Wells Fargo has completed 93,533 trial and completed home affordable modifications through October 31, continuing the strong pace of activity reflected in what the US Treasury reported in October, 2009. Also, using its own programs, Wells Fargo has done an additional 309,511 trial and completed home loan modifications this year.
This brings the total number of modifications Wells Fargo has done this year to 403,044, a 14% increase over the total number of modifications reported through last month. In addition, Wells Fargo has refinanced nearly 1.1m mortgage loans, thereby assisting a total of approximately 1.5m households this year with mortgage payment relief.
Mike Heid, co-president of Wells Fargo Home Mortgage, said: “We have kept up the pace of our efforts to assist American homeowners who are struggling to make their mortgage payments stay in their homes through the home affordable modification program and other options.
“We are proud to have contributed our share of the total modifications that exceeded the government’s goal of 500,000 Home Affordable Modifications by Nov. 1. Through a continued focus on HAMP and our existing programs, as well as working to develop new options to help people stay in their homes, we are dedicated to helping see our nation through the current housing crisis.”
