Wells Fargo homeowners who have been seeking a home loan modification have, in some cases, been able to obtain a lower monthly home loan payment, which for many has allowed them to avoid foreclosure. Yet, reports released from the Making Home Affordable Program indicate that there is still trouble for homeowners who are facing foreclosure after either being denied a trial modification or having their trial modification canceled.
The July 2010 report from the Making Home Affordable Program indicates that through the month of June Wells Fargo had begun 14,128 foreclosures and completed 2,658 foreclosures for homeowners who had their trial modification canceled. These numbers increased from the June report which indicated that Wells Fargo had made 8,610 foreclosure starts and 1,774 foreclosure completions.
Yet, there also foreclosure problems for homeowners who are denied a trial modification. The Making Home Affordable report stated that Wells Fargo had made 12,673 foreclosure starts and 4,931 foreclosure completions according to the July 2010 report, which tracks data through the month of June.
Obviously, avoiding foreclosure is the main goal of any homeowner who is struggling to meet their mortgage obligations. Homeowners are greatly troubled and angered over the experiences they have had in the modification program as foreclosures and denials of modifications are often attributed to improper documentation, defaulting while in a trial modification, having a debt to income ratio that is too low, or homeowners were denied assistance because the imminent threat of default was not present.
It’s understandable that homeowners are very frustrated as the job market is slow to add new employment positions and joblessness is a main cause for the trouble many homeowners are facing. However, there may be hope in alternative payment and modification plans that are offered from some lenders.
There are alternative modification plans from in-house assistance programs that many mortgage servicers, like Wells Fargo, have used to help those who were denied a permanent modification on their home. Yet, homeowners are still consulting the Making Home Affordable website and Hotline for more information and counseling when it comes to finding solutions for their mortgage troubles.