Homeowners who are delinquent on their mortgage payment is a common occurrence for many financial institutions at the present time. Wachovia Mortgage is one of the financial institutions working with homeowners in the Making Home Affordable modification program but they too have had difficulties concerning homeowners who are behind on their mortgage.
Obviously, homeowners who are in a situation where they are delinquent are those who qualify for these mortgage assistance plans, but delinquency continues to be a problem for many homeowners and servicers across the nation. As an example, Wachovia Mortgage reportedly had 25,165 homeowners who were more than 60 days delinquent on their home loan according to the September 2010 Making Home Affordable Program report.
However, home loan modifications are still being used as a way to assist homeowners in these delinquent situations and, for servicers like Wachovia Mortgage, this has been a primary method of offering foreclosure prevention assistance to homeowners who are unable to meet their current mortgage payment.
Typically, homeowners began falling behind on their payments due to factors related to unemployment, and since the jobless rate has remained high, more homeowners have found that they cannot meet their monthly mortgage obligation. Yet, servicers like Wachovia Mortgage have not been without criticism within the Making Home Affordable Program.
Numerous homeowners have had trouble working with servicers and finding affordable home loan modification options from the Obama Making Home Affordable Program, but homeowners are still being advised to contact their servicer if they are having difficulty meeting their monthly mortgage obligations. Obviously, homeowners may stand a better chance at finding foreclosure prevention assistance if they work with their servicer early before their situation becomes too extreme, but homeowners who have been delinquent for a substantial amount of time may also still have mortgage modification options as well.
While, servicer implementation of these modifications has not been perfect, but homeowners are still being prompted to begin the modification process if they foresee troubles on the horizon when it comes to meeting their home loan payment.