Wells Fargo has been one of the mortgage servicers to offer home loan modifications through the Making Home Affordable Program for homeowners who are in need of a lower monthly mortgage payment. Factors like unemployment and the loss of value in many homes across the nation have necessitated homeowners find ways to lower their mortgage payment and modifications have been a common way which this has been accomplished.
Yet, despite the fact that Wells Fargo has seen an increase in the number of permanent home loan modifications they have made, there are homeowners who are unsuccessful in finding the assistance they seek through these modification programs. The Making Home Affordable servicer report for August 2010 indicates that Wells Fargo, as of July 2010, has canceled 106,792 trial modifications.
While, again there are homeowners who were denied a trial modification or defaulted when they had a permanent modification place, there are numerous homeowners who have struggled within the trial modification process for a number of reasons. Yet, there may be hope for these homeowners who have their trial home loan modification canceled as alternative plans have been made available.
Wells Fargo homeowners have, sadly, faced foreclosure or bankruptcy in some cases, but there are those who have been able to take advantage of short sale or deed in lieu of foreclosure plans. Foreclosure alternative options have allowed some homeowners who are facing the inevitable loss of their home to forgo the foreclosure process, which could allow them to rebuild their finances in a timelier manner and reenter the housing market sooner.
There are also hopeful reports that alternative, in-house mortgage servicer modifications are helping more homeowners than the Making Home Affordable Program. While there are still difficulties and animosity that exists between servicers and homeowners, it’s hoped that with increases in the number of permanent modifications through the Making Home Affordable Program and alternative assistance options available, more homeowners will find the foreclosure prevention assistance they seek.