Recent reports that have been made available from HAMP concerning Wells Fargo have delivered both positive results for homeowners who are keeping track of modification programs in general or for those who may be seeking a permanent modification from Wells Fargo, but there have also been some indications that certain servicers are not being viewed in the most favorable light in terms of their rating within the federal modification initiative. While Wells Fargo did see an increase in the number of permanent modifications they had made according to reports that were released here in the early parts of June, there are still some issues that homeowners hoped will be addressed and potentially lead to more success in the program.
Concerning increases in home loan modifications though, Wells Fargo jumped from 80,111 permanent modifications, according to the March Making Home Affordable report, to 86,235 for the month of April. The Treasury Department releases these reports so that the progression of the program can be seen, among other things, and while there are continued increases in the number of permanent modifications by many home loan providers, there are those who feel that a great deal more could have been done.
As a result of questions that homeowners have raised and concerns officials have had in terms of the affordability, sustainability, and overall progression of the program, there have been rating systems that were published and, Wells Fargo was reported to be one of the financial institutions that has certain aspects of their particular involvement in HAMP that will need substantial improvement, and there have been talks that if servicers do not make these improvements, the incentives that they receive from HAMP will be withheld.
This has led some homeowners to feel that a step in the right direction has been taken, since many men and women have had trouble with a variety of servicers, and many of the major financial institutions that are being reported on are said to be in a position where a great deal of improvement is needed. Yet, these negative reports should not dissuade homeowners from pursuing foreclosure prevention assistance with their particular servicer, due to the fact that many major banks not only offer federal modifications, but have seen success in proprietary home loan modification plans and state-specific foreclosure prevention assistance when working with programs like the Hardest Hit Fund.
It needs to be understood though, not all homeowners will qualify for these assistance plans, and therefore may be denied modification aid or not meet certain levels of criteria that have been set forth in the program, and this is one reason that some have not gotten the permanent modification they hoped to receive, but there are also factors like unemployment that must be considered as defaulting even when a modification is offered has continued to be a problem in various modification plans with a variety of servicers. In these cases though, homeowners with Wells Fargo or any other bank for that matter, may have options for foreclosure prevention as a result of unemployment through not only HAMP but HHF programming as well.