Home loan modification trial options for Wells Fargo homeowners through the Making Home Affordable Program remained somewhat unchanged, despite a slight dip in the number of active trial modifications that were reported in the February 2011 Making Home Affordable report. Many homeowners with a variety of mortgage institutions have found that acquiring federal assistance has been somewhat trying and frustrating in certain instances as different financial institutions have had their fair share of complaints from homeowners attempting to avoid the loss of their home.
Yet, despite the fact that Wells Fargo/Wachovia Mortgage did see an increase in the number of permanent modifications they have made, there are still issues that many officials feel need to be addressed when it comes to homeowners being offered a trial modification and the ability of these individuals to sustain their payments during a trial or permanent home loan modification plan. One of the main issues that has risen in opposition to the way the Making Home Affordable Program and servicers are offering these assistance plans comes in the form of affordability as there are homeowners still redefaulting after they have been given a lower mortgage payment and interest rate.
Also, there are homeowners who are continuing falling into delinquency status, which may make them eligible for one of these modification plans, but again, one of the problems that homeowners have had comes in the form of receiving a trial modification plan. While there were some ups and downs in this area, with the overall total in the program seeing a decrease in active trial modifications, Wells Fargo did, again, see a slight decrease as the January 2011 HAMP report stated there were 15,675 active trial modifications but February 2011 showed that Wells Fargo had 15,379.
While there are a great deal of opposing views on the federal modification plan, homeowners are still in need of assistance from these initiatives due to the fact that issues like unemployment, negative equity, and instances where homeowners have simply fallen behind on their mortgage payment have all led to distress for the housing market overall, and while these modifications are still increasing on a monthly basis, both homeowners and officials would like to see more results.
Yet, when it comes to Wells Fargo homeowners, in particular, there are still options from modifications and extension plans, as well as, possible opportunities for proprietary home loan modifications and state-specific aid from the Hardest Hit Fund. Also, homeowners may simply contact their servicer directly to inquire about available options for their situation, but there are resources like housing counselors from the Making Home Affordable Program and Hope Now that can offer homeowners guidance through the modification process if further help is needed.