Here in October home loan delinquency has still remained a focus for many consumers but there are positive results coming from certain servicers like Wells Fargo who have seen decreases in the number of delinquencies being tracked within the federal Making Home Affordable Program. While improvements are also being seen in the area of modifications for some, homeowners who are looking for help with delinquency may be seeing more results from not only these federal programs implemented by servicers like Wells Fargo, but there are other avenues that can address a homeowner’s delinquency and affordability needs when it comes to helping them keep their home while their financial situation improves.
Understandably, homeowners with Wells Fargo have not always had a smooth transition into the modification program, which is a universal issue that homeowners have had with a variety of banks. Also, a modification plan has been proven over the years to not necessarily be a guarantee when it comes to foreclosure prevention as some homeowners continue to miss payments even when they have a mortgage modification and place that may have extended their term, lower their interest rates, or even offered a principal forbearance option as well. Yet, Wells Fargo did see decreases in this area of delinquency according to Treasury Department reports which, once again were released here in the month of October, but track data through July of 2011.
The number of homeowners who were reportedly delinquent with Wells Fargo as of June 2011 stood at 127,686, but this number decreased to 126,035 in the month of July. Obviously, not all homeowners who are no longer in a position of delinquency have found a solution to that problem that some may have slipped into foreclosure, bankruptcy, or participated in programs like short sales that can help homeowners transition from a home that has caused financial distress.
However, homeowners are still being urged to address any payment issues they may have in not only the area of housing but in their financial life as a whole, due to the fact that delinquency on a home loan may be the result of homeowners prioritizing their debt and honoring certain types of obligations like credit cards over their mortgage, some homeowners simply being in a position where they have spent well beyond their means to repay even minimum payments on debt obligations, or there are some homeowners who simply may need help managing their money in terms of saving, cutting costs, and being able to honor major debts like a mortgage.
While housing counselors are currently still seeking to help homeowners in need, when homeowners access to these forms of aid, there are counseling agencies that may help homeowners find more affordability in terms of paying credit cards, loans, or other obligations, which if used properly, have been able to help homeowners save more money, get out of debt, and potentially apply additional funds that they may have left over to their mortgage and obviously reduce their risk of falling into foreclosure.