Homeowners with Wells Fargo have had difficulty meeting their monthly mortgage payment obligations, which is something that seems to be more common among homeowners with various servicers across the nation. As an example, Wells Fargo has seen an increase in the number of homeowner delinquencies, which have been reported in the Making Home Affordable monthly servicer report.
Home loan modifications have been a lifeline for numerous homeowners, but there have been critics of these programs, particularly in federal mortgage modifications which are being used by various financial institutions across the nation. Homeowners and critics have cited the fact that there are too few modifications being made when compared with the number of foreclosures that are being seen, but servicers have argued that alternative home loan modifications made from in-house programs are seeing a great deal of success in the area of foreclosure prevention.
Yet, Wells Fargo did see an increase in homeowner delinquencies from August to September, according to data released by the Treasury Department. According to the report, Wells Fargo had 136,768 homeowners who were over 60 days delinquent on their mortgage at the end of August 2010. This number rose to 153,642 homeowners as of September 2010.
It’s understandable that various factors, like underemployment, underwater mortgages, and unemployment have caused these mortgage troubles for numerous homeowners, but mortgage servicers are getting a good deal of the blame when it concerns the sustainability and affordability of these federal assistance plans. While many financial institutions are quick to cite that homeowners simply do not qualify, according to Making Home Affordable standards, others suggest that servicers are keeping homeowners in trial modifications for too long or are simply denying homeowners the assistance they need.
Many homeowners are reluctant to believe that servicers are helping homeowners through these federal modification plans, but these forms of assistance have seen increases in the number of homeowners who have been assisted over the past months. While servicers and modification plans are no guarantee to preventing foreclosure, homeowners who are having difficulty making their mortgage payments have been prompted to contact their primary servicer or consult resources like HUD-approved approved housing counselors for help in their particular mortgage situation.