Homeowners with Wells Fargo who had been looking for ways to lower their mortgage payments through the federal home loan modification program but, as a result of financial problems, have fallen into delinquency are growing smaller in number as a recent Treasury Department reports indicate that homeowner delinquency for Wells Fargo within HAMP have fallen as of September 2011 report. Obviously, because homeowners are seeing decreases in this area of delinquency does not mean that there are those who aren’t still struggling with missed payments and there are also homeowners who will still likely fall into an area of delinquency as personal finance problems still remain present in the lives of many homeowners.
Yet, the number of homeowners who were delinquent between August and September within the federal modification program specifically for Wells Fargo decreased from 126,035 to 123,501. Homeowners are still seeing improvements in the modification program despite the fact that there are those who feel more needs to be done in the final year that this program is offered if there are going to be more homeowners helped by any substantial increase as some feel the program could potentially help many more homeowners than have already been aided but this would require action by the Treasury Department and mortgage servicers as well.
Wells Fargo has seen improvements in the modification program specifically as increases in permanent modifications have been reported in the most recent data we have, but homeowners who are looking to avoid delinquency do need to remember that modifications are not perfect nor are they always the only option that will be available to a homeowner in need. While it has been repeated exhaustively over the past months, some homeowners are still unaware that major servicers like Wells Fargo do participate in proprietary plans and state-specific programs that can help homeowners who do not qualify for a modification or may need special mortgage payment assistance that goes beyond a simple payment reduction plan.
Resources available from Wells Fargo in the form of representatives and housing counselors can give a wide range of information to homeowners who wish to explore multiple plans like modifications or state-specific programs in their area, but as always, homeowners who are in a position where they have not fallen into delinquency may be able to find more success if they address their mortgage payment difficulties before delinquency becomes a problem. While missing payments is something that homeowners have seen a rise in their financial lives during the past few years, homeowners may be able to take advantage of assistance before they start missing payments and potentially to do damage in their financial life.
Again though, homeowners who do qualify for aid will still be in a different position financially, meaning some may be able to stay afloat longer than others without these assistance options, but officials still suggest looking into assistance options sooner rather than later, especially if financial hardships may be long-term.