Wells Fargo and Wachovia Mortgage homeowners have been a few of the many seeking a modification as a way to lower mortgage payments in cases where delinquency was once present on their home loan. Yet, assistance for homeowners from the Making Home Affordable Program has not always been easily obtained as there are indications that the modification program in general has continued to struggle but some servicers, like Wells Fargo/Wachovia Mortgage, did see an increase in December 2010 in both trial and permanent home loan modification programs.
Obviously, many homeowners have fought hard to acquire a trial modification on their home loan in the hopes of receiving permanent assistance and a reduced rate on their monthly mortgage payments. While there have been a great deal of problems which have arisen throughout the past year, homeowners with Wells Fargo/Wachovia who had an active trial modification in November 2010 numbered at 16,612, but that number increased in December 2010 to 18,526.
Delinquency has been a major problem for numerous homeowners as some have simply been unable to meet their monthly mortgage payment due to factors like unemployment while others have focused funds on things like credit cards as a way to stay afloat, figuring that if they lost their home they could still provide food if they relocated to another living arrangement.
Unemployment has been a major problem for homeowners over the past months and servicers like Wells Fargo/Wachovia, among many others, have still seen homeowners default when they are offered a home loan modification as financial strains in the lives of these individuals has simply made even a reduced mortgage payment impossible to meet in some cases. However, there are those who are arguing that despite recent legislation that was proposed to end the modification program, there are numerous homeowners who have benefited from these modification plans despite the fact that the initial goal of homeowners who were to be helped has not even come close to being met.
However, in-house modification plans and the federal Making Home Affordable modification program are still in place to assist homeowners with their mortgage difficulties and extension programs that may provide relief for homeowners with a second mortgage or who are unemployed do still stand to prevent foreclosure in many cases, but there are also foreclosure alternatives like short sales and deed in lieu of foreclosure plans that may also help homeowners avoid damage to their credit score if they are simply unable to pay their home loan due to sudden financial hardships.