Wells Fargo homeowners who are facing delinquency but are in need of solutions for their mortgage payment troubles have been tracked in terms of the number who qualify for the federal home loan modification program and, according to reports that were released in early May, which have followed the data from the first part of 2011, show that earlier this year the number of estimated delinquent borrowers with Wells Fargo decreased, which could give hope to homeowners who are currently struggling this month. While there are still many men and women who are finding that they are missing mortgage payments or fear that they may soon exhaust their resources and become late on their home loan obligation, opportunities to avoid these problems have been available for months, but have not helped every homeowner in all cases.
Obviously, homeowners understand that there are aspects of the modification program, like the federal guidelines, which must be adhered to, but with countless homeowners having lost their home in 2011 alone, there are questions as to whether modifications are useful, particularly since unemployment remains such a problem for homeowners across the nation. Yet, despite ups and downs in jobless claims that have been seen over the past months, homeowners are not required to pursue only a home loan modification, as there is foreclosure prevention assistance specifically tailored to unemployed homeowners as part of the Making Home Affordable Program and state housing agencies have also implemented plans as well.
There have been some financial institutions who have not only participated in the federal government’s Unemployment Program, which will help unemployed homeowners who cannot qualify for modification either get a reduction or forbearance on their mortgage for at least three months. Also, Hardest Hit Fund programs in various states and even the Emergency Homeowner Loan Program may offer certain individuals in areas that have been particularly hard hit by unemployment the opportunity to save their home as these major financial institutions are working to help homeowners avoid foreclosure through these initiatives as well.
Traditional modifications, though, are still available from servicers like Wells Fargo and for many major financial institutions, they are continuing to see increases on a monthly basis. While some people feel that these modifications are not enough to halt the excessive amount of foreclosures that are being seen at the present time, homeowners who are in a position to avoid the loss of their home typically been able to find help through one of these programs by either speaking with their mortgage servicer, a housing counselor made available through HAMP or representatives from their state’s housing agency. Keep in mind, these programs are not always available in every state or from every servicer, but these homeowners who are delinquent on their mortgage or fear missed payments in the near future could benefit by pursuing these opportunities now rather than waiting until they have missed payments on their mortgage.