Homeowners with Wells Fargo have had foreclosure prevention plans through home loan modification programs available over the past months, but when pursuing both federal and, at times, in-house mortgage assistance options, there have been homeowners who have struggled. However, servicers like Wells Fargo are continuing to make known their foreclosure prevention efforts through modifications and, events like a Wells Fargo workshop which was recently held, may offer homeowners more assistance when pursuing a home loan modification.
Efforts through the federal Making Home Affordable Program have been difficult and trying for both homeowners and servicers. Many homeowners have complained that, despite increases in the permanent modification status of many homeowners with various servicers, the home loan modification trial process and application procedure is difficult and many have met with frustrating results.
There are homeowners who may simply not qualify for a home loan modification from Wells Fargo or other financial institutions that service their loan, but proprietary, in-house home loan modifications have been made available from many of the nation’s top financial institutions as a result of difficulties which have arisen in the federal modification process. Overall, Wells Fargo has seen an increase in number of permanent modifications they have made throughout 2010, but reports indicate that servicers who are participating in proprietary modification programs are offering a greater number of permanent modifications as of late.
However, workshops held by various financial institutions and agencies hope to provide homeowners with information in a more personal setting, as there are complaints that homeowners who have attempted to deal with servicer representatives over the phone have had little or no success. While it’s understandable that some homeowners simply may not qualify for mortgage assistance program from either a federal or in-house program, reports over communication problems between servicers and homeowners abound across the board as many financial tuitions have had to field complaints from numerous homeowners.
Yet, resources like the Making Home Affordable website and Hotline are still available to provide counseling assistance to homeowners who may be struggling with the modification process or who are simply having general difficulties related to their finances and mortgage payment. While, again, not all of these homeowners have found success when seeking a modification, in-house modifications, federal mortgage modifications, and extension plans from the Making Home Affordable Program are still in place, and these options are believed to be able to help a greater number of homeowners in various mortgage situations over the coming months.