Wells Fargo homeowners who are currently seeking modification assistance on their delinquent home loan obligation to have reportedly dropped according to Treasury Department reports that tracked data between the months of April and May of this year. There have been some banks who saw an increase in the number of delinquent homeowners that are currently in place but Wells Fargo did see this number drop, and this could be the result of loss mitigation efforts that are currently in place as Wells Fargo was one of the banks that did also see an increase in the number of permanent home loan modifications that are currently in place.
While some argue that drops in these delinquent homeowners may not mean much, Wells Fargo did see the total number of delinquent homeowners as of April to be at 130,035, but this number dropped to 129,039 as of May, which could potentially be a positive sign. There are some officials who feel that this it is not necessarily going to lead to more positive results in the housing market or in modification plans, as some homeowners who may be no longer tracked in this delinquent number may have potentially suffered foreclosure as a result and didn’t find the foreclosure prevention help they needed through a modification plan.
Homeowners with Wells Fargo have, among many others, had their fair share of trouble when it comes to either working with their servicer, getting an affordable home loan modification plan, or simply avoiding falling into an area of delinquency or defaulting once again. Sadly, there have been problems with a variety of banks whose homeowners have been offered a mortgage modification but were still unable to sustain this lower payment plan and fell behind on their mortgage payments once again. This may be the reason that some of these banks have seen both increases and decreases from one month to another in the number of homeowners who were delinquent on their mortgage payment.
For Wells Fargo’s homeowners who are delinquent on their mortgage payments, it needs to be understood that there are a variety of options still available that may be able to help these men and women either become current or avoid foreclosure in the long run through these modification efforts or more specific plans that may address issues like negative equity or unemployment. Wells Fargo is also one of the servicers who participates in private home loan modification plans, so homeowners are not only able to work within the confines of HAMP when it comes to finding an affordable solution to their mortgage payment troubles.
As always though, officials have been suggesting for months that homeowners consult with representatives from agencies like the FHA, the HOPE Hotline, or from their bank to explore options that may be right for their situation if a modification isn’t going to help in the long run. Some homeowners may be able to use state programs while others could potentially qualify for forbearance options, but in cases where a simple modification is unhelpful, Wells Fargo and others may be able to offer additional programming to their homeowners so that success in the long run can be gained by these homeowners who are currently troubled.