Wells Fargo Home Loan Assistance Alternatives For Homeowners Who Are Denied A Home Loan Modification

Wells Fargo is one of the mortgage servicers who has been offering home loan modifications through the Making Home Affordable modification program. However, there have been instances where trial modifications for homeowners were canceled and, as a result, these Wells Fargo homeowners have been seeking ways in which they can find alternative assistance so that they may avoid foreclosure.

There may be hope for alternative assistance plans from in-house programs that lenders are offering. While no mortgage servicer has been perfect and, for some homeowners, the fight to make their home more affordable has simply been a nightmare, but alternative payment plans and modification programs directly from lenders have been helpful in some cases.

According to the Making Home Affordable servicer report for July 2010, Wells Fargo has made a total of 57,469 alternative modifications for homeowners who had their Making Home Affordable trial modification canceled. This data has been compiled through the month of June 2010 and is a slight increase from the June Making Home Affordable report which indicated that Wells Fargo had only made 56,821 alternative modifications for homeowners that saw their HAMP trial canceled.

The report also indicates that 669 homeowners were given an alternative payment plan, which is simply an agreement between a borrower and servicer that does not involve a formal modification. This number, again, is up from the June 2010 servicer report as, at that time, only 544 homeowners were offered one of these alternative payment plans.

While there also have been 4,019 short sale or deed in lieu of foreclosure plans offered to Wells Fargo homeowners who had their trial modification canceled, many homeowners believe that there is a lot of work left to be done on the part of mortgage servicers. There are countless homeowners who are still at odds with mortgage servicers over the assistance that is being given and the treatment of homeowners who are in the modification process.

Problems between mortgage lenders and homeowners have been well documented, but outside sources like the Making Home Affordable website and Hotline, not to mention FHA-approved housing counselors, have been made available and consulted to assist homeowners who are having trouble making their mortgage payments and may be struggling through the modification program.

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