Wells Fargo home loan modification plans, which include Wachovia Mortgage modification efforts, have offered assistance to homeowners through various foreclosure prevention initiatives, but there are still homeowners who are facing the loss of their home due to foreclosure who are still in need of these modification programs. This has obviously necessitated that more efforts be implemented in order to avoid widespread foreclosures. However, there are still homeowners who have lost their home due to the inability to make payments resulting from factors like unemployment, illness, or simply finding themselves in a situation where they have bought a home they could not afford.
Program data from the Making Home Affordable initiative has stated that there have been some positive signs for Wells Fargo in terms of foreclosures, according to the most recent data. As an example, the November 2010 report stated that for homeowners with Wells Fargo whose trial modification was canceled, a total of 19,333 foreclosure starts had begun, as of the release of the report. However, the total number of homeowners in this category in December 2010 who saw foreclosure starts decreased, to 18,959.
Also, for homeowners who were not initially accepted into a trial modification, it was reported that Wells Fargo saw a decrease in foreclosure starts from the November to December 2010 report, as the total starts for this category of homeowners dropped from 19,163 to 18,914. Obviously, there were increases in the number of foreclosure completions during these timeframes, but many are optimistic that since foreclosure starts have not increased along with foreclosure completions, this could be a positive sign for homeowners who are struggling to make ends meet and are relying on home loan modifications to avoid the loss of their home.
Yet, assistance from Wells Fargo through home loan modification assistance plan is not limited to the Making Home Affordable Program, and homeowners should be aware that there are options outside of the federal modification initiative that could help them find a more affordable monthly mortgage payment. In-house modifications are one of the opportunities that have been afforded to homeowners who are in need of lower monthly mortgage payments as financial distress may have caused problems in their life to become overwhelming.
In recent weeks, we have heard discussions on the modification program in general, as some members of Congress wish to repeal this effort as it has not helped the number of homeowners that was originally intended, but even if the federal modification program was prematurely repealed before the original termination date, there are, again, these outside programs from lenders or state-direct initiatives that could help homeowners avoid missing payments on their mortgage.