Wells Fargo home loan assistance through foreclosure prevention plans have typically offered homeowners solutions through modifications, but there are also alternative assistance plans that may be helpful for troubled homeowners beyond a traditional HAMP modification plan as there have been many issues for homeowners with a variety of servicers who feel that modification efforts by those participating in HAMP have been lacking. Many servicers, Wells Fargo included, have seen increases in the number of permanent home loans they have made, but there are still many men and women who feel that these foreclosure prevention efforts have not done all they can to reach a wider range of homeowners that could have potentially avoided the loss of their home.
Proposed changes in the modification program are hoped to bring about more success as continued need for modification intervention could be necessary due to the fact that sustained levels of unemployment and negative equity are still causing difficulties for numerous individuals. Yet, aside from federal modification plans and proprietary home loan modification efforts, Wells Fargo is one of the servicers who does participate in alternative assistance programs, like short sales, deed in lieu of foreclosure plans, unemployment homeowner forbearance plans, and even state-specific programs that may be helpful to homeowners through the Hardest Hit Fund.
Many homeowners with a variety of major financial institutions who are working within the Making Home Affordable Program have been able to access some of these alternative assistance plans, due to the fact that many servicers are offering these options when a simple modification is unhelpful for preventing foreclosure. However, homeowners do need to understand that even though these alternative plans are available through major financial institutions like Wells Fargo/Wachovia Mortgage, they are no guarantee and there are still issues that many officials and homeowners feel need to be addressed.
Yet, homeowners who may face inevitable foreclosure could find that short sales or even deed in lieu of foreclosure options could be a way to avoid the formal foreclosure process, but there are also opportunities to help homeowners in positions where unemployment or negative equity may be a problem. As an example, the Home Affordable Unemployment Program may offer homeowners up to three months of forbearance on their home loan payments while the Home Affordable Refinance Program could be helpful for underwater homeowners whose mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.
However, homeowners in specific states with numerous financial institutions may also be able to see success through Hardest Hit Fund initiatives which are also in place to address issues like unemployment, negative equity, or delinquency. While homeowners are, again, still finding trouble with not only modifications but these alternative plans as well, more availability to foreclosure prevention programs is hoped to stop widespread home loss, but homeowners have also been able access resources like housing counselors to help them through these alternative plans. While the Making Home Affordable Program website and the Hope Hotline are two resources that homeowners may use to either find a reputable counseling organization or get more information on the modification process, homeowners can still contact their servicer directly to inquire about assistance for their particular mortgage difficulties or whether a Hardest Hit Fund plan may be available in their state.