Homeowners whose home loan is with Wells Fargo have been in need of mortgage assistance as the costs of meeting mortgage demands have become too much for some. Home loan modifications and other mortgage assistance programs have been used by many mortgage servicers over the past months in order to help homeowners keep their home by offering them a more affordable mortgage payment.
In the coming days, reports are set to be released on the results for July’s Making Home Affordable Program modifications and housing initiatives, and is expected that the number of permanent home loan modifications will have seen an increase since modifications have been on the rise over the past months. While the Obama Administration’s Making Home Affordable modification program is one of the more common ways that lenders like Wells Fargo have made home loan payments more affordable, some homeowners have not qualified for this type of aid.
Trouble between lenders and homeowners have caused many problems to arise and, as a result, homeowners who were not offered a home loan modification have found that mortgage servicers have been offering in-house assistance plans to help homeowners who were denied a permanent modification. In-house modification plans from lenders and alternative payment plans have been given to homeowners who were denied either a permanent modification or trial modification from the Obama plan.
Certain mortgage difficulties have required that mortgage servicers like Wells Fargo also use extensions of the Making Home Affordable Program in order to deal with homeowners suffering from problems like underwater mortgages or unemployment. Wells Fargo has been one of the top lenders in the Making Home Affordable Program but, as with all of the major lenders in the modification program, many homeowners have been troubled by financial institutions, especially those who were denied a modification.
Yet, more mortgage assistance plans have been offered to homeowners as traditional modifications are no longer the only option. Homeowners have also been able to consult the Making Home Affordable website and Hotline, as well as, HUD-approved housing counselors in order to gain more assistance and information about modification programs and alternative forms of mortgage assistance.