Homeowners with Wells Fargo, in recent months, have been able to obtain a permanent home loan modification so that they may avoid foreclosure on their home. The Making Home Affordable Program released data that tracks lenders’s success through the month of July and, for Wells Fargo, an increase in the number of permanent home loan modifications was reported.
Many unemployed individuals or homeowners who are simply struggling to make financial ends meet due to economic troubles or cutbacks at their places of employment, have sought out a home loan modification from various mortgage servicers. Wells Fargo, one of the top lenders in the Making Home Affordable Program has not been without criticism and troubles, but the permanent home loan modifications that have been made through 2010 have been on the rise.
For instance, Wells Fargo is reported to have made 46,732 permanent home loan modifications as of July 2010. This number is up from the 44,628 permanent home loan modifications that were made as of the June 2010 Making Home Affordable report. Also, for the year, Wells Fargo has increased their permanent modifications from 17,652 as of January 2010.
These reports released by the Making Home Affordable Program show that there are more and more homeowners with Wells Fargo and other mortgage servicers who are seeing mortgage assistance options and are saving their home. However, many still believe that more work needs to be done and lenders are not doing all they can to help those in need.
It’s true that permanent modifications have been on the rise, but many argue that the initial goal of homeowners who were to be helped through the Making Home Affordable Program is far from being met. Lenders have stated that permanent home loan modifications from the Making Home Affordable Report do not take into account other forms of mortgage assistance that are being provided to homeowners, like in-house mortgage aid programs, and there is the fact that some homeowners simply do not qualify for the Obama modification program.
While there continues to be strife between lenders and homeowners, it is still advisable that homeowners who are in need of a modification or some form of mortgage assistance primarily contact their mortgage servicer to begin the modification process. Homeowners have faced difficulty and, in some cases, have not been able to obtain an affordable modification or fail to qualify for mortgage assistance, but there are a variety of home loan assistance plans currently available.
Again, homeowners can talk with their mortgage servicer or consult the Making Home Affordable Program website and Hotline for additional information on the modification process or for assistance if trouble arises. While not every homeowner may qualify for help on their home loan, there are various avenues that can be explored for homeowners who face foreclosure.