Homeowners with Wells Fargo have been seeking foreclosure prevention assistance through programs like the Making Home Affordable modification plan, which has allowed many homeowners to reduce their overall monthly mortgage payment. Yet, troubles remain as many are still defaulting despite the fact these assistance plans are in place and foreclosures are still an issue for many as well.
Yet, there has been some hope that private modifications would provide alternative assistance options for homeowners who may be denied a modification from the Making Home Affordable Program. There are reports that indicate servicers like Wells Fargo who participate in in-house modification plans have assisted more homeowners than plans offered through the Making Home Affordable initiative.
While there still remains animosity between many mortgage servicers and homeowners, it’s hoped that since homeowners may have more than one option when it comes to foreclosure prevention through home modification plans, that difficulties will soon abate when it comes to homeowners are you unable to afford their monthly mortgage payment. Understandably, factors like unemployment are a major concern, but there are some homeowners who are simply in need of a more affordable monthly mortgage obligation in order to keep their home.
Wells Fargo has seen an increase in the number of permanent home loan modifications they have made through the Making Home Affordable Plan, but if more homeowners are being assisted through these private modifications, there could be a greater number of foreclosures prevented and more options for homeowners who simply are unable to benefit from the governmental modification plan.