Wells Fargo is one of the major financial institutions that has continued to offer homeowners modification opportunities, and there have been increases seen in specific areas of modification efforts particularly related to this servicer, as foreclosure prevention plans still continue to be offered for homeowners seeking debt relief and payment assistance. Obviously, homeowners who are in a position to qualify for a home loan modification may not always see success in the federal home loan modification initiative, but for servicers like Wells Fargo, there have been reports that the private home loan modification efforts that have been made are continuing to offer homeowners an alternative option to a federal modifications, as private modification plans in general have reportedly been outnumbering federal plans over the past months.
Yet, Treasury Department reports indicate that when it comes to the types of home loan modifications Wells Fargo has made, there have been increases in the number of portfolio modifications between June and July. It was recently reported here in September that in July Wells Fargo had a total number of 40,963 portfolio modifications that had been made, which was an increase from the previous month’s report where 39,776 of these types of modifications were said to be currently active.
While Wells Fargo was one of the banks that the Treasury Department stated needed to see moderate improvement in their modification efforts, data has suggested that homeowners are seeing more offers in the realm of private home loan modifications from Wells Fargo, which may be helpful for certain homeowners who potentially do not qualify for HAMP. Understandably, there has still been issues related to private modifications with numerous mortgage servicers, but homeowners may stand a better chance of qualifying for these private modifications simply because servicers may be able to offer more lenient guidelines when it comes to homeowners who qualify for in-house initiatives.
Wells Fargo homeowners do need to keep in mind that private and federal home loan modification programs are not their only option, as Wells Fargo participates in extension programs and, in some states, homeowners have been able to get help to pay their Wells Fargo home loan from the Hardest Hit Fund. Representatives from Wells Fargo can be a useful resource for homeowners, but there have been complaints about almost every major mortgage servicer when it comes to homeowners dealing with these representatives, so housing counseling from the FHA and aid from the HOPE Hotline can better help homeowners get organized when pursuing a modification or potentially explore alternatives that may be available for their situation.
Homeowners with Wells Fargo may not qualify for these loss mitigation efforts but may turn to opportunities like short sales, which can be helpful for some, but when it comes to homeowners looking for a way to lower their monthly mortgage payment, it should be remembered that addressing these problems early may allow homeowners to not only explore HAMP modifications but potentially qualify for opportunities like a private home loan modification plan from their servicer, and it may be this particular modification option that helps homeowners find the affordability they need.