Wells Fargo has participated in both governmental home loan modification programs and offered alternative modification plans for homeowners who are facing foreclosure. Numerous servicers, like Wells Fargo, have recently had questions arise over whether the number of foreclosures they are processing has become an indication that mortgage modification plans either are not working as they should or if servicers themselves are the problem.
Questions over foreclosure processing practices have come to light, but there are those who say that the underlying problem of these foreclosures is not simply employee error or the signing of these documents without proper review. Many feel that any homes which were lost, or has a foreclosure which is in question, will more than likely be found to have been justly repossessed.
The reason for this, according to servicers, is that homeowners still defaulting despite having assistance plans in place. Wells Fargo still works with homeowners through not only governmental home loan modification plans, but in-house assistance programs and extension programs from the Making Home Affordable initiative, as well.
While there are different options for homeowners who are having various mortgage difficulties, Wells Fargo and other servicers are still seeing homeowners who are simply unable to make payments despite assistance. There are some who feel this problem originates from mortgage servicers, but others feel that unemployment is the main cause of housing difficulties.
Wells Fargo homeowners may still struggle with foreclosure but, again, there are options available which could help a homeowner find a more affordable monthly payment solution. While Wells Fargo has not suspended foreclosures, it’s hoped that servicers who have been processing foreclosures in a questionable manner will cause these foreclosure prevention initiatives to come under review and possibly be altered in a way that provides more affordable mortgage payment options.
Within the Making Home Affordable Program, Wells Fargo has seen increases concerning the number of permanent modifications they made this year and there are still opportunities available for homeowners to find mortgage assistance aid through these programs, despite the fact foreclosures may still remain a problem as homeowners continue to struggle in their personal financial lives.