Wells Fargo Home Loan Modifications For September–Permanent Modifications Increase

Wells Fargo homeowners continue to see increases in the number of permanent modifications being offered by their servicer as the September 2010 Making Home Affordable Report shows an increase in permanent modifications made from August to September. While there have been some servicers who have seen decreases, Wells Fargo was able to offer more permanent modifications to homeowners who have had difficulties making payments on their home loan due to factors like unemployment.

According to the report, Wells Fargo had 48,830 permanent home loan modifications as of August 2010, but saw that number increase to 50,815 in September. While there are still homeowners struggling to make their mortgage payments and still missing payments despite having home loan modification plans offered, servicers are also working with homeowners in the area of proprietary modifications.

There are some indications that these in-house modifications are outnumbering the Making Home Affordable modification program, in terms of homeowners who have received assistance. While there are some arguments that in-house home loan modification plans do not offer payment options which are as low as those from the Making Home Affordable Program, more homeowners are being given assistance through these foreclosure prevention efforts.

While there have been questions over whether mortgage servicers have been offering homeowners assistance in all cases, increases from certain servicers give many homeowners hope as, again, Obama modification plans and proprietary modification programs are still available from many of the nation’s top mortgage institutions.

Yet, homeowners are still being advised to contact their servicer early if they foresee mortgage payment troubles on the horizon. While a home loan modification is no guarantee when it comes to preventing foreclosure, homeowners who seek assistance early, before their mortgage situation gets out of hand, typically have a better chance at avoiding the loss of their home than if they wait for their situation to become more troublesome.