Home loan assistance for Wells Fargo homeowners has been traditionally sought out through home loan modification plans but there are homeowners who have alternative options when it comes to foreclosure prevention and a lower monthly mortgage payment. Understandably, homeowners are still facing difficulty concerning their home loan and there is speculation that foreclosures will be more numerous than in 2010, which points to the need of foreclosure prevention efforts that may go beyond traditional home loan modification aid.
There are concerns that the federal home loan modification program is winding down as there are fewer permanent modifications being made in comparison to foreclosures. However, the homeowners who are still seeking a lower monthly mortgage payment through plans implemented by servicers like Wells Fargo do have alternate options through both extension programs from the Making Home Affordable Program and in-house homeowner assistance directly from servicers.
Homeowners are still being made aware of these alternative mortgage assistance options as proprietary modifications, which are becoming more successful than federal home loan modifications, are still an unknown option for some as well as these extension plans which could help homeowners in specific situations. While Wells Fargo does offer in-house home loan modification assistance, there are also plans which can lower mortgage payments for homeowners who may have a second lien on their home loan or who may be suffering from problems like unemployment.
Wells Fargo and other mortgage servicers have been participating in extension plans like the Home Affordable Unemployment Program, the Second Lien Modification Program, and other options which may be available to help homeowners with difficulties related to home loan issues like underwater mortgages. Obviously though, there are still troubles which have arisen between servicers and homeowners that have prevented some from receiving the lower mortgage payment they need and foreclosure prevention assistance that is necessary for these homeowners to stay in their home.
Advisers have suggested that homeowners who feel they may be facing foreclosure or are experiencing financial difficulty contact their servicer soon or consult a HUD-approved housing counselor so that potential solutions may be found for their home loan trouble. While there are no guarantees in these programs, homeowners who address difficulties early do often have a better opportunity at finding foreclosure prevention assistance or an alternative option to foreclosure.