Wells Fargo Home Loan Modification Program With Delinquent Borrowers In Trial Modification

Homeowners with a Wells Fargo mortgage have been asking for assistance from the Making Home Affordable modification program in order to keep their home and avoid foreclosure. Many homeowners have been offered a trial home loan modification after they have become delinquent in their mortgage payments but many are finding the modification program to be a difficult process and have become angry with mortgage servicers.

Trial modifications have been said to be causing a backup in the modification program. Many mortgage services are keeping homeowners in a trial home loan modification for much longer than is required and for some homeowners in these trial modifications delinquency and defaults have become problem again.

Yet for many, trial modifications have been drawn out and some homeowners have had to stay in the trial phase of the modification program for much longer than is required. More permanent home loan modifications have been made but there are homeowners who are seeing extended trial modifications and many homeowners are simply unable to benefit from this type of mortgage assistance.

It has been reported from the Making Home Affordable servicer report for the month of July that over half of the homeowners who are denied a permanent modification by having their trial modification canceled have found alternative forms of assistance through in-house programs from mortgage servicers. However, there has been a call from homeowners that more needs to be done in order to prevent more foreclosures.

At the time of the July 2010 Making Home Affordable report, Wells Fargo had 156,332 delinquent homeowners since the program began. While, again, there have been increases in permanent modifications, there are those who are still suffering and need some form of mortgage aid that will help deal with specific problems that homeowners are facing in which a traditional modification is of no help.