Wells Fargo Home Loan Modification Program And Alternative Foreclosure Prevention Plans From In-House Programs

Wells Fargo has been a participant in the Making Home Affordable Program, which has offered homeowners a home loan modification in cases where mortgage difficulties have arisen and foreclosure may be close at hand. However, there have been numerous complaints by homeowners against various mortgage servicers who are using the home loan modification program to provide assistance, as many of these individuals feel servicers are not doing all they can to provide foreclosure prevention options.

Yet, Wells Fargo, along with other mortgage servicers, have been reportedly offering in-house modification plans to homeowners who have either been unable to obtain a modification through the Making Home Affordable Program or who simply need mortgage assistance as they face the loss of their home. There are arguments that these in-house modification alternative plans are not as beneficial as those offered from the Making Home Affordable Program, but homeowners have been receiving assistance through these alternative plans.

Homeowners remain at odds with many mortgage servicers as there are accusations that the modification programs have not been implemented properly and there are homeowners who feel they have been unjustly denied mortgage assistance. However, there have been increases in the number of permanent modifications that have been made over the past months through the Making Home Affordable Program, and reports indicate that more homeowners are being helped through alternative modifications than those from the Obama Administration’s plan.

No mortgage servicer has been perfect in their implementation of these assistance options, but it’s believed that since homeowners are not only able to take advantage of modifications and extension programs from the Making Home Affordable Program, but in-house modification options as well, more will find the foreclosure prevention assistance they seek.