HAMP Still Failing Struggling Homeowners
American homeowners facing foreclosure proceedings who bought through Wells Fargo may have options regarding the possibility of affordable mortgage payments, though recent data regarding the Making Home Affordable Program has shown many foreclosures continue to be fully completed, with foreclosure starts varying considerable between financial institutions. Those who had their home loan modification trial denied, along with those who were accepted and subsequently cancelled have been recorded in monthly HAMP statistics, which once again display somewhat mixed results regarding foreclosure prevention.
Wells Fargo (NYSE:WFC) recorded a total of 18,255 foreclosure starts during December 2010, with 9,892 completions during the same time period for those who had their trial modification cancelled. However, the running totals for January 2011 were recorded as 17,889 total foreclosure starts and 10,822 completions. Furthermore, for those not accepted for trial modification in the first place there were 18,46 total foreclosure starts and 12,053 completions as of December 2010. For January 2011, the same group totaled 18,313 foreclosure starts and 13,500 completions.
All US homeowners who are encountering difficulties with their current mortgage payments or anticipate them in the near future are being advised to seek assistance and advice from their provider as early as possible, speak to an approved and registered housing councilor or, where applicable, those working for such agencies as the ‘Hardest Hit Fund’ who may be able to assist depending on the circumstances. Although the system is viewed as fundamentally flawed by countless experts and domestic customers alike, there is still a good degree of optimism that the current programs can be developed and continue to reduce the number of foreclosures across the board.
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