Wells Fargo Home Loan Modification Program–Alternative Foreclosure Prevention Plans Offered Outside Of HAMP

Homeowners with a Wells Fargo home loan have been using the Making Home Affordable Program as a way to obtain a more affordable home loan payment in situations where homeowners are struggling to meet their mortgage obligations. However, there have been difficulties faced by many homeowners and, as a result, some homeowners have been denied a modification from the Obama Making Home Affordable Program.

Yet, there are reports that homeowners may be able to obtain alternative foreclosure prevention plans from specific lenders, like Wells Fargo, who can offer those who were not accepted for a permanent or trial modification a way to save their home. While there have been difficulties between homeowners and mortgage servicers, and Wells Fargo has had a great deal of criticism thrown their way, it has been reported that alternative modifications have been given to some homeowners who were rejected from the Obama Modification Program.

According to the July 2010 Making Home Affordable servicer report, Wells Fargo has given 40,239 alternative modifications to homeowners who were not accepted into the trial modification program and 57,469 alternative modifications to homeowners who had their trial modification plan canceled.

While there have been many angry homeowners who have come away from dealing with mortgage servicers, there is hope that these alternative foreclosure efforts may be helpful in cases where a Making Home Affordable modification is denied. Yet, there are also reports that some of these in-house mortgage assistance plans may not be as beneficial as the Making Home Affordable Program modification plans, and in some cases, may still be burdensome to homeowners.

However, there have been homeowners who have benefited from these in-house foreclosure prevention initiatives from lenders like Wells Fargo and, in a case where a homeowner is denied a modification from the Making Home Affordable Program, alternative options will surely be welcome.