The Making Home Affordable Program recently released data for the month of August in its servicer report and Wells Fargo saw an increase in their permanent home loan modifications, but there are still concerns over whether homeowners are getting the aid they need to avoid foreclosure. Many believe that progress has begun to slow in the Making Home Affordable program despite increases in permanent modifications.
This is thought to be the case due to the fact that homeowners are seeing more cancellations in their trial and permanent modification plans, which some feel points to either the inability of homeowners to afford their mortgage payments even when assistance is in place or error on the part of servicers to implement this foreclosure prevention program.
Wells Fargo has, as of August, made 13,230 trial modifications but many homeowners still complain that they are either denied these trial modifications or are booted from the program before a permanent modification is offered. The cumulative total of trial modifications Wells Fargo has started numbers at 180,180 and with only 48,830 permanent modifications currently in place, many homeowners have simply fallen by the wayside.
Again, there has been a great deal of criticism levied against servicers and the Making Home Affordable Program overall, but in-house modification plans are said to have been outpacing modifications from the Making Home Affordable plan. While there are homeowners who are still in need of assistance and are having trouble with the modification process, it’s hoped that with increases in modifications from the Obama Administration’s plan and in-house modification initiatives, more homeowners can find the foreclosure prevention assistance they seek.