Wells Fargo Permanent Home Loan Modifications–Increases Shown In HAMP Report For February 2011

Wells Fargo home loan assistance through permanent modification plans did see an increase according to the latest Making Home Affordable report, for February 2011. This recent release has tracked data for numerous financial institutions participating in the governmental modification efforts, but major mortgage servicers like Wells Fargo have seen increases in the number of the permanent active modifications currently being tracked, but there are still issues that many homeowners and officials will need to be addressed so that more men and women may be able to find foreclosure prevention.

Yet, Wells Fargo did see an increase in the number of active permanent modifications they had as the January 2011 HAMP report stated that there were only 74,434 active, modifications in place, but in February 2011, 77,402 modifications had been made from Wells Fargo/Wachovia Mortgage. Understandably, these increases in the number of permanent active modifications are helpful for homeowners who are facing the loss of their home to foreclosure, but there are still many who feel a great number of homeowners beyond what has been reached could have been helped if certain aspects of the modification program had been restructured earlier.

One of the main complaints with homeowners is, obviously, dealing with their bank during the modification process. There are those who want financial institutions to be held more accountable when they do not apply proper guidelines from the Making Home Affordable Program to a particular homeowner’s situation but the Treasury Department has mentioned that they cannot fine a particular bank due to the fact that the Making Home Affordable Program is not mandatory on the part of these financial institutions.

While there have also been proprietary home loan modifications made available for troubled homeowners, there are still issues when it comes to the ability of homeowners to either sustain their mortgage payments or even qualify for some of these programs, which again, has lead to animosity between homeowners and servicers. Sadly, there are still homeowners who are defaulting again even after receiving modification assistance, but there are some officials who are prompting homeowners to seek out aid from housing counselors as a way to help them find a potentially easier modification process and see success.

Homeowners may still contact their servicers about a home loan modification or speak with a HAMP-approved housing counselor about the modification program and ways they may find more affordability in their home loan payments but these options are not guaranteed for success and homeowners may want to address mortgage payment issues early to avoid further financial strain or speak with their state’s housing agency about options that may be available through the Hardest Hit Fund.