For Wells Fargo and their participation in the Making Home Affordable Program, there were mixed results recently released here in July that tracked data within the Treasury Department’s reports on the disposition path for homeowners who either had their trial home loan modification canceled or who are denied a home loan modification altogether. The most recent data we have on this top is through the month of April, but there are factors that are impacting foreclosures and, for some financial institutions, delays that have been seen in the past are continuing here in July and may go even further into 2011.
However, for homeowners who had their trial home loan modification canceled, the number of foreclosure starts dropped from March to April and the total number of foreclosure starts that have been seen for Wells Fargo stood at 17,222 in March and 16,875 foreclosure starts in April. While these are totals for this particular financial institution, some banks have written off loans or may have simply seen a stall in the number of foreclosure starts which have begun during this timeframe. Yet, the number of foreclosure completions that Wells Fargo saw for homeowners in this particular category remained relatively unchanged from March to April as the most recent information we have stated that there was a total of 11,172 foreclosure completions that had been made for Wells Fargo.
Yet, we did see a bit of an increase in the number of total Wells Fargo foreclosure starts within HAMP for homeowners who were not accepted for a trial modification at all. In March there were 17,768 total foreclosure starts that had been reported while that number increased to 21,586 total foreclosure starts as of April. Yet, there was a slight dip in the number of foreclosure completions reported in this particular area for homeowners as 13,890 completions were reported in the most recent data released from the Treasury Department.
What this means for homeowners is that there are still those who run the risk of losing their homes through foreclosure, but homeowners must understand that there are options outside of traditional modifications or even an alternative modification program that may help them avoid the loss of their home. When factors like unemployment are weighing down on a homeowner’s ability to make their home loan payment or even leading to an inability for these men and women to meet home loan modification payments, forbearance programs like those available from the Home Affordable Unemployed Program or state housing initiatives may also be able to offer homeowners foreclosure prevention assistance when unemployment is the driving factor behind their financial distress.