Wells Fargo has provided home loan modifications for homeowners through the Making Home Affordable Program over the past months and, according to reports, has seen increases in the number of permanent modifications that have been made. However, there are still troubles that remain between servicers and homeowners as the modification program continues and more homeowners are still seeking foreclosure prevention assistance.
Yet, there are indications that Wells Fargo has been able to offer in-house modification plans to homeowners who may not qualify for a home loan modification through the Making Home Affordable Program or for those who may have simply contacted their servicer directly about a modification. While mortgage servicers like Wells Fargo are still criticized for their participation in the modification program and their implementation of these assistance plans, more homeowners are seeing assistance through various modification plans than in previous months.
There are still problems that remain between homeowners and servicers like Wells Fargo and not every homeowner has seen the assistance they need to avoid the loss of their home, but it’s believed that with these in-house modification plans beginning to aid more homeowners, alternative routes to affordable home loan solutions may be made available for a greater number of homeowners.
While there is not a lot that is known about these in-house modification plans, since servicers use their own qualifications and criteria, it’s believed that more homeowners are finding help directly from mortgage servicers than from the Obama modification program, which could be a positive sign since the Obama modification plan has seen increases in the number of permanent modifications from month to month.
Again, modification programs and mortgage servicers have not been perfect in their foreclosure prevention assistance initiatives, however, there are those who feel that with more opportunities available through various programs a greater number of homeowners can find the foreclosure prevention plans they need to make their home more affordable.