Wachovia Mortgage was one of the few lenders who saw an increase in the number of trial modifications that were ongoing according to the July Making Home Affordable Program servicer report. Overall, trial modifications decreased from June to July with a few lenders seeing increases in the number of trial home loan modification programs that were active.
In terms of active trial modifications, Wachovia Mortgage had a total of 7,599 active trial modifications according to the June Making Home Affordable servicer report. Yet, July’s Making Home Affordable servicer report indicated the number of trial modifications had increased to 8,650.
Wachovia Mortgage also saw an increase in permanent home loan modifications, but this was something that has been common over the past months from many lenders. However, overall concerns about the modification program and, specifically, the amount of homeowners who have had their trial modification canceled have officials and homeowners asking questions.
There are homeowners and some officials who believe that servicers like Wachovia Mortgage and other top lenders in the modification program are not doing all they can to help homeowners in need. Yet, there are indications that some homeowners simply become delinquent or re-default even when a modification is offered.
There have been homeowners who are unable to take advantage of a lower mortgage rate due to various unemployment and economic trouble, and this has many believing that mortgage servicers are not a huge part of the modification problem. While there are cases where homeowners have been denied aid or were treated unfairly, the fact that more homeowners seem to be having trouble making payments even under a modification plan has many worried.
Yet, there are in-house mortgage assistance plans and Making Home Affordable extension programs that can help homeowners who are denied a modification. Specific troubles like underwater mortgages or unemployment may cause certain troubles for a homeowner which cannot be cured through a simple modification. There are still modifications available and homeowners are still seeking assistance, but with a variety of plans that can offer some form of mortgage aid, those who are denied a home loan modification from the Obama Making Home Affordable Program may have other options as well.