Servicers like Wells Fargo and Wachovia Mortgage offer various home loan assistance programs to homeowners through the federal Home Affordable Modification Program, but there has been a rise in the number of homeowners who have benefited from alternative modification assistance from numerous servicers. Obviously, not all homeowners have had an easy task when either seeking a federal modification program or finding a permanent assistance plan, but there have been alternative modification assistance programs offered by many major mortgage servicers which have offered hope to homeowners who may have been denied a modification from the Making Home Affordable Program.
For homeowners with Wells Fargo/Wachovia Mortgage these alternatives assistance plans have, in some cases, offered the foreclosure prevention assistance they needed when other avenues of aid may have been closed. While there are no perfect modification programs, there are homeowners who may qualify for these alternative assistance plans because servicers, like Wells Fargo and Wachovia, may be able to set their own guidelines and qualifications for homeowners who are in need of a prevention plan through a home loan modification program.
Data provided by the Making Home Affordable Program has stated that numerous servicers are seeing alternative modifications for homeowners who had their trial modification either canceled or who were initially denied a trial modification assistance program from HAMP. According to the November report, which tracks data through October 2010, Wells Fargo/Wachovia had a total of 63,071 alternative modifications for homeowners who had their trial modification canceled within HAMP and 53,472 alternative modifications were made to homeowners who were not accepted into a trial modification, again, as of the November report.
While there are still problems that remain for homeowners within various modification programs, there are housing counselors which may offer assistance to homeowners if they are struggling within a modification program or in their financial life. Obviously, homeowners with Wells Fargo/Wachovia may contact their servicer directly to inquire about assistance or foreclosure prevention plans, but HUD-approved housing counselors have also been consulted by homeowners who were having financial troubles and may have needed counseling or assistance when it comes to qualifying for and acquiring a home loan modification.
Again, alternative modifications from servicers like Wells Fargo/Wachovia do still have their problems but they have helped more homeowners, according to some report, than federal modifications as more homeowners may qualify for these in-house initiatives. Yet, homeowners who are facing difficulty in their home loan may want to contact their servicer or a reputable housing counselor early before their financial problems get out of control and finding foreclosure prevention assistance becomes too problematic.