News of foreclosure difficulties with many mortgage servicers has recently arisen and has caused concern for the housing market and the foreclosure processes that have been used by many servicers over the past months. While Wells Fargo has recently stated they will not suspend foreclosures, homeowners with Wells are still struggling to make ends meet concerning their home loan payments.
Numerous individuals have struggled with foreclosure as a result of various financial and economic factors, but homeowners who are seeking assistance from Wells Fargo may have multiple opportunities for aid with their monthly mortgage payment obligation. Wells Fargo has been one of the large mortgage servicers working within the Making Home Affordable Program and has offered assistance plans to homeowners through this avenue.
However, news of foreclosures recently brought to light the fact that a great deal of homes are being lost across the nation and, according to reports, some homeowners are defaulting even when home loan modifications are in place. While there have been critics of mortgage servicers and the Making Home Affordable Program, homeowners who have not been helped by the governmental modification program may find assistance through alternative mortgage plans.
Servicers like Wells Fargo are reported to be making in-house home loan modifications to homeowners who may not qualify for a home loan modification from the Obama Administration’s plan, or homeowners who have been kicked out of the program for improper documentation, defaulting, or other reasons. While no home loan modification program is perfect, homeowners may have a second chance at saving their homes through these in-house modifications from servicers like Wells Fargo, even though there are indications that servicer modifications may not be as affordable as those from HAMP.
While foreclosures remain a problem and concern for many homeowners, increases in the number of modifications that are being made and, in light of recent revelations over foreclosure proceedings, hopeful changes in the way servicers handle foreclosures may bring more homeowners the opportunity to save their home and find affordable mortgage payment solutions.