Wells Fargo has still seen success in the Making Home Affordable Program as recent reports indicate, for the month of August 2010, Wells saw an increase in the number of permanent home loan modifications they have made. While increases in the Making Home Affordable Program are a positive sign that more homeowners may be finding the assistance they need, there have also been reports that state in-house alternative modifications have outpaced the Obama Administration’s modification programs, in terms of the number of homeowners who have been helped.
Yet, many say these modification initiatives have had mixed results at best since there are still troubles with homeowners who are either defaulting while in a home loan modification program or redefaulting after mortgage assistance plans have been offered. There are indications that more homeowners may have defaulted while in alternative modification plans, which many see as a problem since these modifications are said to be helping more homeowners.
There are those who feel alternative modifications made by servicers like Wells Fargo are not as affordable as modifications that are made by servicers through the Making Home Affordable Plan, but others say these alternative programs have been successful since more homeowners have found the mortgage aid they need when rejected from HAMP.
It’s hoped that Wells Fargo and other mortgage servicers will be able to tailor modification plans from in-house programs to better fit a homeowner’s mortgage assistance needs so that more homeowners can be helped through either the Making Home Affordable modification plan or from servicer-direct assistance. While, again, Wells Fargo continues to make more modifications for struggling homeowners, there are those who say more needs to be done especially since factors like unemployment continue to cause problems in the housing market.