Wells Fargo saw a decrease in the number of delinquent homeowners tracked through the Making Home Affordable Program reports that were released here in July and brought information through the month of April of this year. Homeowners have continued to struggle with delinquency in some areas, and as factors like unemployment have continued to remain present in the lives of these men and women attempting to stay afloat on their home loan, there are those who feel that we may see increases in delinquency when information on homeowners is released in subsequent months.
It’s hoped though that federal mortgage modification plans and servicer foreclosure prevention efforts will be seeing more success as changes that have been implemented and programs a while back may be leading to more success or alternative programs, which are set in place to help homeowners outside of traditional modification plans through servicers like Wells Fargo, may have been successful as of late as well.
However, there was good news according to this latest report as Wells Fargo saw a drop in the number of homeowners who were more than 60 days delinquent on their home loan from 137,218 in March to 130,035 joint homeowners in April. These homeowners are those who are believed to be in a position where they may qualify for federal modification assistance, and since servicers are still seeing increases in the number of permanent modifications they have made, it’s hoped that foreclosures may begin to slow despite the fact that there are still issues that homeowners must overcome, foreclosures still occurring presently and set to occur in the future, as well as issues like negative equity which are causing some homeowners to fall behind on their payments.
Homeowners do need to speak with their servicer though, as some of these banks are offering in-house home loan modification plans which can be just as useful for homeowners in need. While the success of these alternative, proprietary home loan modification plans varies from one servicer to another, some banks are using these programs more than others as a way to help homeowners who may not qualify for the federal home modification initiatives.
Luckily though, despite the fact that homeowners are still facing hardships related to their income, various plans are still in place or have recently begun to accept applications in the hopes of helping homeowners avoid the loss of their home through either modifications or payment assistance efforts made available through dischargeable loans for homeowners who qualify.