Permanent modification assistance for Wells Fargo homeowners through the federal Making Home Affordable Program has increased according to reports released here in September that have tracked data through July of this year. Numerous servicers like Wells Fargo continue to see these improvements in terms of the number of active permanent home loan modifications that are currently in place despite issues that some homeowners still face and requests for further improvements on the part of the Treasury Department in terms of offering foreclosure prevention assistance to homeowners still in need.
The federal Making Home Affordable Program has been in place since 2009 but there is still a great need by homeowners for loss mitigation efforts that may either be found within HAMP permanent modification plans or alternatives that may be offered directly from programs that servicers like Wells Fargo have in place. As long-term unemployment and the unemployment rate remained problematic, with recent reports indicating that no new jobs were created in the month of August and unemployment has remained at 9.1% nationally, there are still homeowners in various states who are facing higher levels of unemployment than the national average and when it comes to paying their mortgage payment, some are simply not in the position to meet their current requirements.
Yet, since Wells Fargo reportedly increased from 91,392 active permanent home loan modifications to 93,917 active permanent modifications between June and July, this does give some homeowners hope as these programs are still in place. However, servicers like Wells Fargo also still have opportunities for homeowners available through private modification plans, which may vary from one servicer to another in terms of the number of homeowners being helped, but there are also programs that Wells Fargo homeowners may be able to take advantage of within HAMP that could address issues like unemployment as well.
As some servicers do continue to see drops in the number of delinquent homeowners that are being tracked at the present time, housing and the employment sector have a long way to go in terms of getting to a point where homeowners are able to find the income through stable employment that they need to pay on their mortgage and overcome issues like negative equity. While there are still problems between homeowners and banks like Wells Fargo, there has been some improvement made in certain areas of the modification program.
However, Wells Fargo does remain in a category within the Treasury Department rating system that indicates they need a moderate amount of improvement, and despite the fact that homeowners are still seeing some success from programs implemented by this particular mortgage servicer, for those who are having trouble it needs to be remembered that housing counseling assistance through resources like the Treasury Department or the HOPE Hotline may be helpful when it comes to homeowners making their way through these modification programs.