Wells Fargo homeowners who are suffering in their financial lives and are in need of mortgage assistance do still have options through the Making Home Affordable modification plan and extensions available directly from their servicer. Many financial institutions like Wells Fargo have had success when it comes to offering mortgage assistance through modifications, but some homeowners are still facing difficulty when it comes to the affordability of their home loan payment.
While Wells Fargo has seen some positive results in the Making Home Affordable Program, there are homeowners with a variety of mortgage institutions who are still defaulting on their home loan payments. This problem can be traced back, in most cases, to unemployment, but as a result of continued troubles in the housing market, home loan modifications are not the only option some homeowners may have when it comes to lowering their home loan payments.
There are reports that extension programs and in-house home loan modifications made directly from servicers may be of assistance to homeowners in certain situations. Wells Fargo, reportedly, has been able to offer some homeowners alternative mortgage assistance plans or have been able to aid homeowners through extension plans like the Second Lien Modification Program or unemployment mortgage assistance, like forbearance plans.
Troubles with foreclosures do remain and there are servicers who have been questioned over the validity of some of their foreclosure documents over the past weeks, but homeowners who are still fighting the loss of their home or may foresee trouble on the horizon have opportunities through these various assistance plans from servicers like Wells Fargo.
Understandably, there are still problems between homeowners and mortgage servicers, and Wells Fargo has had their fair share of criticism when it comes to modification programs. However, homeowners are still being advised to contact their servicer if they feel their mortgage payment may become a problem and they may need some form of home loan payment assistance in the near future. Obviously, advisers suggest talking with a servicer earlier rather than later, as financial institutions like Wells Fargo may be able to offer homeowners more affordable solutions to their mortgage predicament if a homeowner’s payment situation has not become too dire.