Alternative modification programs from Wells Fargo have been available and may still be able to offer struggling homeowners the opportunity to find in-house assistance which can lower their monthly mortgage payment. These proprietary home loan modification plans are said to be outpacing federal modification assistance plans, in terms of the number of homeowners who have been aided through trial or permanent modifications.
Obviously, struggles for homeowners still continue and there are those who feel that housing prices and unemployment may still be problematic in the early part of 2011, or throughout the new year. Understandably, financial difficulties for homeowners and underwater mortgages will need to be addressed and, as reports continue to state that the federal modification program is beginning to slow, there is hope that these proprietary modifications from in-house programs will be able to pick up the slack as more homeowners will need mortgage assistance to avoid foreclosure.
Servicers like Wells Fargo have seen increases in the number of permanent home loan modifications they have made throughout 2010 within the Making Home Affordable Program, but again, there are indications that servers, overall, have seen more success through in-house alternative assistance plans when providing aid to homeowners. There are those who feel that these in-house modification plans may be able to offer a higher number of modifications to homeowners simply because servicers can tailor specific qualifications to meet a homeowner’s needs rather than apply universal guidelines to all.
There have been complaints by homeowners for those both in the federal modification program and within these proprietary home loan assistance programs, yet, these in-house modification programs may become more popular in 2011 since, again, there are many who believe that the federal modification program has begun to lose steam. While there are numerous servicers, like Wells Fargo, who are participating in these proprietary modification programs, it needs to be understood that not all homeowners may qualify for this form of assistance. While there are still federal modifications and extensions programs available, like foreclosure alternatives plans, homeowners may have options through in-house mortgage assistance programs if federal plans fail to meet their home loan needs.
Advisers are still prompting homeowners to address mortgage issues early if they foresee trouble when it comes to making their home loan payment. Again, federal and proprietary modifications are available, but homeowners may also either consult their servicer or a HUD-approved housing counselor for more options and specific opportunities which may be available for their particular home loan situation.