Wells Fargo home loan aid for both Wachovia Mortgage homeowners and Wells Fargo Bank homeowners has been attempting to address homeowner delinquencies over the past months as there are still homeowners who are behind on their mortgage payment, and in some cases they are delinquent for more than 60 days, which obviously necessitates that some form of foreclosure prevention be implemented or they may fall into foreclosure as a result. Recent reports from the Making Home Affordable Program have shown that the number of delinquent homeowners have decreased for many financial institutions participating in the program, and for Wells Fargo, they also saw a reduction in the number of delinquent homeowners in their care.
The November report from HAMP tracking data through the end of October, in terms of delinquent homeowners, stated at the time Wells Fargo/Wachovia had 175,362 delinquent homeowners, but the report for the following month reported that Wells Fargo/Wachovia Mortgage had a combined total of 166,441 estimated delinquent homeowners. Obviously, this reduction in the number of homeowners who are behind on their mortgage is hopefully pointing to positive signs in the housing market and the ability of homeowners to meet their monthly payment obligation.
Homeowners have simply been unable to meet their mortgage payment due to factors like unemployment or a severe reduction in their wages and, as a result, have sought help to lower monthly payment options through modifications that reduce home loan interest rates and offer term extensions in order to make home loan payments more affordable as well.
While it’s hoped that homeowners are finding themselves in a position where they can continue making their home loan payments, and this has attributed to a reduction in the number of delinquent borrowers with various lenders, there are those who feel that even if this is not the case and more homeowners are simply falling into foreclosure, this could be a positive for the housing market as well. Many feel that these modifications programs have stopped the housing market from finding bottom and then beginning the process of correcting itself, but obviously this has been a debated issue as letting countless homeowners lose their home due to the recession is something that many feel could have adverse effects on the overall economy rather than point us in the right direction for recovery.
Yet, homeowners do still have these federal modification options, as well as, in-house home loan modification plans which may be available directly from their servicer in the hopes of preventing foreclosure while the economy and job market recover. It goes without saying that these modification plans have not been perfect, yet homeowners not only have modification options available but also extension plans to offer unemployment assistance and options for avoiding the foreclosure process despite the loss of their home being inevitable.