Wachovia Mortgage Sees Increase In Permanent Home Loan Modifications For July 2010

Wachovia Mortgage has been one of the mortgage servicers participating in the Making Home Affordable Program over the past months and, according to recent reports, has seen increases in the number of permanent home loan modifications they have made. Homeowners who have been struggling to meet their mortgage obligations have often turned to mortgage lenders and servicers in order to find help that is much needed so that they can avoid foreclosure.

Despite the fact that there have been many complaints and troubles between homeowners and mortgage services, officials prompted lenders to do more when it comes to helping homeowners prevent foreclosure and over the past months increases have been seen for numbers related to permanent modifications on home loans. Wachovia, as of July 2010, has made 5,539 permanent home loan modifications. This number is up from 3,594 permanent modifications that were made in June 2010.

This has been a drastic increase, and many servicers have seen similar results, but more needs to be done in the opinion of many homeowners since the initial goal of homeowners that were to be helped through the modification program has not been met. Many believe that the modification program is beginning to slow, but others point to the fact that earlier this year numbers were quite low and have made huge gains over the past months.

For instance, Wachovia had only made 330 permanent modifications as of January 2010, but obviously, not all homeowners can qualify for some form of mortgage assistance.  Yet, outside of permanent home loan modifications there are also in-house assistance options available from mortgage servicers and extension programs from the Obama Making Home Affordable Program.

Tensions remain between homeowners and mortgage servicers but it is still advised that homeowners who are struggling should contact their home loan servicer to begin the modification process. While there are still complaints from many homeowners and a general distrust of big banks, homeowners may also turn to the Making Home Affordable Program website and hotline for additional information and assistance if mortgage modification troubles arise.

Source