Wells Fargo and Wachovia Mortgage saw an increase in the number of permanent home loan modifications they had made through the Making Home Affordable Program between November and December of 2010. Many servicers saw an overall increase in the number of modifications they made throughout last year, and it’s hoped that this success will carry over into 2011 despite the fact that many feel the federal modification program has begun to slow and there have been calls for the repeal of HAMP.
Yet, according to Making Home Affordable data, Wells Fargo/Wachovia Mortgage had a total of 68,449 active permanent modifications as of November 2010, and that number increased to 70,135 active permanent modifications as of December. In January 2010 Wells Fargo and Wachovia Mortgage had a total of 17,982 permanent modifications, which obviously increased throughout the year and offered some homeowners the foreclosure prevention aid they needed, despite the fact that there were questions over whether certain financial institutions implemented proper foreclosure prevention practices.
Understandably, there are homeowners who have complaints about modification plans and servicers in general, yet there are still mortgage assistance options from the federal modification program available as servicers like Wells Fargo/Wachovia continue to not only offer these foreclosure prevention plans but also provide proprietary home loan modification options and participate in extension programs from HAMP as well.
While there are still issues that the modification program faces and servicers have not been perfect in their implementation of these plans, homeowners have still been prompted to either contact their servicer if homeowner assistance is needed or consult reputable housing counselors that may be certified or approved by sources like HUD or the Home Affordable Program. Reports have indicated that there are more homeowners seeing continued success when permanent modifications have been granted, but again, there have been officials who have introduced legislation to Congress in hopes of appealing this home loan modification plan.
Many feel that the modification program has been a failure due to the fact that it will not reach its initial goal, yet there are those who feel that simple changes in the modification process may offer more opportunities for a wider number of homeowners to find the assistance they need and this could be more beneficial than simply shutting down the program. Yet, these federal assistance plans are still available to those who qualify, but there are alternative options like proprietary home loan modifications and state-specific foreclosure prevention plans that may also be beneficial to homeowners who face the loss of their home due to the hardships in their personal life.