Wells Fargo Secondary Mortgage Modifications on the Up with HAFA for ‘Underwater’

October 24, 2011 / Russell Legato, Residential Property Analyst

While millions of US mortgage payers are finding themselves struggling to meet the terms of their mortgage when it comes to paying for the home, increasing numbers appear to be having difficulties with second mortgages. Needless to say, those who may have already used up as many benefits as possible on their primary mortgage are much more likely to struggle should they run into difficulties with a second loan, though some services such as Wells Fargo (NYSE:WFC) are continuing to participate in the second lien modification program, which according to recent data has seen improvements from this lender in particular.

Wells Fargo Secondary Mortgage Modifications on the Up with HAFA for ‘Underwater’

In the case of Wells Fargo homeowners, increases were noted between July and August with the number of modifications growing from 7,882 to 8,196. Furthermore, homeowners who received a full extinguishment of their second lien directly in relation to the program offered increased to 232, with active modifications which have partial extinguishments increasing to 7,845.

While a number of other major banks aside from Wells Fargo are also making efforts to pursue these particular modifications for homeowners in trouble, they are by no means a guaranteed source of help, nor are they guaranteed to succeed should they be put in place. As such, those who may be predicting turbulent times ahead are once again being reminded to consider their situations as carefully and early as possible, so as to decide whether or not a primary or secondary modification could provide the answer, along with exactly who to turn to for such assistance.

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