Wells Fargo homeowners seeking foreclosure prevention through alternative assistance programs may be able to find proprietary home loan modifications from their servicer, and for those who have been unable to find help from the federal modification program, there are indications that Wells Fargo did see a slight increase in alternative modifications for homeowners who were unsuccessful at either acquiring a trial modification or keeping their trial modification plan in place.
According to recent reports from the Making Home Affordable Program, Wells Fargo saw a slight increase in the total number of alternative modifications seen by homeowners who were not accepted for a trial modification as this number stood at 54,917 according to the February 2011 report. Also, the total number of homeowners whose trial modification was canceled but were offered an alternative modification numbered at 60,420 according to totals from the same report.
Homeowners may need to explore these alternative options or extension programs and state-specific initiatives as a traditional modification may not always be helpful, and there are still some issues that are being seen with alternative modifications as well. Many feel that in-house home loan modifications can be more successful, and data has shown that more homeowners have been able to find aid through these initiatives, but sustainability is still an issue since some homeowners continue to default even with a reduced payment from an in-house modification plan.
Those who are looking for more affordable mortgage payments have benefited from modifications, but they are not always an option for homeowners and, again, may not be helpful if severe financial distress is present. While there are programs that may help address issues like unemployment or other factors that have led to homeowners still in need of aid despite having a modification offered, homeowners may still want to contact their servicer or a reputable housing counselor approved by either HUD or the Making Home Affordable Program as there may be some aid available for homeowners in terms of guidance through the application process or in dealing with servicers.
Homeowners are being prompted, though, to either make contact with their home loan servicer early or speak with a reputable counselor before their financial position becomes too dire as there are, again, both in-house and federal modification plans available but also some states that have been particularly hard hit by economic distress may be able to offer specific foreclosure prevention options to homeowners in need as well.