Wells Fargo Home Loan Modification Program, In-House Modification Plans, And Refinancing For Cheaper Mortgage

Homeowners with Wells Fargo are still finding difficulty meeting their monthly mortgage payment due to factors like unemployment. While this is common for many homeowners with a variety of mortgage servicers, there has been various options made available to homeowners so that they may obtain a more affordable monthly mortgage payment.

Wells Fargo, along with other mortgage lenders, has participated in the Making Home Affordable modification program over the past months and has seen some success in that they have increased the number of permanent modifications they have made from month to month. Yet, many homeowners are still angry with various mortgage servicers like Wells Fargo who they claim are not doing all they can to assist homeowners in need. While there have been troubling stories that have come from the Making Home Affordable Program, alternative modification plans have also been offered to homeowners who were denied a permanent modification from the Making Home Affordable Program.

In-house mortgage assistance plans from mortgage servicers like Wells Fargo have assisted some homeowners who were denied a modification from the Obama Administration’s modification program. However, there are still homeowners who are facing foreclosure and believe that more efforts need to be made by mortgage servicers to help homeowners find affordable solutions to their home loan troubles.

Yet, there have been opportunities for certain homeowners to refinance their home loan and get a more affordable mortgage payment as well. Mortgage interest rates are quite low at the present time and for homeowners who are in the financial position to refinance and who may be able to benefit from refinancing, this route has offered not only a way to obtain a lower monthly mortgage payment but has helped many homeowners save on the overall costs of their home loan.

While homeowners who may qualify for a modification will greatly differ from those who are in a position to refinance their home loan, these mortgage assistance efforts have been used by numerous homeowners over the past months as a way to gain a more affordable payment on their home loan. While, again, no mortgage servicer has been perfect in their implementation of mortgage modification assistance plans and Wells Fargo has not been the only lender to offer low mortgage rates for homeowners seeking to refinance, there are more options now available that will hopefully provide troubled homeowners with the means and opportunity to gain a more affordable mortgage payment.