In-House Alternative Home Loan Modification Plans From Wells Fargo–Are Modifications Available Outside HAMP Plan?

Wells Fargo homeowners may have the option of obtaining an alternative home loan modification if they are denied mortgage assistance from the Making Home Affordable Program. Homeowners have been quite angry with mortgage servicers in relation to the Obama Administration’s modification plan since there have been numerous homeowners who have been denied a trial or permanent home loan modification.

Yet reports have indicated that in-house, alternative modifications made directly from mortgage servicers have assisted homeowners who have been unable to find the home loan foreclosure prevention measures they were seeking. These alternative plans made directly from mortgage servicers are felt to be inferior to those that come from the Making Home Affordable Program by some, but there have been a wide number of homeowners who have been assisted through these in-house initiatives.

Wells Fargo, along with other mortgage servicers, has been heavily criticized and accused of not implemented modification plans as well as some feel they could have. It’s been said that some mortgage servicers are not applying consistent qualifications in the Making Home Affordable Program, but there are indications that homeowners are getting affordable mortgage payment options through these alternative modification plans.

Problems still remain between homeowners and mortgage servicers but there is hope that more individuals will find the home loan assistance they need through either the Making Home Affordable Program and extension programs, or in-house modification programs that are being made directly from mortgage servicers. While not all homeowners may find a solution to their mortgage difficulties, it’s hoped that since more options are available a greater number of homeowners will see success in their foreclosure prevention efforts in the future.