Wells Fargo homeowners who have faced foreclosure or fear that foreclosure may be inevitable do still have options to find more affordability on their home loan payment, but according to the most recent data from the Making Home Affordable Program there are still some homeowners seeing completed foreclosures, while foreclosure starts have varied among many financial institutions. Homeowners who were either denied a home loan trial modification or who had their trial modification canceled are tracked in the monthly HAMP reports, and again, are seeing mixed results in terms of the number of homeowners facing the loss of their home.
As an example, Wells Fargo saw 18,255 total foreclosure starts as of December 2010 and 9,892 foreclosure completions through that same time period for homeowners whose trial modification was cancelled. However, these running totals as of January 2011 were tracked at 17,889 foreclosure starts and 10,822 foreclosure completions.
Also, for homeowners who were not initially accepted into a trial modification plan, there were 18,467 foreclosure starts and 12,053 foreclosure completions through December 2010 for homeowners who were not accepted for a trial modification. Those numbers through the month of January 2011 within the same group of homeowners stated that there were 18,313 total foreclosure starts and 13,500 foreclosure completions.
In some cases, there are those who feel that drops in the number of foreclosure starts and completions, where they are present, can be seen as a good sign but others feel that it simply could be the result of some servicers removing old home loans from their portfolio. It goes without saying, foreclosure is still a problem that many homeowners face and, as a result, there are efforts being made to change areas of difficulty within the modification program, like requiring servicers to offer a single point of contact for homeowners who are working their way through the modification program. Obviously, there are still issues related to the affordability and the sustainability that many homeowners face, but there are alternative programs directly from servicers or from state housing agencies that may be of assistance as well.
Homeowners who are having trouble making their mortgage payment are being prompted to contact their servicer early, consult with an approved housing counselor that may be beneficial in exploring options, or there are some men and women who can talk with their state’s housing agency to inquire if options from the Hardest Hit Fund may be available and helpful for their particular situation. It’s understandable that some homeowners are still frustrated with the modification program as many continue to face difficulties related to dealing with their servicer, but with proprietary and federal modifications still available, as well as alternative foreclosure prevention plans, homeowners may have more options at the present time and in the coming months to avoid the loss of their home and as economic and job conditions improve, it’s hoped that fewer foreclosures will be seen in 2011.