Wells Fargo was one of the financial institutions that saw improvements in the area of trial modifications and it was previously reported that the number of active trial modifications Wells Fargo had in place increased from April to May, but also the total number of trials that they had started also saw an increase as well. What the total number of cumulative trials started means for homeowners is that their are improvements being seen in the area of offering trial modifications, as some financial institutions are seeing fewer total trial modifications on a monthly basis, meaning that the number of trial home loan modifications they have started since they began working with homeowners within the Making Home Affordable Program has not improved substantially.
Yet, the report released here in July that showed data through the month of May indicated that Wells Fargo saw an increase in cumulative trial modifications from 226,702 in April to 230,733 in May. Understandably, some homeowners wonder why the total number of trial modifications throughout the program’s history for any servicer may be of any consequence to their situation, but again, homeowners need to look at how their particular servicer has been performing over the lifetime of the program as this could be an indication of what potential type of home loan modification process they may have to enter into.
There are some banks that have seen relatively little movement in term of the number of active modifications they made or some financial institutions may have seen smaller numbers in the amount of permanent modifications they have made on a monthly basis, which could indicate that homeowners may have to deal with a servicer who has kept homeowners in a trial modification phase longer or may potentially not be offering from modifications on a large scale.
Also, Wells Fargo reported 4031 from modifications since April 2011, which was stated in the May 2011 report, and this goes to show that there are some financial institutions who are making these programs available still to homeowners in need. It needs to be kept in mind though that these programs and banks are not perfect and there have been some mistakes made, so homeowners with any servicer should not necessarily assume they will have an easy time transitioning through the different steps of the modification program.
While there have been changes made to the modification program which are hoped to offer not only further assistance opportunities to homeowners but help make the process less cumbersome, homeowners are reminded to once again consider housing assistance from approved, accredited housing counselors associated with the Making Home Affordable Program so that not only can they get aid when it comes to dealing with the home loan modification process but they may be able to explore other opportunities as well.