Reports indicate that Wells Fargo has been one of the top mortgage servicers in the Making Home Affordable Program who has also offered homeowners the opportunity to gain an alternative modification if they are denied assistance through the home loan modification program from the Obama Administration.
Yet, there are many asking whether these in-house mortgage assistance plans are helpful for homeowners who are denied a modification from the HAMP plan. Wells Fargo has been one of the lenders who has come under a great deal of criticism over the past months from frustrated homeowners who feel that lenders are not doing all they can to provide foreclosure assistance to homeowners.
While alternative modifications have been a lifeline for many homeowners who felt the the loss of their home was the next step after a denial from the Making Home Affordable Program, there are those who feel these alternative plans may cost homeowners more than a modification from the Obama Administration’s plan.
There have been reports that show more homeowners are being offered an in-house mortgage modification directly from mortgage servicers, but there is concern over the terms of these plans. Yet, those homeowners who may have been denied a modification from the Making Home Affordable Program through lenders like Wells Fargo may find a way to save their home even if the terms are not similar to the Modification Program.
As the economy and job market continue to pose problems for many homeowners there is still the call for more solutions to be presented to prevent foreclosures. Lenders remain adamant they are doing all they can, but homeowners who are frustrated say it’s not enough and more options need to be made available.