Wells Fargo In-House Alternative Home Loan Modification Plans–Are Assistance Plans Outside Of HAMP Available?

Homeowners with Wells Fargo have been seeking foreclosure prevention assistance through the Making Home Affordable Program over the past months as a way to make their monthly mortgage payment more affordable. However, there have been troubles between mortgage servicers and homeowners when it comes to meeting the qualifications for the modification plan set forth by the Obama Administration.

There are some who argue that mortgage servicers are not treating all homeowners the same, which has caused many to either be disqualified from the modification program or be denied mortgage assistance altogether. However, Wells Fargo has been one of the mortgage servicers who has offered alternative modification plans to homeowners who may face foreclosure or who may have been booted from the home loan modification plan.

While it has been stated that these alternative modification options use various criteria, it is believed that these alternative modification plans may be more beneficial for some as they can be tailored to meet a homeowner’s specific modification needs. Alternative assistance plans through mortgage lenders like Wells Fargo have been criticized by some but there is a little that is known about these alternative modification plans.

Some reports have stated then these alternative modification initiatives are not as beneficial for homeowners as those offered from the Making Home Affordable Program, but there are also indications that these programs have been helping more homeowners than the Making Home Affordable modification plan. While Wells Fargo continues to work with homeowners through both Making Home Affordable modifications and alternative modification plans, it’s believed that while troubles still remains, more homeowners may find foreclosure prevention assistance since more options may be available for their mortgage troubles.