Homeowners who are seeking mortgage assistance from servicers like Wells Fargo are still able to take advantage of modification plans that are being used to prevent foreclosure. Various methods are being used through different plans by servicers in order to lower monthly mortgage payments that homeowners must meet on their home loan obligation.
What needs to be understood is Wells Fargo and other financial institutions have not been perfect in their implementation of these mortgage assistance plans both from governmental modification plans and alternative home loan modifications, but there are indications that servicers may be able to offer a variety of assistance options through various means to make homes more affordable.
While the specifics that each mortgage servicer uses is not reported, overall, the Making Home Affordable servicer report states that homeowners who have an active permanent modification have been assisted through the use of interest rate reductions, mortgage term extensions, and principal forbearance options in certain cases.
Wells Fargo and numerous other banks have seen some success in the Making Home Affordable Program but there are indications which state homeowners may have seen more opportunities through alternative home loan modifications as well. However, the end result of these modification plans are to simply stabilize the housing market by offering more affordable monthly payments to homeowners who are struggling in their finances at the present time.
Many homeowners have had troubles when dealing with their mortgage servicer, and modifications have been no guarantee when it comes to making a homeowner’s payment more affordable. Yet with various methods being used through either lower interest rates or term extensions, as well as, Making Home Affordable extension programs like second lien modifications, it’s hoped that more homeowners will begin seeing success in the coming months when it concerns finding a plan to allow them to meet their mortgage payment.
Homeowners with Wells Fargo can consult their mortgage servicer about options available for their personal home loan situation, but there are also resources like HUD-approved housing counselors which may be consulted by homeowners who are looking for more affordability in their mortgage payment as well. Again, servicers, homeowners and the modification program in general have not been perfect in their efforts to prevent foreclosure, but homeowners still need to be aware that these modification plans are available to assist homeowners who are in need and qualify for these forms of mortgage aid.