There have been mixed results for Wells Fargo in terms of alternative modifications as private plans that may be available for homeowners, in some cases, saw a decrease according to the most recent Making Home Affordable Program reports, which may have some homeowners wondering what opportunities are available if they do not find the success they need from a federal modification plan. Yet, homeowners need to understand that data which may not be as positive in some areas does not mean that a particular servicer no longer offers alternative plans, but homeowners may still have options when it comes to avoiding foreclosure outside of the federal modification initiative.
Yet, for homeowners who have their trial modification canceled and for homeowners who were not accepted for a trial modification initially, Wells Fargo did see a decrease in the total number of alternative modifications that had been tracked through the month of May this year, according to Treasury Department reports. However, certain types of modifications, like private investor home loan modifications from Wells Fargo did see an increase from 14,313 in the month of May to 15,229 in the month of June.
Obviously, these statistics are not necessarily of concern to certain homeowners as they are only worried about their particular situation and the ability to get an affordable home loan modification if their situation has become so problematic that mortgage payment difficulties have arisen. Yet, Wells Fargo is one of the mortgage servicers that does participate in a variety of mortgage foreclosure prevention plans, so homeowners are not only able to seek out a modification from this particular servicer but there may be other plans like the Home Affordable Unemployment Program or state-specific programs that could be more helpful than a modification.
What homeowners do need to remember though, there are some situations that may arise in the life of a homeowner which will require they pursue these foreclosure prevention options early so that they do not drain their savings or extend their finances to a point where certain costs may be unable to be met or, in some instances, homeowners have put themselves in such a dire financial position that even a home loan modification payment is not helpful. Understandably though, when unemployment is a problem, homeowners may not even have to worry about a modification, let alone one of these alternative modification plans available directly from servicers like Wells Fargo, as there are state unemployment loan programs in some areas or forbearance plans that could be available to homeowners in need.
While Wells Fargo homeowners are not guaranteed an alternative modification if a federal modification program fails, it’s important to keep in contact with their servicer and even consult housing counseling agencies made available by organizations like the FHA or the Making Home Affordable Program so that homeowners can get a better idea of how to work with their servicer to find foreclosure prevention solutions or explore these alternative plans that may be available from their particular bank.