Homeowners working with Wells Fargo/Wachovia Mortgage to find a home loan payment solution through modification programs may have seen reports that have indicated permanent modifications have increased with this particular servicer, as of the most recent data that HAMP has released for the month of March. While homeowners are still struggling to make their home loan payment in the early parts of May, it’s hoped that the indications that as permanent modification plans are continuing to increase, it could lead to more help for those who are still struggling and are looking for available assistance.
The Department of the Treasury report that was released in the first week of May stated that Wells Fargo/Wachovia Mortgage saw an increase in permanent modifications from February to March of this year from 77,402 to 80,111. Many servicers continue to see increases in the number of permanent modifications that have been made through HAMP but arguments still continue as the whether they are enough to justify the cost of the modification program.
Yet, many homeowners may see these increases as a sign of hope, especially when there have been many troubling stories to come from those in the modification program who feel that more must be done to prevent foreclosures across the nation. Homeowners who must provide proof of hardship and other documentation have reported that there are some financial institutions who are seemingly unorganized when it comes to receiving and processing these documents. There are, though, some servicers that are establishing a single point of contact for homeowners which is hoped to eliminate many of these documentation issues but homeowners with many banks are still feeling frustrated with the process.
However, no matter if a homeowner is working with Wells Fargo or another financial institution in the hopes of acquiring one of these modifications, there are outside resources that may be used to help guide homeowners through the modification plan. As an example, housing counseling available to homeowners from the HOPE Hotline are able to answer a variety of questions that homeowners may have, and it has been stated that over 39,000 homeowners were helped by this service in March alone.
While there are those who are hopeful about home loan modifications, homeowners must remember there is no guarantee when it comes to preventing foreclosure but federal, in-house, and state plans are now currently in place, with some servicers implementing more plans to offer aid in May to address issues like unemployment. Homeowners do need to speak with their servicer or a counselor though, as some of these options may be limited to certain areas or simply not available for homeowners in certain circumstances, but options outside of traditional modification are still working to address foreclosure prevention needs.