Recent reports have stated that Wells Fargo will not join in the foreclosure suspension efforts of other mortgage servicers, as Wells has stated they feel their foreclosure proceedings to be accurate. Wells Fargo, which has been one of the top mortgage servicers in the Making Home Affordable Program, has been criticized by numerous homeowners, as have other financial institutions, when it comes to homeowners not receiving mortgage assistance.
Despite the fact that Wells Fargo has seen more and more home loan modifications made over the past few months, foreclosures do still remain a problem for many homeowners and defaults are still a present threat. Homeowners are being reported to miss payments even when home loan modification plans are in place, but there are still assistance options available which have helped numerous individuals avoid the loss of their home.
A report from Housingwire.com indicates that, not only does Wells Fargo standby its foreclosures, but it stated that seven of every 10 homeowners have been able to avoid the foreclosure process through assistance programs offered by Wells Fargo.
Homeowners are still having difficulties when it comes to making their mortgage payment, but these troubles are usually traced to factors like unemployment. While Wells Fargo does offer both governmental and private home loan modification plans, and works with homeowners through extensions of the Making Home Affordable Program, there are some who believe more needs to be done to prevent foreclosure.
Despite unemployed homeowner assistance plans being implemented, Wells Fargo continues to offer mortgage assistance options even though there are sure to be more foreclosures and defaults for some homeowners who cannot benefit from these plans. While no servicer or modification plan has been perfect, homeowners are still being advised to talk with their servicer or consult the Making Home Affordable website if they are having mortgage difficulties and are in need of some form of mortgage assistance.