Wells Fargo Mortgage Modification Foreclosure Prevention Assistance Plans–Are Lower Payments Helping Homeowners?

Wells Fargo’s mortgage modification program has reportedly helped numerous homeowners through both governmental initiatives and private modification programs. Numerous mortgage lenders have been working within Making Home Affordable Program in order to help homeowners avoid the loss of their home through modification efforts, but many say these programs are lackluster.

However, recent foreclosure troubles have arisen with numerous servicers and has raised questions as to whether financial institutions are to blame for numerous foreclosures or if homeowners are simply unable to make these mortgage payments despite assistance plans being set in place. Wells Fargo has seen some success in the modification program from the Obama Administration, and it has also been said that banks have made more foreclosure prevention modifications to homeowners through private options as well.

Yet, many homeowners are still upset over their experience when dealing with these financial institutions and claim that servicers are not doing all they can to help homeowners in need. Aside from the fact that there have been some difficulties between mortgage lenders and homeowners, many are beginning to question whether factors outside of the control of homeowners or servicers are the result of foreclosure difficulties.

While some argue that modification programs could be more affordable, homeowners who continue to default within the making home affordable modification program or private home loan modification plans have many worried as to whether any type of assistance could help abate foreclosure problems. Some homeowners argue that they could make financial ends meet if modification payments were slightly cheaper, but there are still numerous homeowners defaulting and facing foreclosure for reasons like unemployment even though foreclosure prevention assistance programs are being offered.

It’s hoped that recent revelations over improper foreclosure practices will bring about change which can help more homeowners avoid the loss of their home, but home loan modification plans from services like Wells Fargo are still available to homeowners in need. Homeowners may contact their servicer directly or speak with a HUD-approved housing counselors concerning home loan modification plans and other foreclosure prevention assistance programs.  Homeowners who are experiencing trouble with their mortgage or foresee problems are being advised to take action in order to prevent major problems the could face in coming months.