Wells Fargo home assistance plans can vary for homeowners who are in particular troubled situations, but payment plans for these individuals outside of a formal home loan modification agreement are reportedly also offered to homeowners who may not qualify for a federal home loan modification plan. In some cases, homeowners have had difficulty making their monthly mortgage payment, have sought out a home loan modification from servicers like Wells Fargo, but there are those who have simply been unsuccessful in this area and, as a result, have had to seek out alternative forms of home loan assistance.
Yet, according to data from the Making Home Affordable Program, Wells Fargo homeowners were, in some instances, offered an arrangement that did not involve a formal home loan modification, which essentially led to a payment plan that was more affordable for the homeowner who may not have been successful in their modification pursuits. According to the December 2010 Making Home Affordable Program report Wells Fargo had made a total of 975 alternative payment plans available to homeowners whose trial modification was canceled and 1,411 of these alternative payment plans for homeowners who were not accepted for a trial modification.
Federal home loan modifications and in-house home loan modification assistance plans for Wells Fargo homeowners are, like many other financial institution initiatives, available to men and women who are still struggling under the pressures related to factors like the loss of income due to unemployment. Many servicers have implemented these alternative modification plans, which are reportedly doing a great deal more to help homeowners in terms of foreclosures, but there are even these alternative payment plans which may go beyond both federal and proprietary modification programs.
There are numerous extension plans that have been set in place to address particular homeowner issues, as well as, continued efforts through home loan modification plans that are still being used to aid homeowners despite a great deal of criticism. Also, state-specific assistance plans are hoped to provide even further aid to homeowners in particular areas where a great deal of economic and housing hardships are being felt by residents.
Yet, foreclosures still remain a problem for not only Wells Fargo homeowners but numerous financial institutions across the board, and it’s hoped that continued foreclosure prevention efforts in 2011 can begin to slow the loss of these homes so that more men and women will be able to get on a stable ground in their financial life as economic conditions improve. While unemployment is one of the main causes, if not the main cause, of housing troubles and, as the unemployment rate remains relatively high, reports that have suggested more employers are adding jobs each month are hoped to, along with foreclosure prevention efforts, slow the rate of foreclosures that have been seen over the past months and lead to more prosperity in the housing market in the coming year.