Many homeowners feel that the Making Home Affordable Program has seen, at best, mixed results and some have felt that servicers have had lackluster performances when it comes to offering help through federal modification plans. However, Wells Fargo did see an increase in the number of permanent home loan modifications they made between September and October, according to recent reports.
In the month of September, the Making Home Affordable Program reported that Wells Fargo had made 50,815 permanent home loan modifications at that time, but the October report showed 51,783 active permanent modifications for Wells.
While some may see these increases on the part of numerous servicers as a positive sign, others feel that financial institutions need to do more so that homeowners can find both affordability in their mortgage payment obligations and sustainability in these mortgage modification plans. Numerous homeowners have cited problems on the part of servicers within the Making Home Affordable Program, and there are those who feel that financial institutions are unwilling to make these types of assistance plans available to the majority of homeowners.
Yet, despite troubles in the federal home loan modification program, there are reports that indicate servicers like Wells Fargo, among many others, have been offering in-house, alternative assistance modification plans to homeowners who face foreclosure. These alternative mortgage modifications are said to greatly outnumber federal home loan modification programs as servicers can tailor both qualifications and program assistance options to meet individual homeowner needs.
There have been some mortgage servicers who have stated qualifications for federal modification plans are unhelpful to numerous homeowners simply because they cannot meet the requirements or sustain mortgage modification payments. Yet, alternative modifications are also available and, many feel may be more accessible, simply because servicers do not necessarily have sweeping qualifications which apply to every homeowner.
Home loan modifications have not been a guarantee when it concerns foreclosure prevention efforts, but financial advisers are still insisting that homeowners who are having trouble meeting their mortgage payment obligation contact their servicer to see what assistance may be available. Homeowners may have a better opportunity to find mortgage payment help if they work with their servicer early when trouble arises, but again, modifications and alternative assistance might not be an option for all homeowners.