Homeowners with Wells Fargo who have faced foreclosure over the past months are finding that continued efforts in the modification program have proved beneficial, and successful, for some despite the fact that there are still many individuals who are facing the potential loss of their home and are seeking these foreclosure prevention efforts that are currently in place. However, there have been some positive reports in certain areas across the nation as homeowners are in a position where foreclosure has become less problematic for some, despite being a major issue that has prevented the recovery of the housing market in full.
Yet, there has also been some positive news, in the area of home loan modifications with Wells Fargo, for homeowners who are working their way through the modification program as there were some decreases in the number of foreclosure starts and completions after HAMP for unsuccessful homeowners. Specifically, homeowners with Wells Fargo who had their trial modification canceled saw a decrease in the total number of starts and completions, which was tracked through the months of May and June.
For homeowners in this particular category, the number of foreclosure starts and completions in May stood at 16,834 and 10,962, respectively. Yet, the number of those starts and completions decreased for homeowners who had their trail modification canceled in the month of June to 16,378 foreclosure starts and 10,669 foreclosure completions. Obviously, this is beneficial news for homeowners who have had trouble when it comes to making their way through the modification program and feel that a modification is their only option when it comes to avoiding the loss of their home. While there are a variety of alternatives that Wells Fargo homeowners may be able to use and outside resources that can help homeowners better explore foreclosure prevention efforts, there have still been some problems with homeowners seeing foreclosure after being denied a modification as well.
Specifically, homeowners with Wells Fargo not accepted for a trial modification sought increases in the cumulative totals of foreclosure starts and completions between May in June, which simply provides the information that there are still factors leading to homeowners facing foreclosure that may not be addressed by a simple modification. Obviously, homeowners may have problems when it comes to meeting their mortgage payments within a trial modification, but there are also issues that homeowners face when it comes to being unable to qualify for a federal modification at all.
While Wells Fargo is reportedly one of the major services that can offer in-house modification programs that may be more beneficial for some, major mortgage servicers are also using state-specific plans to assist homeowners when it comes to addressing specific issues that may be a roadblock when it comes to paying their home loan. Since modifications are not going to be helpful for everyone, homeowners may need to explore these alternative routes of mortgage payment affordability with Wells Fargo or reputable housing counseling agencies so that they can better avoid foreclosure even if a modification is denied.