Wells Fargo/Wachovia Mortgage homeowners may be able to benefit from an initiative by their mortgage servicer which is hoped to provide a home loan modification to homeowners in California at a higher rate, in cases where homeowners are suffering and involved in a pick-a-payment homeowner arrangement, where their adjustable rate has made meeting their mortgage payment more difficult. While these Wells Fargo modification efforts in California could go a long way in helping homeowners in this state which was one of the “hardest hit” states, there is indications that Wells Fargo/Wachovia wants to make more modifications available in all states for homeowners in need.
According to reports, Wells Fargo has agreed to make more modifications which are estimated to total $2.4 billion for California homeowners in need. Homeowners who have an adjustable-rate mortgage on their home loan have seen problems related to increases that have put the home loan obligation homeowners must meet from month to month at a level which is simply unaffordable for many, and has necessitated that Wells Fargo/Wachovia Mortgage begin focusing more efforts on their modification program to help homeowners avoid foreclosure.
Some homeowners who have already had their home loan modified when a pick-a-payment mortgage was present in California have also seen principal reductions in certain cases, which can be beneficial for those who may be in a troubling situation concerning their mortgage and negative equity.
Home loan modifications by servicers like Wells Fargo/Wachovia Mortgage, among other financial institutions, have been a major issue for many homeowners as there are a wide range of results which have been seen and, as a result, there have been homeowners who were gravely upset over the failure to find foreclosure prevention assistance through these modification efforts. Many of the nation’s top mortgage servicers have come under criticism by homeowners over their modification efforts and recently it has been noted that modifications have begun to slow from the Making Home Affordable Program, which obviously has worried some homeowners in need of foreclosure prevention aid.
However, there are some homeowners who are seeing success with proprietary home loan modifications from various services, as this could be an option for those who are having trouble making their mortgage payments but are also seeing difficulty when it comes to qualifying for a federal modification program. While it’s hoped that these efforts which are being implemented in California for Wells Fargo homeowners will extend to other states in the new year as more homeowners will surely need foreclosure prevention assistance, advisers are still prompting homeowners with any mortgage servicer participating in home loan modification programs to either contact their servicer or speak with an approved housing counselor if financial troubles have arisen which may necessitate foreclosure prevention efforts.