Wells Fargo has been one of the mortgage servicers who has not only been able to aid homeowners in the Making Home Affordable modification program but have also been a lender with which homeowners have refinanced their home loan in order to get a more affordable payment. Homeowners across the nation are looking for ways to make their monthly mortgage obligation more affordable, but the method they choose to accomplish this will be dependent upon their circumstances.
Home loan modifications have been used by mortgage servicers like Wells Fargo to assist certain homeowners who are in need of a lower monthly mortgage payment. There have been troubles between homeowners and Wells Fargo, and Wells has not escaped criticism, but there have been increases in the number of permanent home loan modifications that have been made in the Making Home Affordable program and through in-house initiatives from many banks.
However, certain homeowners have been able to take advantage of low mortgage interest rates that have been offered over the past months as reports indicate rates continue to drop. While homeowners who are struggling to make their mortgage payments may not qualify for a refinancing opportunity or may be unable to afford to refinance, there have been many individuals who have locked in a lower mortgage interest rate and monthly payment simply by refinancing their home loan.
While Wells Fargo’s homeowners are not required to refinance with them, as another mortgage lender may offer a lower interest rate, homeowners who are seeking a permanent home loan modification must begin the process by working with their mortgage servicer. Again, there have been homeowners who have had troubles with their mortgage servicers in the modification program but alternate sources like the Making Home Affordable website and Hotline that may also be made available to guide homeowners in need of mortgage assistance.
Also, aid from in-house programs provided by servicers like Wells Fargo have also been helpful in some cases but there are homeowners who believe these types of modifications are not always as affordable as those from the Making Home Affordable Program. While homeowners and mortgage services will most likely continue to have troubles, there are various options that can be made available to those who are struggling with their mortgage payment or simply want a more affordable home loan payment obligation.