Homeowners with a Wells Fargo or Wachovia home loan are a small section of homeowners who have had difficulty meeting their monthly mortgage payments over the past months, and as a result, have sought out trial modifications on their home loans in the hope of finding a more permanent solution to their mortgage payment difficulties. Yet, many homeowners have stated that trial modifications are difficult to obtain and have complained of extended stays in trial modification periods when they were seeking a more permanent modification option.
However, Wells Fargo/Wachovia homeowners do still have opportunities which may offer them the ability to either access a trial modification plan from the Making Home Affordable Program, which could benefit those who may face foreclosure. Trial modifications from various mortgage servicers like Wells Fargo and Wachovia are tracked through the Making Home Affordable Servicer Report, and the report indicated there was an increase in the number of Wells Fargo/Wachovia trial modifications made from October to November.
As of the October 2010 report, Wachovia Mortgage had 4,463 active trial modifications and Wells Fargo reported 11,297. Totaled, the trial modifications stood at 15,760 as of October, but according to the November 2010 report Wells Fargo/Wachovia had a combined total of 16,612 active trial modifications.
Understandably, there are still homeowners who are frustrated with financial institutions and, particularly, their mortgage servicer when it comes to plans offered from the Making Home Affordable Program. However, there are still permanent and trial modifications available to homeowners who face the loss of their home due to financial difficulties which have arisen in their lives. Homeowners are typically advised to contact their mortgage servicer or consult a reputable housing counselor from resources like the Making Home Affordable Program or FHA and HUD.
Obviously, not all homeowners may avoid foreclosure through modification efforts, but even federal mortgage assistance plans which have been stated to be slowing down are still in place and in-house home loan assistance directly from servicers are reported to be seeing increases in the number of homeowners who have been helped, so chances for foreclosure prevention are still open to homeowners with servicers across the nation.