Current trial modification plans available from Wells Fargo and from the Making Home Affordable Program are still one of the first areas of foreclosure prevention that homeowners explore when financial troubles arise, but when it comes to data from the Treasury Department on this area of trials, many mortgage servicers have seen mixed results over the past months. However, there are indications that servicers like Wells Fargo are still making trial modifications and permanent modifications available to homeowners here in September, despite the fact that data in recent months has shown decreases in the area of active trial modifications for a number of banks.
While homeowners still have the option of pursuing federal Making Home Affordable modification, Wells Fargo homeowners may also look into private modification plans or state-specific initiatives that could potentially help their mortgage payment trouble through more affordability or payment assistance options. Yet, some homeowners have been concerned over the status of trial modifications with HAMP overall, as Wells Fargo is not the only servicer to see modification decreases in the area of trial programs.
Between June and July Wells Fargo saw a decrease of close to 2000 active trial modifications that were currently in place, which again is a decrease in an area that many mortgage servicers have seen. Yet, when it comes to the total number of trial plan offers that have been extended by Wells Fargo, they saw an increase between June and July of almost 3000 trials and the cumulative number of all the trial modifications Wells Fargo has started increased from 234,666 in June to 236,869 in July.
This information may mean little to the average homeowner who is struggling to make ends meet, as they are more focused on dealing with their bank, completing the application process, and simply getting a more affordable mortgage payment arrangement on their home. However, in cases where these cumulative totals are increasing, it may suggest that banks are still working to offer federal modification assistance despite the fact that some decreases have been seen in the area of active trial modifications. Yet, it must also be remembered that Wells Fargo did see an increase in the number of permanent modifications that are currently active, which may potentially point to positive signs as well.
However, homeowners should remember that programs like in-house, alternative modifications from Wells Fargo or state-specific plans are also just a few foreclosure prevention routes that a homeowner may be able to take, yet not every opportunity will be available for a homeowner in need. It’s because of this that officials urge homeowners, no matter their servicer, to be proactive about exploring opportunities that may be open for their current situation and may potentially offer foreclosure prevention help.