Despite the fact that Wells Fargo has continued working with homeowners through the Home Affordable Modification Program, there are some individuals who are turning to servicers like Wells Fargo to gain mortgage assistance through in-house home loan modifications. Alternative mortgage assistance modification plans have become more popular and are reported to be helping a greater number of homeowners when it comes to finding foreclosure prevention assistance.
Wells Fargo, for example, has made 63,056 alternative modifications just for homeowners who had their trial modification canceled through the Making Home Affordable Program. This data, which comes from the Making Home Affordable servicer report, tracks alternative assistance through the month of August 2010 and shows that homeowners with certain servicers are receiving outside assistance in some cases.
While this number is only for homeowners with a canceled trial modification, there are indications that Wells Fargo and other top lenders are not only helping homeowners who may default when an Obama modification plan fails, but there are some homeowners who have simply worked directly with their servicer and bypassed the Making Home Affordable Program altogether.
Obviously, advisers who have been speaking with homeowners in need of these alternative modification plans often suggest contacting a mortgage servicer early when problems arise in order to have the best opportunity for finding mortgage assistance. While there are still homeowners who have defaulted out of these alternative mortgage modification plans, homeowners do still have options from both governmental and in-house modification programs for foreclosure prevention assistance.