Wells Fargo Federal Home Loan Modification Programs And Alternative Modification Plans

Homeowners with a Wells Fargo home loan who are struggling to make their mortgage payments have turned to foreclosure prevention efforts like the Obama Making Home Affordable Program. Modifications may be helpful for some homeowners who face foreclosure but there have been troubles between mortgage servicers and homeowners over the past months as there are accusations that many lenders like Wells Fargo are not doing all they can to help homeowners find assistance in their home loan.

However, there are homeowners who do not know that certain servicers like Wells Fargo have been offering alternative modification plans to homeowners who may not qualify for a Making Home Affordable modification. It’s understandable that homeowners who are either denied a permanent home loan modification or have their trial home loan modification or permanent modification canceled would be angry with mortgage servicers, but reports indicate that the home loan modification program from the federal government is not the only option.

While there are those who argue that alternative modification plans directly from mortgage servicers may not be as cost-efficient or offer mortgage payment terms that are as beneficial as those from the Making Home Affordable Program, homeowners who are simply looking for a way to save their home may benefit from these in-house modification initiatives. Wells Fargo, along with other mortgage servicers, has seen an increase in the number of permanent home loan modifications they have made through the Making Home Affordable Program.

Yet, there are those who feel that the number of homeowners who could have potentially been helped through the Federal home loan modification program is well below the original goal that was set. While some homeowners simply did not qualify for mortgage assistance and others feel they may have been unjustly booted from the program, these alternative in-house modification plans are options that may help homeowners avoid the loss of their home.