Wells Fargo and Wachovia Home Loan Modification Problems And Assistance–Help When Seeking Foreclosure Prevention

Wells Fargo and Wachovia homeowners have, like many others in the home loan modification program, seen their share of problems and have been in need of further assistance to help them find foreclosure prevention on their home loan. Wells Fargo and Wachovia’s Making Home Affordable efforts have seen some success over the past months as there has been an increase in the number of permanent home loan modifications that have been made, but there are still homeowners who are being denied either a trial home loan modification or have been denied a permanent modification and some of these homeowners are still falling into foreclosure as a result.

Some common problems that homeowners with servicers like Wells Fargo/Wachovia have faced usually center around either improper documentation and filing practices on the part of the homeowner, mistakes which may have been made by the servicer, or there are simple issues dealing with the Making Home Affordable’s qualifications that some homeowners are simply not meeting. An example is there are homeowners who have missed payments within a trial modification plan and, as a result, have either been denied a permanent home loan modification or were held in a trial modification plan for much longer than they had hoped.

While both servicers and homeowners have had troubles and could be blamed for various difficulties which have been seen in the home loan modification program, there is assistance for homeowners who may be having trouble acquiring a home loan modification or who are hoping to begin the process of qualifying for home loan assistance. A report released by NeighborWorks America recently outlined some of the benefits that foreclosure counseling has had for homeowners who were seeking some form of foreclosure prevention, like home loan modifications.

Reportedly, homeowners increase their odds of acquiring a successful foreclosure prevention program or finding a foreclosure prevention solution if they contact an approved housing counselor which may be able to help them with their financial situation. Also, the report goes on to say that homeowners who have acquired to specific types of counseling have saved more per month on their mortgage payment and have a lower redefault rate when counselors are involved.

Obviously, homeowners with servicers like Wells Fargo do have the option to contact their servicer or consult with a housing counselor before entering into a home loan modification program, and for those who do turn to counselors which may be approved by sources like the Making Home Affordable Program or HUD, organizing their finances so that a home loan modification may be more easily processed can be beneficial for those who fear the loss of their home to foreclosure. While homeowners do need to make sure they research housing counseling agencies as there are some scams being perpetrated, those homeowners who are working with Wells Fargo/Wachovia or any other servicer for that matter have been prompted to research counseling options which may be in their area and could be beneficial when it comes to helping these homeowners either find affordability in their home loan or qualify for a modification.