Homeowners who have a Wells Fargo home loan may be able to receive federal housing assistance from the Obama Making Home Affordable Program. Over the past months homeowners have sought out home loan modifications in the hopes of getting a lower interest rate, an extended life on their home loan, or other alterations on their mortgage agreement that will make their monthly mortgage payment more affordable.
Mortgage servicers like Wells Fargo have worked with homeowners so that they may find affordable solutions to their mortgage difficulties, but these efforts have not been without criticism and complaints from many homeowners. Federal housing assistance plans like those offered from the modification program offer homeowners who are struggling financially a way to avoid foreclosure.
Yet, homeowners who have attempted to gain a modification have stated that many mortgage servicers are not doing all they can to provide homeowners with mortgage aid that is needed to make their mortgage payments more affordable. Wells Fargo, along with many other servicers in the modification program, have been accused of not adhering to program requirements and simply denying homeowners a modification even in cases where the loss of a home is imminent if assistance is not provided.
However, Wells Fargo and other servicers in the Making Home Affordable Program have been offering in-house modification programs to homeowners who have not qualified for the Making Home Affordable modification plan. It has been reported that more homeowners have seen results from these in-house alternative mortgage modification options than from the Obama Making Home Affordable Program but there still remains animosity between banks and many homeowners.
Despite the fact that mortgage servicers have not been perfect in their implementation of these mortgage assistance plans, it’s hoped that with greater stress being put on mortgage servicers to provide assistance to more homeowners and these alternative modification plans being made available as well, homeowners who are struggling to make their mortgage payment will find assistance either through these federal housing assistance plans or in-house options directly from mortgage lenders.