Wells Fargo home loan assistance from mortgage modification plans and extension programs from the Making Home Affordable Program still remain an option for troubled homeowners as homeowners continue to seek mortgage modification aid in December 2010. However, these mortgage modification plans are set to extend into 2011 as continued troubles in the lives of many homeowners will need to be addressed if more wide spread foreclosures are to be prevented in the coming months.
Numerous financial institutions are working with homeowners through the federal Home Affordable Modification Program and there are also reports that show Wells Fargo and other servicers are using in-house modification efforts to prevent the loss of homes for many homeowners. While foreclosures still remains a major problem for some, there are various options available which may be helpful to homeowners who fear that foreclosure may be inevitable due to various financial problems which have arisen within their personal financial life.
Many homeowners have, however, had a difficult time when seeking a home loan modification and these individuals have put the blame for these troubles on the shoulders of financial institutions and the Making Home Affordable Program in general. Questionable foreclosure practices and homeowners who have been denied permanent home loan assistance from federal modifications has led to a great deal of animosity between homeowners and their mortgage servicer, as foreclosures continue across the nation. Homeowners feel that financial institutions who service mortgages and implement these modification programs have not done all they can to prevent homeowners from facing foreclosure, but servicers, obviously, have pointed out that many homeowners are not qualifying for the assistance plans or may simply be unable to afford a modification when it is in place.
Yet, servicers like Wells Fargo have not only offered federal modifications, but reports indicate private modifications directly from mortgage servicers have been outpacing these home loan assistance plans from HAMP due to the fact that servicers may be able to tailor a modification plan from an in-house program to meet a homeowner’s particular needs rather than applying universal guidelines which could disqualify some.
Also, extension programs to address underwater mortgage troubles, unemployment, and difficulties with second liens have been used by servicers like Wells Fargo, among others, as a way to address specific homeowner needs concerning mortgage affordability. Understandably, not all of these foreclosure prevention efforts have been successful but there are also alternative options for homeowners who may inevitably face foreclosure.
While mortgage payment reductions through modifications have been helpful to some homeowners, these assistance plans and extension programs have simply not provided the aid that some homeowners have required and these individuals have faced foreclosure as a result. However, foreclosure alternative options are available from many of the top financial institutions participating in these mortgage assistance efforts, and for homeowners who qualify, plans like short sales or deed in lieu of foreclosures could allow homeowners to escape a formal foreclosure proceeding despite losing their home and, for some, provided assistance with relocation costs.