Foreclosure troubles and questions over documentation have extended to various mortgage servicers within the housing industry, and has caused an outcry for suspensions and a review process on numerous foreclosures. While many of the nation’s top mortgage servicers have suspended foreclosure proceedings, Wells Fargo has stated that they stand by their foreclosure procedures and will not stop foreclosures at the present time.
There has been a call for Wells Fargo to review foreclosures, and there are some cases where they are going over foreclosure documents again, but the suspension of foreclosures has not been an action that has been taken. However, Wells Fargo and other mortgage servicers who are experiencing foreclosure suspensions have many wondering what has become of home loan modification plans, which were supposedly preventing foreclosures.
Wells Fargo has seen an increase in the number of modifications they have made for homeowners through the Making Home Affordable Program and there are indications that servicers like Wells Fargo have made private home loan modifications that exceed the number of homeowners assisted through HAMP.
There is concern that either servicers are not doing all they can to keep homeowners in these foreclosure prevention programs or homeowners are suffering so greatly from problems like unemployment that mortgage assistance plans simply do not help. While this issue is one that is highly debated, there are questions which have arisen as to why so many homeowners continue to default despite having mortgage modification assistance set in place.
Yet, despite troubles that are being faced by numerous servicers across the nation, those like Wells Fargo are still offering modification plans for homeowners who are struggling and worry they may soon lose their home to foreclosure. Servicers can be contacted directly by homeowners who are seeking a modification or resources like the Making Home Affordable website have also been consulted by homeowners who are having trouble with foreclosure prevention assistance options which may be available.