Wells Fargo is reported to be offering in-house modification mortgage assistance plans to homeowners who may have been denied a modification plan from the Making Home Affordable Program or homeowners who simply are delinquent on their home loan and face the possibility of defaulting. Many homeowners have attempted to gain some form of mortgage foreclosure prevention assistance through modification plans, but homeowners with Wells Fargo and other mortgage servicers have been denied this assistance through the Making Home Affordable Program in some cases.
There are homeowners who are quite angry and frustrated with mortgage servicers when they are denied a home loan modification, which many homeowners feel is their only option when it comes to saving their home. However, in-house home loan modification programs available directly from lenders are said to be outpacing modifications from the Making Home Affordable Program.
Complaints that these in-house home loan modifications may not be as affordable as those from the Making Home Affordable Program have arisen, but alternative modifications have assisted numerous homeowners in finding a solution to their mortgage debt troubles. Mortgage servicers are using a variety of criteria for these in-house modification plans which include interest rate reductions, monthly payment reductions, and the extension of mortgage terms.
Understandably, homeowners with Wells Fargo who wish to save their home have met a difficult road in some cases as unemployment continues to take a toll on the housing market as mortgage delinquencies and defaults continue. However, it’s hoped that homeowners will see more success in their foreclosure prevention efforts as the Making Home Affordable Program modification plan continues to be offered, extension plans have been set in place, and these in-house mortgage modification alternatives are also available.
While not every lender has been perfect in their implementation of mortgage assistance plans and not all homeowners may find the assistance they need, it’s believed that these various options should offer more homeowners mortgage assistance during these troubling economic times.