Homeowners have been fighting to get accepted into a governmental trial modification program, which are being offered by home loan servicers like Wells Fargo. Reports from the Making Home Affordable Program have shown that more permanent home loan modifications are being made from various servicers, but these efforts are said to be slowing compared with the number of homeowners facing foreclosure.
Obviously, homeowners with Wells Fargo and other servicers are looking for a trial modification in the hopes of not only finding affordability in their mortgage payment, but also in the hopes of getting permanent mortgage assistance on their home as well. While many mortgage servicers in the Making Home Affordable Program did see a decrease in the number of active trial modifications they have in place, Wells Fargo saw an increase over the past two reports.
According to the September Making Home Affordable report, Wells Fargo had 11,027 active trial modification at the conclusion of September, but they had 11,297 active trial programs in place at the end of October. While this is not a substantial jump, numerous servicers have seen decreases in their trial modifications over the past months, which have obviously brought heat from homeowners.
While there are in-house modification assistance programs available, homeowners are accusing both mortgage servicers and the governmental modification program overall as being unhelpful and in need of change. Qualifications are said to be causing many homeowners trouble, as many simply don’t meet the requirement for federal assistance on their home loan, but homeowners may still have assistance offered from their servicer through an alternative modification plan or from an extension option from the Making Home Affordable Program.
Not all homeowners can avoid foreclosure through these assistance plans but resources like HUD-approved housing counselors and the Making Home Affordable website are still in place to offer direction for homeowners in need of financial assistance so they can meet their monthly mortgage requirement.