Wells Fargo mortgage assistance plans from the federal Making Home Affordable Program have offered homeowners various routes and programs that can be used to help homeowners either find a lower monthly payment, a forbearance on their home loan when unemployment is a problem, and some homeowners have even been able to take advantage of the Home Affordable Refinance Program when there is negative equity in place. However, homeowners are still finding troubles when they are dealing with their servicer or attempting to qualify for either a trial or permanent home loan modification, and despite the fact that there have been some borrowers who are able to become current on their home loan even though they were denied a trial or permanent modification, this is not always an option for every homeowner.
According to reports from the Making Home Affordable Program, Wells Fargo did see a decrease in the number of homeowners who had not been accepted for a trial modification but were current as of the release of these reports. In the February 2011 Making Home Affordable report, the number of homeowners who were current on their payments after not being accepted for a trial modification decreased to a total of 46,583, which according to the previous month’s report had stood at 47,233. For homeowners whose trial modification was canceled, the number increased from the January 2011 report to the February 2011 report as it was stated the total number of homeowners who were current after having a trial modification canceled went from 13,352 to 13,373.
While there were some servicers who saw an increase in the homeowners who became current on their mortgage after they had their modification either canceled or denied, some homeowners are still continuing to struggle to meet their mortgage payment even after a modification has been offered. Understandably, more homeowners may have trouble when they are denied a modification, but even when a federal modification or in-house home loan modification plan is offered, homeowners are still defaulting once again and, falling into an area where foreclosure may be inevitable.
Yet, homeowners are still able to talk with a housing counselor as the Making Home Affordable Program and Department of Housing and Urban Development have credible counselors who can help homeowners either make their way through the modification process or find options that could be available for their particular situation. Homeowners in various states do have state-specific plans like foreclosure prevention assistance for those who are unemployed, in a negative equity situation, or who have simply fallen behind on their mortgage.
Typically, homeowners are prompted to contact their servicer first, and to do so in a timely manner so that the options that may be available for their specific situation can be explored fully and homeowners will have the best option at keeping their home rather than facing foreclosure. Understandably, homeowners do still have issues when it comes to meeting their mortgage payment and servicers have not been perfect in their implementation of these plans, so in cases where homeowners are struggling with either a modification or in dealing with their servicer, looking at these alternatives or speaking with a housing counselor can be helpful in allowing homeowners to stay in their home until their financial situation improves so that they can continue meeting their mortgage payment.