Wells Fargo has seen some success in their home loan modification efforts as increases in the number of permanent home loan modifications continue, according to the August 2010 Making Home Affordable servicer report. Yet, there have been homeowners who were denied a home loan modification, which has left many wondering what other options may be available to save their home.
According to the August 2010 Making Home Affordable report, Wells Fargo, as of July 2010, had not accepted 84,395 homeowners for trial modifications. Understandably, homeowners who are unable to obtain a trial home loan modification will be unable to find a permanent home loan modification option, which leaves many concerned over the possibility of foreclosure.
Yet, there are reports that indicate homeowners may have alternative modification options available from mortgage servicers through in-house modification programs which are being used by many financial institutions to help homeowners avoid the loss of their home. While there are still complaints and concerns over these in-house initiatives and calls for mortgage servicers to do more within the Making Home Affordable Program to make modifications available, it’s reported that these in-house modification programs have helping more homeowners over the past months than the governmental modification plan.
Trouble still remain between homeowners and mortgage servicers, but it’s believed that with more options available to homeowners, like these alternative modification plans directly from mortgage servicers, a greater number of individuals will find foreclosure prevention assistance on their home. There have been some homeowners who have faced foreclosure or bankruptcy as a result of being denied a trial home loan modification, but with more options available to help homeowners save their home, it’s hoped that foreclosure rates and homeowner troubles will begin to decrease in the future.