Wells Fargo homeowners may be able to acquire unemployment assistance for their home loan needs through forbearance programs as there are options available from mortgage servicers to homeowners in particular need of foreclosure prevention assistance, but who may not qualify for a home loan modification. In many cases, homeowners with servicers like Wells Fargo, among others, who are unemployed have not been able to qualify for a traditional home loan modification program due to the fact that they have no income outside of their unemployment benefits.
Since this income is not long-term and sustainable, homeowners have been disqualified from home loan modification efforts, but may be able to receive a mortgage payment reduction or a forbearance from the Unemployment Program, which is an extension of the Making Home Affordable Program. Homeowners with Wells Fargo who qualify for the Home Affordable Unemployment Program will, again, likely see either a reduction in their monthly mortgage payment obligation, which is similar to the benefits of a modification, but they could also be offered a forbearance option for up to three months, which would allow them to forgo any payment on their mortgage.
Understandably, qualifying for this unemployment assistance program from the Making Home Affordable initiative has been something that many homeowners may have been unsure of as numerous individuals have been either unaware of this option or have sought out a modification instead. While Wells Fargo does to offer home loan modifications, homeowners cannot meet federal guidelines for this program without a stable form of income.
While foreclosure prevention plans through the unemployment forbearance program is available from Wells Fargo as a part of HAMP, there are also reports that Wells Fargo is able to offer in-house assistance to unemployed homeowners, among others, when foreclosure prevention aid is needed. However, not all homeowners may qualify for the Unemployment Program and could miss out on a forbearance opportunity as a result, but those who have lost their job and are receiving benefits have often been prompted to contact their servicer early so that they can either be enrolled in this program and begin reaping benefits or can find another form of foreclosure prevention on their home.
Homeowners in the Unemployment Program who do find a job opportunity may be able to then qualify for a home loan modification or they may be able to begin resuming traditional payments on their home loan. Again, Wells Fargo is not the only servicer to offer this program, but homeowners must either contact their mortgage servicer or consult an approved housing counselor, like those recommended by HUD or the Making Home Affordable Program, if they need guidance or help finding foreclosure prevention assistance.