Wells Fargo has been able to offer lower home loan payments to many homeowners who are struggling to meet their monthly mortgage obligation. Some homeowners have been able to obtain a home loan modification from Wells Fargo who is working with the Obama Administration’s Making Home Affordable Program in order to help homeowners avoid foreclosure.
However, homeowners with Wells Fargo and many lenders across the nation have been able to use refinancing as a way to lower their monthly mortgage payment as well. Since homeowners who are in need of modifications will differ greatly in their financial situation from homeowners who can afford to refinance, in many cases, there are various ways in which homeowners can now obtain a cheaper mortgage payment.
Within the home loan modification program, Wells Fargo has been one of the top lenders who has been working with homeowners who are troubled due to factors like an underwater mortgage or unemployment. While there have been problems between homeowners and servicers like Wells Fargo, alternative mortgage assistance plans have been proposed and implemented by lenders so that homeowners who may not qualify for a permanent home loan modification might still be able to find the help they need.
Underwater mortgage assistance, unemployment home loan aid, and a variety of in-house mortgage payment alternatives have been offered from lenders who have found that certain homeowners do not meet qualifications for a modification from the Obama modification program. Yet, homeowners with Wells Fargo and other financial institutions have also used low mortgage interest rates that have been offered over the past months as a way to obtain a cheaper mortgage payment.
Yet, homeowners who are considering refinancing as an option are able to speak with a variety of financial institutions rather than their primary home loan servicer. However, homeowners in need of a modification must talk to their primary lender or consult the Making Home Affordable website or hotline in order to begin the home loan modification process. While there have been some problems, more assistance plans are now offered than ever before for homeowners who are struggling to stay in their home and pay their mortgage.