Wells Fargo home mortgage assistance may be available to homeowners in specific states through the Hardest Hit Fund, as homeowners in various states that have implemented this program may qualify for assistance, which is being used to help make mortgage payments, aid homeowners through negative equity solutions, or provide unemployment assistance in instances where homeowners are struggling to make ends meet. Obviously, state housing agencies have typically been charged with implementing these plans, but homeowners will work with servicers as well, due to the fact that not all financial institutions may be offering plans in every state, in accordance with the Hardest Hit Fund.
In April, HousingWire made mention that Wells Fargo was in talks with Arizona’s Department of Housing to offer principal reductions for homeowners through the Hardest Hit Fund initiative. While numerous homeowners may have options through these HHF programs, there are, again, certain servicers like Wells Fargo who may have specific options for their homeowners in certain states through this particular initiative. Understandably, homeowners will have to meet certain qualifications before they may qualify, but there are some areas of the Hardest Hit Program where homeowners can, again, find a great deal of assistance even when severe economic setbacks like unemployment are a factor.
Assistance plans will also vary from state to state, so homeowners who may be with a particular servicer will need to make sure that there state housing agency is offering these plans, as specific states were chosen for this particular program, but it’s hoped that others may receive aid from the Emergency Homeowner Loan Program, which will also provide foreclosure prevention to homeowners who may be unemployed but unable to take advantage of either federal modification programs, proprietary mortgage assistance, or HHF programs.
While homeowners with Wells Fargo may be required to explore federal home loan modification options first, there are still opportunities through subsidies and even loans for homeowners who are in a difficult financial position, that may help them avoid foreclosure if financial distress is present within their life as a result of being in one of the states that has seen downturns from economic distress and trouble with unemployment.
However, homeowners are able to still contact resources like their mortgage servicer or representatives from the Making Home Affordable Program and approved housing counselors that may help homeowners better explore options available to them. While there are still ongoing home loan modifications being made, some homeowners have had difficulty acquiring this form of assistance and feel that, in many cases, alternative plans may be necessary. Yet, despite the fact that there have been troubles for homeowners, exploring these options should be done sooner rather than later and, if a homeowner is in need of foreclosure prevention, contacting these resources or speaking with a representative from their state’s housing agency in regards to one of these Hardest Hit Fund plans may offer the assistance that homeowners need to keep their home while they are going through a difficult financial time.