Wells Fargo’s home loan modification program has seen an increase in the number of permanent home loan modifications that have been made over the past months. However, many homeowners continue to struggle when it comes to meeting their mortgage obligation and there are those who feel that lenders like Wells Fargo are not doing enough to help homeowners prevent the loss of their home or redefaulting when they are in a trial modification.
Homeowners who had their trial modification canceled are often left wondering what the next step will be when it comes to saving their home. Many worry that foreclosure or bankruptcy will follow, and sadly, this is the case for some homeowners. According to the July Making Home Affordable servicer report, Wells Fargo had, as of June 2010, 98,987 trial modification cancellations for their homeowners. This number is up from 86,607 from the previous month, according to the Making Home Affordable report, and many homeowners are using these cancellations as an example more needs to be done to help those in trouble.
Again, there are some homeowners who have their trial modification period canceled who either enter into foreclosure or file bankruptcy. However, there are certain cases where homeowners are given an alternative modification plan, an alternate mortgage payment plan, or are offered a foreclosure alternative plan if they simply can no longer meet their home loan payment obligation.
Many believe that unless the modification program and lenders alter their assistance qualifications and payment plans, more homeowners are going to face foreclosure. While extension programs and in-house options are available from the Making Home Affordable Program and from mortgage servicers themselves, more homeowners continue to have trouble not only obtaining a home loan modification but meeting their mortgage payments during trial modification periods.