Homeowners with Wells Fargo and Wachovia in need of home loan assistance due to delinquency may have opportunities to find affordability through home loan modifications. Wells Fargo/Wachovia not only participate in the Making Home Affordable modification program but have reportedly offered proprietary home loan modification assistance to homeowners who are having difficulty making their monthly mortgage payment.
Recent reports from the Making Home Affordable Program have shown that delinquent homeowners have decreased for Wells and Wachovia, which may be a good sign but there are still many who are in need of mortgage assistance to avoid the loss of their home. The Making Home Affordable Program reports indicated that, as of September 30, Wells Fargo had 153,642 delinquent homeowners who were 60 days or more delinquent and Wachovia mortgage was reported to have had 26,711 homeowners in the same category as of September. However, the total for the latest Making Home Affordable Program, which tracked homeowner delinquency for Wells Fargo/Wachovia through the end of October stated that the combined total of homeowners in a position of delinquency numbered at 175,362.
Obviously, despite the efforts of many financial institutions to offer modifications and other foreclosure prevention assistance programs, there have been numerous complaints waged by homeowners who have had difficulty converting trial modifications into a permanent home loan modification plan. Yet, proprietary modifications are reportedly increasing and, in some cases, have offered more chances for homeowners to avoid the loss of their home through a modification plan than the federal mortgage assistance program.
It’s understandable, though, that homeowners are still having difficulty paying their mortgage as unemployment remains high, yet these assistance opportunities through proprietary and federal modifications from servicers like Wells Fargo/Wachovia, among others, are still being promoted as they are helpful to homeowners who qualify. It is true that there are some problems which remain for homeowners and with the modification program in general, but there are housing counselors which may be available to help homeowners through the home loan modification process or when it comes to dealing with their mortgage servicer.
However, homeowners who seek out housing counseling assistance are advised to find a reputable housing counselor, preferably one approved by the Making Home Affordable Program, but there have been numerous homeowners who have simply turned to their mortgage servicer directly in order to begin the process of finding assistance for their particular situation. Yet, homeowners who are having trouble making their payments may benefit from contacting their servicer before their financial predicament becomes too dire and they are unable to find an affordable solution which may save their home.