Wells Fargo Foreclosure Prevention Through Home Loan Modifications–Trial Modifications To Permanent Modifications

Wells Fargo homeowners who have been seeking foreclosure prevention assistance through a home loan modification have, in some cases, had difficulty in their trial modification and have been unable to convert their trial into a permanent home loan modification agreement. Reportedly, Wells Fargo has 2,171 aged trial modifications as of the November Making Home Affordable report, which indicates that these homeowners have been in a trial phase of the home loan modification program for at least six months.

While there have been numerous complaints waged against a variety of servicers concerning home loan modifications, homeowners with financial institutions like Wells Fargo who are in need of foreclosure prevention have been able to find a permanent modification solution to their problems but may have faced various difficulties which have been present in the home loan modification program. There have been some homeowners who have simply been unable to either continue making payments on their home loan while in a trial modification, which obviously has created problems in terms of their ability to qualify for permanent assistance. Reports have indicated that homeowners have either missed payments while in a trial modification or have redefaulted on their home loan despite having a foreclosure prevention plan in place.

Understandably though, there are some homeowners who have been frustrated with the dealings they have had with their servicer as some homeowners indicate that financial institutions who are in charge of implementing these modification plans from the Making Home Affordable Program seem to be disorganized as they have either lost paperwork or have improperly processed paperwork, which has lead to foreclosure.

There are still homeowners who are turning to their servicer as a way to find foreclosure prevention assistance through either federal modifications or proprietary modifications, but extension programs which are hoped to address issues like second liens or unemployment may also help more homeowners who may simply not qualify for a permanent modification, and as a result, have not seen a conversion out of a trial modification period.

Homeowners with Wells Fargo may contact their servicer directly if they need assistance with their home loan and are seeking a foreclosure prevention plan through the home loan modification program, but there have also been some homeowners who have sought out a housing counselor from a reputable counseling organization, like those approved by HUD or the Making Home Affordable Program, that may also provide assistance and guidance through the modification program. However, no matter what route a homeowner chooses to take, advisers feel that by addressing potential problems early a homeowner may find that more solutions are available or they have a better chance at finding either a permanent home loan modification or an affordable solution to their mortgage payment predicament.