Data for Wells Fargo and Wachovia Mortgage homeowners has recently been released and new information regarding permanent home loan modifications has been reported from the Making Home Affordable Program. An increase in the number of total permanent modifications made by these two mortgage servicers was indicated within the report, which may bode well for homeowners who are seeking federal mortgage modification assistance and are concerned about the ability to find these foreclosure prevention plans.
Recently, there have been concerns that foreclosures are drastically outnumbering the amount of permanent home loan modifications which are being made each month, and within the Making Home Affordable Program, there are some indications that activity has begun to slow. Also, predictions for the program overall indicate that the initial goal which was set, in terms of the number of homeowners who will be helped, will fall short at the program’s conclusion, but there are some signs of hope within in-house modification efforts which are being implemented by servicers like Wells Fargo to provide aid to homeowners through proprietary modification plans.
Previously, Wells Fargo was stated to have 51,783 active permanent modifications as of October 31, 2010. Also, Wachovia Mortgage was reported to have 12,779 permanent modifications which were currently active as of the October report from the Making Home Affordable Program. Combined, this total was 64,562 active permit modifications between the two servicers, and the total number reported for the November Making Home servicer report showed the permanent modifications from these two combined servicers was at 68,449.
While there are still issues within permanent modification plans, as homeowners were still defaulting despite having a modification plan in place in some cases, there are still available options for homeowners who are in need of foreclosure prevention assistance from servicers like Wells Fargo and Wachovia Mortgage. Many of the major financial institutions within the Making Home Affordable Program have seen increases in the number of permanent home loan modifications they have made, despite the fact that these permanent modifications have slowed over the past months.
However, homeowners are still being prompted by many advisers to contact the financial institution which services their mortgage or speak with an approved housing counselor about options which may be available for their particular mortgage situation. While there are both proprietary and federal modifications still available for homeowners, Wells Fargo/Wachovia Mortgage do participate in extension plans from the Making Home Affordable Program which may also be helpful to some homeowners who are in need of additional foreclosure prevention assistance. Understandably, these modification efforts are no guarantee to prevent foreclosure, but homeowners who address financial difficulties earlier may have a better opportunity at finding some solution to their mortgage payment troubles.