Wells Fargo is one of the mortgage servicers who is reportedly not suspending foreclosures after backlash has come from many financial institutions who are being accused of not properly reviewing and processing foreclosure documents. While there may be some reviews called for on the part of mortgage servicers like Wells Fargo, some of these financial institutions are standing by their foreclosures and will not suspend any future actions.
The suspension of foreclosures has caused concern among many as homeowners who had purchased foreclosed properties are now either unable to continue forward in their purchase or have backed out of mortgage deals. While there is the general idea that foreclosures which are being reviewed will not be overturned, since many homeowners have already defaulted on their mortgage payments before questionable mortgage foreclosure practices had taken place, there is worry over the effects that may be felt on the housing market if suspensions last too long.
While, again, Wells Fargo and other mortgage institutions are not suspending foreclosures, there has been questions which have risen over the number of foreclosures that are being faced. Servicers like Wells Fargo have also been reported to have seen more homeowners defaulting out of modification assistance programs, along with the homeowners of other mortgage servicers as well.
Wells Fargo does still offer home loan modification programs, both governmental and private, to homeowners who are facing the loss of their home, but there is questions as to whether these plans are helping homeowners on a wide scale. Vast amounts of foreclosures have been traced back to the reason why certain mortgage servicer employees did not properly review documentations as thousands of foreclosure documents came across their desk.
Foreclosures do still remain a problem for homeowners who are having difficulty making their home loan payments, but servicers like Wells Fargo are still offering home loan modification programs in the hopes of helping homeowners avoid the loss of their home. Also, there is hope that recent revelations over foreclosures will require a more thorough review process and hopefully offer a greater number of homeowners the opportunity to save their home through foreclosure prevention efforts.