Despite increases in overall home loan modifications, Wells Fargo and other financial institutions have begun to see slowdowns in the number of homeowners who are being assisted through the Making Home Affordable Program. Homeowners still continue to seek assistance on their mortgage, but many feel that these mortgage assistance options, like home loan modifications, are simply unhelpful or are not being used by mortgage servicers in a way that will assist the highest amount of homeowners possible.
However, Wells Fargo is one of the mortgage servicers who has been linked to HOPE NOW and has reportedly offered homeowners proprietary home loan modifications, which are made directly from a mortgage servicer. Reports indicate that homeowners who are either denied a home loan modification or are attempting to find mortgage assistance have benefited in greater number from these in-house home loan modifications.
There are those who feel that mortgage modification programs are only beneficial to servicers and are not being used in a way that is helpful to the majority of homeowners, but Wells Fargo and numerous other mortgage institutions are said to have made a greater number of these in-house modifications, which may be a cause behind lower numbers in governmental modifications.
Mortgage servicers like Wells Fargo do still offer modifications, from either the Making Home Affordable Program or from in-house options, but it needs to be understood that these mortgage assistance plans are not perfect and are no guarantee when it comes to helping homeowners avoid foreclosure.
Numerous homeowners have been aided by these mortgage modifications and have saved their house as a result of working with their lender to find more affordable mortgage payment options, but there are still outside factors and troubles within modification plans that are creating problems and denying some homeowners to lower mortgage payment they need. Yet, homeowners are still being prompted to speak with their mortgage servicer and inquire about assistance plans which may be available for their particular situation from either the Home Affordable Modification Program or proprietary home loan modification opportunities.