Homeowner assistance for Wells Fargo homeowners may aid those who are delinquent or who fear that missed payments will eventually lead to their home loan delinquency status, as in-house assistance programs available directly from servicers like Wells Fargo may begin to become more prominent in 2011 as homeowners will assuredly need continued assistance, but certain foreclosure prevention plans may be slowing in other areas. Understandably, there are homeowners who are in a better position now than in previous months, but the need for foreclosure prevention is still a main concern for many homeowners as there are some indications that the economic recovery which could lift the job market and housing market out of its current slump may take longer than expected.
While some homeowners are finding more stable grounds in terms of their mortgage payment obligations, others have faced foreclosure as a result of not being able to meet their home loan payments, even when assistance plans are offered. However, there are some troubling reports that numerous homeowners with Wells Fargo and other major financial institutions participating in federal mortgage assistance plans are seeing homeowners either begin missing payments or default once again despite having these mortgage assistance options in place.
Yet, homeowners in need of foreclosure prevention assistance may have the opportunity through assistance programs directly from servicers like Wells Fargo, as proprietary modification plans and even refinancing opportunities could lower monthly home loan payments for homeowners in financial distress. Obviously, refinancing was popular last year when mortgage interest rates hit record lows, but some homeowners who may still be able to acquire a lower rate on their home loan may be in the position where they cannot pay closing costs to achieve this form of mortgage payment assistance.
However, as concerns that continued economic troubles and financial problems in the lives of many homeowners could result in more widespread foreclosures, mortgage giants are either hoped to up modification efforts, through either the federal or proprietary programs, or offer more homeowners a way to avoid the foreclosure process. Obviously, Wells Fargo, among others, are in a position where they can offer homeowners personal modification aid to prevent the loss of their home, but there are some homeowners who simply cannot afford even a reduced payment on their home loan obligation and fall into foreclosure as a result.
Yet, for homeowners who have argued that servicers have not done all they can to prevent foreclosures, there are still options like short sales which may be available as well as deed in lieu of foreclosure plans, both of which have been successfully used by homeowners in the past to avoid losing their home through a formal foreclosure proceeding. As many financial institutions have a backlog of homes simply sitting empty, it’s hoped that in the coming year more foreclosures can be prevented through these home loan assistance efforts so that more empty properties will not accumulate and a greater number of homeowners will be able to stay in their home through these difficult financial times.