Wells Fargo has been one of the mortgage servicers within the Making Home Affordable Program to see an increase in the number of permanent home loan modifications that have been made over the past months. According to the August 2010 Making Home Affordable servicer report, Wells Fargo saw another increase in permanent home loan modifications from July to August.
In the July 2010 Making Home Affordable Report, Wells Fargo’s permanent home loan modifications stood at 46,732. Yet, in August 2010’s report, Wells Fargo Bank had made a total of 48,830 permanent home loan modifications through that month. While many mortgage servicers continue to see increases in the number of permanent home loan modifications, there are still concerns from many homeowners and analysts who believe troubles remain.
Some homeowners are finding home loan mortgage payments to be difficult even when assistance plans are in place, so this has led to many cancellations as some homeowners have defaulted during trial or permanent modification periods. Yet, recent reports have been released stating that in-house home loan modifications are also being used to assist homeowners who are having trouble meeting their monthly mortgage payment and may not benefit from the Making Home Affordable modification plan.
It’s hoped that homeowners who do not find any assistance from the modification program offered by the Obama Administration, through major mortgage servicers, will find help from the in-house mortgage modification initiatives that are being made available directly from these lenders. While mortgage servicers like Wells Fargo have not been perfect, if homeowners have more options for foreclosure prevention, it’s believed that it will greatly benefit the housing market and troubled homeowners overall by preventing more foreclosures.