Wells Fargo homeowners who are suffering from financial distress and pursuing loss mitigation efforts through home loan modifications may have noticed that recent data released here in July showed that, within the Making Home Affordable Program, Wells Fargo saw an increase in the number of active trial modifications that are currently being tracked as of May 2011. There are some banks within the federal modification program which have not seen increases in their trial modification plans, despite the fact that there are still numerous homeowners who are looking for aid from the federal home loan modification program or any plan that may help them keep their home.
While trial modifications have been one of the areas of the modification program that has had a lot of controversy, seeing as how some homeowners have had their trials canceled while others were denied a trial modification when they felt they may have qualified, and there were issues where servicers were keeping homeowners in a trial modification payment plan for much longer than the program requires, but Wells Fargo has recently seen an increase in not only their permanent modifications but the number of trials that are being offered to homeowners also. The Treasury Department data states that, in April, there were 12,816 active trial modifications in place for Wells Fargo while May of this year saw 13,565. Also, this most recent report stated that from the end of April through May, Wells Fargo reported 4031 trial modifications had been made.
Homeowners who are facing financial hardship often find that working through the application process to achieve a trial modification payment plan is the most difficult aspect of the program, even though there are some men and women who have missed payments during their trial modification plan due to the financial distress in their lives making even this modified payment too difficult to meet. Yet, when it comes to acquiring a modification after a trial period has ended, there have, once again, been some issues with a variety of servicers but many banks are working to improve their modification efforts as continued problems in the lives of homeowners from a variety of sources are necessitating that these options be made available still.
While Wells Fargo is one of the top servicers in the federal home loan modification program, there are still options directly from a homeowner’s servicer, and in some cases, may offer them a home loan modification from a proprietary plan or many of the top banks in our nation are also participating in state-specific options to help homeowners as well. No matter what position a homeowner happens to be in, contacting a mortgage servicer or housing counselor as soon as financial difficulties arise will be best, but whatever the case may be, there are programs that may be helpful for homeowners suffering from different setbacks, but while there are no guarantees, taking action quickly is the only way to ensure that a homeowner’s financial situation will not get out of control to the point to where these plans are unhelpful.