In some cases, mortgage servicers deny home loan modification plans and, for homeowners, this can be a troubling experience. Servicers like Wells Fargo have been working with homeowners through both in-house modification plans and modifications from the Making Home Affordable Program in the hopes of offering struggling homeowners a more affordable mortgage payment solution.
However, there have been reports that some homeowners have either filed improper paperwork, default when a modification plan is in place, or who simply have an income that is already at or below a home loan modification level. Wells Fargo has not escaped criticism from homeowners when denials are in place, especially since foreclosures remain a problem across the nation.
There are those who feel that mortgage servicers like Wells Fargo need to do more in order to help homeowners find affordable home loan payment solutions so that foreclosures will not be such a widespread problem, but there are numerous routes a homeowner may be able to take if they are denied a home loan modification.
Wells Fargo, offers alternative, in-house home loan mortgage modification plans to homeowners who are having trouble meeting their monthly mortgage payments, but there are also extension plans from the Making Home Affordable Program. Second lien modifications, unemployment forbearance options, and refinancing opportunities are all available from various servicers like Wells Fargo in cases where a homeowner may need help avoiding foreclosure.
Despite the fact that homeowners still struggle and there are obstacles like unemployment that may not be overcome in some cases, Wells Fargo homeowners still have opportunities for a more affordable mortgage payment thanks to programs like modifications and other foreclosure prevention plans. Understandably, not all homeowners may find the assistance they need through these options, but there are also foreclosure alternative programs available in cases where a homeowner may simply be unable to continue owning their home.