Wachovia Mortgage has reportedly seen an increase in the number of permanent home loan modifications they have made from August 2010 to September. The Making Home Affordable Report for the month of September has shown that some servicers have seen drops in the number of permanent modifications while others continue to increase in the amount of homeowners they have assisted through the Obama modification program.
In August, Wachovia Mortgage had 7,893 permanent modifications, but for the month of September, they saw that number increase to 10,550. Again, some mortgage servicers saw, for the first time, a drop in the number of permanent modifications they have made which has indicated that the Making Home Affordable Program has either been less helpful to certain homeowners or servicers are simply preferring to offer proprietary modifications.
Arguments state that homeowners who have been seeking home loan modification assistance have benefited more so from proprietary, in-house home loan plans than from the Obama Making Home Affordable Program. Obviously, there are still difficulties that remain between servicers and homeowners, but factors like unemployment continue to wreak havoc on the personal financial lives of homeowners across the nation.
Foreclosures are still a problem for many lenders and homeowners have continually sought to find solutions to their mortgage difficulties. Yet, homeowners that have even received modification plans on their mortgage have continued to miss payments and even default on their home loans once again.
While home loan modifications from servicers like Wachovia Mortgage are helpful in some cases, not all homeowners may be assisted through these plans. Yet, advisers often suggest homeowners contact their mortgage servicer as early as possible in order to give themselves the best opportunity to find affordable mortgage payment solutions and avoid the loss their home.