Wells Fargo and Wachovia Mortgage have been able to offer homeowners federal Home Loan Mortgage assistance over the past months, but there have been issues that homeowners have faced which have caused a great deal of difficulty in the modification process and have led to some homeowners being unable to find the foreclosure prevention aid they need. Yet, there have been some assistance plans offered for homeowners who may be struggling through the modification process or who may need an alternative option when they are in a position where qualifying for a mortgage modification is a problem.
Obviously, not all homeowners will be able to meet the guidelines for receiving a federal home loan modification assistance plan, but homeowners with Wells Fargo and Wachovia do have alternative opportunities for foreclosure prevention assistance and may be able to consult outside resources that could help guide them through the federal modification plan. Alternative, in-house home loan modifications have been made by servicers like Wells Fargo/Wachovia and reports indicate that more homeowners may be seeing success through these initiatives than from the federal home loan modification assistance plan due to the fact that servicers typically set the guidelines for these proprietary home loan modifications and may be able to offer more opportunities for homeowners who do not meet federal guidelines for a modification.
While there are no servicers who have been perfect with modification efforts and homeowners have made their fair share of errors as well, there are outside sources which may also benefit homeowners who are looking to find some form of foreclosure prevention aid. As an example, reputable housing counselors approved by the Department of Housing and Urban Development and counseling services aligned with the Making Home Affordable Program may be able to guide homeowners through the modification process or give them personal financial counseling assistance which could help avoid the loss of their home by offering budgeting assistance for their personal situation.
Understandably, there are homeowners who are greatly frustrated with the modification program and servicers in general, but issues like unemployment have remained problematic for some homeowners as they cannot meet payments even when a modification is in place, but Wells Fargo/Wachovia is one of the servicers who also offers solutions to this problem through the Making Home Affordable Unemployment Program. Numerous servicers participate in these expansion plans from HAMP and the Unemployment Program has been one area where homeowners may benefit when they cannot qualify for a traditional home loan modification.
It goes without saying that there are problems that homeowners still face within the modification program and servicers do still have a great deal of work which can be done to assist homeowners in need, but for those who are in a difficult financial position, advisers have often suggested that homeowners who contact their mortgage servicer early or speak with a reputable, certified housing counselor before their financial position becomes to difficult to overcome, may have a better chance at finding foreclosure prevention assistance for their personal home loan situation.