Wells Fargo has seen some success in their home loan modification programs, but homeowners still continue to see troubles in the form of defaults and foreclosures. Recent reports concerning certain mortgage lenders has also cast questions as to whether foreclosures are being properly processed by banks, and has many people wondering if home loan modifications are aiding homeowners in the prevention of the loss of their home.
While increases in Wells Fargo modifications have been seen in the Making Home Affordable Program and reports indicate that, overall, private modifications have helped a greater number of homeowners find a lower mortgage payment, there are still homeowners who default when assistance plans are in place.
Homeowners have been at odds when servicers over the past months as many feel banks are not doing all they can to keep homeowners in their home through modifications. Foreclosures have yet to abate and, as a result, servicers like Wells Fargo are being called on the make a greater effort to provide affordable mortgage assistance solutions to troubled homeowners.
Factors like unemployment are a large problem for both servicers and homeowners, and until more jobs come available for homeowners, foreclosures will be likely to continue. However, with servicers like Wells Fargo offering modifications from the Making Home Affordable program and in-house plans, it’s hoped that more individuals will find the foreclosure prevention assistance they need.
Yet, there are also alternative plans that homeowners with Wells Fargo may explore, like foreclosure alternative plans and unemployment forbearance options, in some cases. There is no certainty when it comes to mortgage assistance, but homeowners who are having trouble making their home loan payments are being advised to contact their mortgage servicer about assistance options or consult resources like the Making Home Affordable website for additional information.