Numerous homeowners have missed monthly mortgage payments and, as a result, have become delinquent on their home loan with servicers like Wells Fargo, along with other financial institutions. Data from the Making Home Affordable Servicer Report has indicated that missed mortgage payments still remain a problem for many individuals who are attempting to stay afloat in their home loan.
As an example, Wells Fargo has 136,768 homeowners who are delinquent on their home loan payments for 60 days or more. These homeowners, who are estimated to be eligible for a home loan modification, are typically having trouble making their mortgage payment due to factors like income and difficulties in their job.
Understandably, the recession and economic downturn over the past years is still creating numerous problems in areas like housing and mortgage servicers like Wells Fargo are still attempting to offer affordable mortgage payment solutions through the governmental Making Home Affordable Program. Some of the nation’s top financial institutions who service mortgages have still seen delinquency from homeowners over the past months despite these assistance plans being made available.
While home loan mortgage servicers like Wells Fargo and others have come under criticism for not making modifications through HAMP as widely available as many feel they should be, these ongoing programs are still combating factors like continued unemployment and slow job growth.
Servicers within the Making Home Affordable Program have not been perfect, as there are documented stories and reports of mistakes that have been made, but there are also some homeowners who are simply in such a bad financial position that they cannot afford a home loan modification payment plan, and default as a result.
While homeowner delinquency is a continuing problem, Wells Fargo and other mortgage servicers do continue to offer not only governmental modifications, but in-house mortgage assistance plans as well. Homeowners who are having trouble making their mortgage payments or who may be delinquent have been advised to contact their mortgage servicer to begin the process of finding an affordable solution to their predicament.
Home loan modifications are, again, no guarantee to helping homeowner avoid the loss of their home but many feel that homeowners who begin addressing their financial problems early may stand a better chance at keeping their home or finding an alternative to foreclosure which may be beneficial for their situation.