Wells Fargo Home Loan Modification Foreclosure Prevention Plans–What Assistance Programs Prevent Foreclosure?

Wells Fargo has continued with their modification programs both with in-house mortgage assistance plans and modifications made from the Making Home Affordable Program. As of the August 2010 Making Home Affordable servicer report, Wells Fargo has made 48,830 permanent home loan modifications and 13,230 active trial modifications.

While many see these continued increases in the number of modifications from the Making Home Affordable Program to be a positive, there are those who feel more needs to be done. In-house home loan modification programs from servicers like Wells Fargo have been reported to have helped numerous homeowners that were denied a modification and may still be struggling with their mortgage payments.

The foreclosure prevention plans that had been used by Wells Fargo are also being implemented by numerous top servicers in the nation, but there is concern that homeowners are still unable to meet their mortgage payments even when modification programs are in place. While there are complaints that alternative modifications made directly from servicers do not offer homeowners a mortgage payment that is as low as plans from the Obama Administration’s modification initiative, many homeowners have still been assisted through these programs.

Yet, animosity remains between servicers and homeowners, but institutions like Wells Fargo are continuing to make home loan modifications for troubled homeowners through HAMP and other foreclosure prevention efforts that are set to deal specifically with problems like underwater mortgages or unemployment. Criticism remains when it comes to these modification plans, but there are those who feel that no matter what type of modification a homeowner gets, there are simply those who are burdened so heavily by factors like unemployment that they will be unable to pay their mortgage no matter what type of assistance plans are in place.