Homeowners with Wells Fargo have options for mortgage assistance that range from modifications from the federal Making Home Affordable Program to in-house mortgage assistance plans directly from their servicer. However, reports from the October Making Home Affordable Program show that there have been homeowners who, in certain cases, have received alternative payment plans which did not involve a formal modification agreement.
Some homeowners are having difficulty when it comes to finding the affordability they seek on their home loan when modifications are their only option. However, extension programs and modification efforts, which may have helped numerous Wells Fargo homeowners, are simply not right for some individuals and, as a result, these alternative payment plans outside of modification agreements have been offered by some of the top servicers within HAMP.
According to the October HAMP report, Wells Fargo had 1,103 alternative payment arrangements outside of modification agreements for homeowners whose trial modification was canceled and 891 homeowners who were not accepted for a trial modification had a similar non-modification agreement.
While the specifics of these plans are not known, there is data that suggests servicers are using various methods to assist homeowners in finding the sustainability in their mortgage payment that they seek at the present time. Obviously, various economic and personal financial factors have caused homeowners to seek out foreclosure prevention assistance, but again, there have been reports by homeowners that programs or problems with servicers have prevented these assistance options from benefiting homeowners in need.
There have been indications as well that point to the fact that some servicers are using in-house programs, be they from modifications or alternative payment arrangements, to help homeowners as there are arguments that center around qualification requirements within the Making Home Affordable Program being the source of trouble for many. Essentially, mortgage servicers may have more flexibility with their in-house programs when it comes to providing an assistance plan which may be helpful for a homeowner in a particular situation.
However, mortgage servicers and homeowners have had their fair share of troubles within the modification program and, depending on who is asked, the source of these troubles is either on the shoulders of financial institutions, homeowners, or the program in general. While there are no guarantees when it comes to foreclosure prevention, homeowners are still being prompted to contact their servicer or consult resources like the Making Home Affordable website for information on finding assistance programs which can be helpful when it comes to keeping their home.