Homeowners who may be seeking a lower monthly payment from Wells Fargo do have assistance options available from home loan modifications, but there have been individuals who have used refinancing to lower their mortgage payment as well. However, homeowners who may be able to take advantage of a refinancing opportunity will vary greatly from those who are in need of a home loan modification plan.
Wells Fargo has been a participant in the Making Home Affordable modification program and, as a result, has made permanent modifications for homeowners in need of a more affordable mortgage payment. Yet, modifications and servicers who implement these programs have not been perfect and some homeowners have not found the assistance they need.
For this reason, many mortgage servicers, like Wells Fargo, offer alternative home loan assistance modifications, which are reported to have helped a greater number of homeowners over the past months. While these alternative, in-house modification plans are available to homeowners, there are problems that remain since foreclosures still remain a present threat for numerous homeowners, even when a modification plan is in place.
While modifications have been used by many over the past months, low home loan interest rates have also afforded certain homeowners the ability to refinance for either a longer mortgage term or lower interest rate, which has brought about a lower monthly mortgage payment on their home loan.
Refinancing opportunities are not available for every homeowner, but those who have had equity in their home, a good credit score, and the funding that is required for refinancing costs have benefited by locking in a lower mortgage payment. Yet, homeowners who are still struggling financially may not be able to afford the costs that come with refinancing, so they are still seeking assistance options to address their specific needs.
Homeowners who are struggling are being advised to speak with their mortgage servicer early, if mortgage payment difficulties arise, as they may have a better opportunity for gaining control over their mortgage situation if they begin seeking assistance from their servicer early.