Good report for homeowners who seeking a trial home loan modification plan
The most recent report released in October showed there have been increases in the number of active trial modifications that have been made. This report has tracked data from the Treasury Department through the month of August. This report may be pleased to Wells Fargo homeowners who seeking a trial home loan modification plan. If federal HAMP qualifications were met, and subsequently proceed into a permanent modification and there were still opportunities to acquire a trial.
This number increased from 11,487 to 12,574 but Wells Fargo did see an increase in the number of active trial modifications between July and August. Wells Fargo saw an increase in the number of trial modifications that had lasted six months or longer as 1,550 were reported in August while 1,265 were reported in July. These increases in trial modifications show that homeowners are being stuck in a trial modification period for much longer than the three until six month average.
When pursuing one of these modifications, Homeowners are not always finding themselves in a pleasant situation. There have been numerous complaints waged against every servicer. The servicer has been charged with implementing these programs to the homeowners as part of the HAMP initiative.