Wells Fargo, which acquired Wachovia in recent years, will be providing distressed homeowners with additional options. The lender has agreed to modify second-lien home mortgages as part of the federal government’s foreclosure prevention efforts. The mortgage assistance program will be offered to both qualified Wells Fargo and Wachovia second-lien mortgage customers who have completed their modifications through the HAMP program on their first mortgage.
The second lien program is a fairly new offering, and it was designed to lower the monthly payments on second mortgages for struggling homeowners. The goal is to help as many people as possible stay in their homes, and to reduce the number of foreclosures plaguing the nation. The second lien program is a component of the Obama Administration’s Home Affordable Modification Program, commonly known as HAMP.
To date, Wells Fargo has already assisted hundreds of thousands of people. They have recently announced their own results in assisting those homeowners who are facing possible foreclosure. The lender said it has helped more than 180,000 second-lien mortgage customers (whether they originated their loan from Wachovia or Wells Fargo) through various assistance programs, including loan modifications, principal reduction, forbearance, and subordinations.
In addition, the bank has also assisted more than a half million first mortgage customers with first-lien loan modifications, including almost 150,000 active trial and completed first-lien HAMP modifications.
Wells Fargo said that homeowners who have second-lien mortgages and who have applied for and who qualify for a first-lien HAMP need to contact their mortgage provider to see if they are eligible for the new program. After this initial contact is made, mortgage servicers are then required to contact all first-lien HAMP customers who have second-lien mortgages to make those customers aware of the new payment relief option that is being offered by Wells Fargo and other lenders. So it is required that your servicer offer you this option.
This new second lien mortgage assistance program should help thousands of additional customers. It will help expedite Wells Fargo efforts and it should also greatly increase the number of borrowers that can be assisted through loan modifications. This will in the end benefit more customers, local communities, your neighbors, and should help end the nations housing crisis. Call 1-866-234-8271.
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