Homeowners with Wells Fargo who have had issues related to their second mortgage may still be in a position to take advantage of the Second Lien Modification Program as there are reports that were released here in the month of August by the Treasury Department which state that Wells Fargo homeowners have seen an increase in the number of active second lien modifications that are currently in place and the number of second lien modifications that were started as of the month of June which may potentially lead to more home loan affordability payments for homeowners in need.
Also, some homeowners are in a position where if they qualify for this particular mortgage modification program they may have a percentage of or the entirety of their second lien extinguished during this program. Obviously, a second home loan can have a great deal of impact on a homeowner’s ability to meet their overall mortgage debt and in cases where a primary home loan modification has not been enough, servicers like Wells Fargo have been able to offer this Second Lien Modification initiative as a way to correct any problems that may have arisen for homeowners with a second mortgage.
Understandably, not all homeowners may qualify for this plan but it was reported that in the month of May Wells Fargo had started a total of 6,604 second lien modification agreements but June data stated that there were 7,143 second liens that had been modified for homeowners. Also, Wells Fargo reported that there was 111 homeowners who saw a full extinguishment of their second lien during this modification program, as reported in the month of June, but homeowners may also stand to simply get a percentage of their second home loan forgiven if they do not qualify for a full extinguishment.
Obviously, homeowners will have to qualify for a primary home loan modification first, but Wells Fargo is one of the servicers who has seen increases in this area as well. While homeowners are still facing financial trouble when it comes to getting a home loan modification, many servicers are working to correct mistakes that have been pointed out within their modification efforts as there is room for improvement with a variety of these financial institutions since homeowners have still had what seems to be an uphill battle when it comes to qualifying for a modification or subsequent programming that may help them find an affordable monthly payment on their home loan.
Yet, it’s hoped that as these programs continue to see positive results more homeowners will be aided through these times which have brought personal financial difficulty into the lives of numerous men and women as a result of factors like job loss, but homeowners do also need to be reminded that addressing issues related to their primary and secondary home loan early can be more helpful as it could allow homeowners more time to explore resources and programs that may help them complete a successful foreclosure prevention plan.