Information available in May 2011 for Wells Fargo’s trial home loan modifications from the federal Making Home Affordable Program have shown little change in the number of active trial modifications, but homeowners who are still tracking these numbers, which from the most recent report were from March of 2011, have seen that there are increases being shown in various areas, like permanent modifications, and this could give hope to those who are in a financial situation where a modification may be necessary or is being pursued at the present time.
Understandably, homeowners who are finding that unemployment or excessive debt obligations are causing problems related to the ability they have to meet their home loan payment are in a situation where they may be unable to easily find a home loan modification, as certain factors have limited the success that some homeowners have seen. As an example, homeowners who are granted a trial modification have, with a variety of financial institutions, defaulted once again even when these plans are in place and reduced payment options have been made available.
Yet, there are frustrations that homeowners are still feeling when it comes to foreclosure prevention efforts and many believe that modifications in general are simply not helpful and banks are doing very little to assist these men and women in need. However, despite the fact that there are some troubling stories from various homeowners, there are issues in the personal lives of these men and women that could be impacting the helpfulness of a modification program, but since increases are being seen in the number of permanent home loan modifications being offered, homeowners are still in a position to take advantage of this one particular type of foreclosure prevention aid.
While the number of active trial modifications for Wells Fargo that were reported in the most recent HAMP servicer report state that there are 15,536 active trial modifications, this is not a major increase from the previous month which stood at 15,379. However, as it has been previously reported, Wells Fargo was one of the financial institutions that did see an increase in the number of permanent modifications, so even frustrated homeowners who feel that their servicer or modification program is unhelpful may want to continue to explore these options that could offer them the opportunity to keep their home.
Homeowners who may be in a position where they are in need of a modification but are having trouble with either their servicer or the modification process in general can consult resources like the Making Home Affordable website, which could also direct homeowners to housing counselors if further assistance is needed. However, homeowners do need to realize that the modification program is not perfect but these opportunities for more affordability do still help homeowners and, even as we enter into summer of 2011, these programs are still ongoing and could be helpful for homeowners that are facing prolonged financial troubles from factors like unemployment.