgage assistance plans available to homeowners who are in need and face foreclosure.
Many lenders like Wells Fargo have been offering reduced payment plans for homeowners who do not qualify for a modification, alternative modification programs from in-house programs directly from lenders, or short sale and deed in lieu of foreclosure options that can help homeowners who may either have an underwater mortgage or who simply can no longer afford to pay their mortgage payment. There have also been increases in the number of programs available from the Obama Administration’s Home Affordable Modification Program as homeowners who are unemployed, have a second lien on their home, or who may be facing an underwater mortgage now have options to help them make their home more affordable.
Some homeowners feel that not all mortgage lenders are willing to do all they can to help people avoid foreclosure, it is still being advised that homeowners talk with their mortgage servicer about home loan assistance options that may be available to help them in their situation. Yet, homeowners who are seeking outside assistance for help with the modification program may be able to consult the Making Home Affordable website or hotline, as well as HUD-approved housing counselors.