Wells Fargo home loan modification data, which includes Wachovia Mortgage home loan modification assistance data as well, has tracked the total number of trial and permanent home loan modifications made within the Making Home Affordable Program. This information reported from HAMP has allowed for the analysis of success rates that have been seen from various servicers and can follow the disposition of homeowners who were unsuccessful at either acquiring or keeping a permanent home loan modification.
Various mortgage servicers have come under fire by homeowners who feel that they are not doing enough to offer permanent home loan modification assistance in a way that is affordable to those who are having trouble meeting their monthly mortgage payments. While many have blamed servicers for the lackluster performance that has been seen within the modification program, factors like unemployment have been a major hindrance in the ability of homeowners to continue making modified payments, but also, both homeowners and servicers have been accused of making mistakes that may have prevented them from seeing lasting results in this plan.
As for Wells Fargo/Wachovia Mortgage, program reports have stated that the number of total trial modifications that were started number at 213,241 while all permanent modifications that were begun a number at 76,408. As of December 2010, the Making Home Affordable Report stated that Wells Fargo only had 18,526 active trial modifications in place and 70,135 active permanent modifications.
Many of the top mortgage servicers have been, again, heavily criticized about their participation in these modification efforts, but there have been homeowners who were helped through modifications and have avoided foreclosure as a result. However, many homeowners have submitted stories to various media outlets about the troubling time they had seeking a home loan modification and many feel that the modification program is more of a hindrance than a help.
Yet, servicers like Wells Fargo/Wachovia Mortgage do not only continue to offer federal modification assistance, but proprietary home loan modification plans as well which may help prevent foreclosure for homeowners who are still having trouble with their mortgage payments. However, homeowners may benefit from housing counseling if they will consult a reputable housing counselor approved either by HUD or the Making Home Affordable Program, as these individuals may either find personal financial solutions in the lives of homeowners to help them avoid loss of their home or guide them through the modification program in a way that may result in a higher rate of success.
Home loan modifications are no guarantee when it comes to foreclosure prevention, but despite faults within the program in general and problems on the part of servicers and homeowners, these forms of foreclosure prevention are still in place and are hoped to help more homeowners in the coming months as predictions state that more foreclosures could be seen in 2011.