Homeowners with a Wells Fargo home loan may have various opportunities to obtain a more affordable home loan payment. Mortgage modifications have been offered to homeowners over the past months and servicers like Wells Fargo have seen an increase in the number of permanent home loan modifications that have been made.
June’s Making Home Affordable report indicated that Wells Fargo had made 44,628 permanent home loan modifications up until that point. Many would argue this is a great deal of homeowners who have been helped but there are those who believe that since the total number of homeowners that potentially qualify for a home loan modification is 179,421, more can be done.
Many homeowners have asked that a greater amount of aid be given since the severity of mortgage troubles seems to be growing. Not only are there more homeowners in need of home loan assistance as the economy and job market continues to struggle, but types of mortgage troubles vary. For this reason, lenders like Wells Fargo have used not only modification programs, but alternate modifications and payment plans, refinancing opportunities, short sales, and deed in lieu of foreclosure plans to aid homeowners who either need help making their home loan payment or simply can no longer afford their mortgage.
While struggles between lenders and homeowners continue, it is often advised that homeowners talk with their mortgage servicer first in order to find the best mortgage assistance plan for their situation. Yet, some homeowners have little trust in mortgage servicers so there are sources like the Making Home Affordable website and hotline that can be consulted as well.
Homeowners may also talk with HUD-approved housing counselors if their situation deems it necessary, but no matter one’s mortgage situation there are more options being offered to help those suffering in many ways and who need home loan mortgage assistance.