Homeowners with Wells Fargo who are delinquent on their mortgage payment have been seeking trial home loan modifications from resources like the federal Making Home Affordable Program, as this is one of the more well-known foreclosure prevention options that homeowners may have, despite the fact that there are various efforts currently in place to help men and women who face the loss of their home. Yet, here in August we have seen reports that track data through the month of June which have shown that Wells Fargo saw a decrease in the total number of active permanent modifications that are currently in place.
These trial modifications within the HAMP initiative have been a point of discussion for delinquent homeowners and officials due to the fact that homeowners have had trouble in the past not only getting a trial modification but sustaining payments within this modification plan or being moved from a trial modification program into a permanent modification plan. Yet, despite the fact that Wells Fargo saw a decrease from 13,565 active trial modifications in May to 13,472 active trial modifications in June, homeowners who are falling into delinquency at the present time need to be aware that these options are still available as permanent mortgage modifications with Wells Fargo and other servicers have continued to rise.
In fact, between the May and June 2011 report, Wells Fargo was stated to have made 3,933 trial modification programs available to homeowners, which has been a lifeline for homeowners who may have fallen into an area of homeowner delinquency after suffering financial setbacks. Understandably though, these programs have not been perfect in how they have helped homeowners since early problems which arose in the modification program centered around communication problems, paperwork issues, and delays in modifications that may have frustrated some homeowners who feared they were going to lose their home.
Also, there are some banks who are still seeing problems related to accusations over improper foreclosure practices, and this is reportedly causing issues in the area of foreclosures, and could lead to delays in processing these home loan foreclosures until the end of the year or early 2012. However, homeowners who are able to address their financial concerns early may stand a good chance at benefiting from one of these federal trial modifications, but there are also programs that Wells Fargo homeowners may use to help them find a more affordable mortgage payment through proprietary modification plans, state programs like the Hardest Hit Fund, or new changes in programs like the federal Unemployment Program may offer forbearance opportunities to homeowners who do not qualify for a modification.
Homeowners need to keep in mind that these modifications are not guaranteed and alternative plans that may need to be explored, which can be done with the assistance of a homeowner’s mortgage servicer or a housing counselor, but despite the fact that active trial modifications have decreased not only for Wells Fargo and others there are still opportunities through this particular plan that homeowners who are using as it could help them avoid the loss of their home until their financial condition improves.