Wells Fargo homeowners are continuing to seek alterative plans in the event that they have been turned down for government HAMP assistance, with official figures for May and June indicating that the lender helped approximately 300 fewer customers who had their modification canceled or refused during the same timeframe. However, there was also a noted increase in the number of homeowners who were refused a trial modification but received an alternative plan, which totaled around 400.
The general picture across the board is that modifications are certainly not the only option available to struggling homeowners in the US today, though there are many banks that seem to be more focused than others on providing trial modifications and alternative arrangements in the case of a cancellation.
Wells Fargo is of course far from the only lender to be offering alternative mortgage modification, but it has to be remembered in all cases that such plans are in no way guaranteed and no servicer is required to offer alternatives in the case of a cancellation or refusal.
There are countless other options available across the market, from underwater mortgage assistance to short sale opportunities and various others in-between, but what remains constant is the importance of seeking independent counseling and assistance as early as possible so as to reduce the possibility of any negative outcomes or dead ends as much as possible.