Wells Fargo’s home loan modification program has been in place over the past months in the hopes of helping homeowners find affordable mortgage solutions. While there have been numerous homeowners who have received assistance through these home loan modifications, there are some Wells Fargo homeowners who are frustrated at not receiving the mortgage payment reduction assistance they need.
While there are various stories and accounts from homeowners and their progress through the home loan modification program, instances where homeowners are met with trouble are seemingly, at times, the fault of a mortgage servicer or a homeowner and as a result a home loan modification may be denied.
Wells Fargo has seen improvements in their modification numbers and have offered an increasing amount of modifications to homeowners, but there also have been homeowners who have been denied a home loan modification and have accused their servicer of not taking the necessary steps to ensure homeowner assistance granted. Yet, in some cases, factors like the presence of a second lien have caused difficulties for homeowners and as a result extension plans from the Making Home Affordable Program have been presented.
As an example, the Second Lien Modification Program was set in place to assist homeowners who may have a second mortgage on their home which is preventing them from seeing lower monthly mortgage payments after a modification is granted. While there are also opportunities for homeowners who are unemployed through unemployment forbearance, extension plans from the Making Home Affordable Program are typically used by mortgage servicers like Wells Fargo to provide more expansive assistance options for troubled homeowners.
Understandably, not all homeowners may qualify for these programs and, there is likely to still be troubles between servicers and homeowners as no financial institution has been perfect in their implementation of these home loan assistance plans. Again, Wells Fargo homeowners may qualify for a traditional home loan modification, but unemployment programs, a proposed principal reduction program, second lien assistance, and foreclosure alternative plans have also been suggested and may be used more heavily in the coming months to assist a greater number of homeowners with their mortgage trouble.