Wells Fargo Loan Modification

Under Obama’s loan modification plan, getting a Wells Fargo loan modification is easier than ever before. Before the Home Affordable Modification Program, loan modification from Wells Fargo was notoriously difficult to get approved. Wells Fargo loan modification qualification standards are now comparable to any other lender offering home loan modification.

Before attempting to deal with Wells Fargo to receive a loan modification on your mortgage, be sure to have full documentation on your income, taxes, and monthly expenses, as well as a written letter stating your financial hardship and the circumstances surrounding it. Fill out the online application and submit it as well as print it out to mail and fax to Wells Fargo. You need to go on the offensive when dealing with Wells Fargo loan modifications, they are barely open to them at all despite the huge amount of debt they have racked up. A week or two after you have mass-submitted your paperwork, call them and try to get to the department that handles loss mitigation or loan modification. Ask if your application has been looked at and if so what their decision was. If they denied your loan modification application, as for specific reasons why and the name of the representative you’re talking to.

Being accepted for the Wells Fargo loan modification depends, to a great extent, on your existing budget. You will have to make some adjustments, determining the target payment and setting up clear goals.

The next step, one of the most important ones, is to complete the necessary forms of the loan modification, demonstrating to the bank that you are prepared to accept the new terms and that you have already adjusted your budget in order to meet monthly payments. Completing the loan modification paperwork without any errors will be a point in your favor, increasing your chances of approval.

When you ask Wells Fargo to review your situation for the Home Affordable Modification Plan, the first thing they will ask you for is a financial statement.  This is a breakdown of your monthly income and expenses.  The information you provide will be used in a formula, and based on the results, you will either qualify or not.  That is why it is critical to understand the formula and then prepare your application forms correctly.  You can make any necessary adjustments to your budget before your lender reviews it-it just makes sense to work on this very important form before you contact the bank.

Wells Fargo Loan Modification requirements

You will be asked to give proper,real reasons for your current bad financial status- be sincers and only give the truth.What is the use of getting a modification when you are sure that your status is not going to improve in a few more weeks.You might just escape from the foreclosure for a few more days – so never do it that way.If you feel that you will be definitely improving in a few more days,then you are the right person who needs modification in your loan terms.

Interested borrowers are encouraged to take the time to learn about how to meet the requirements for a Wells Fargo loan modification before contacting the bank.  Homeowners can pre-qualify themselves by learning how to calculate their own debt ratio, how to arrive at a target modified mortgage payment and how to complete the required loan modification forms properly.  Borrowers who submit a complete, accurate and acceptable package to the bank will have a better chance of getting the results the need and deserve.

For it to work, you have to submit an authorization letter that allows a loan modification company to contact your lender on your behalf. This normally takes 24 to 48 hours to complete.

After that, the company will contact your lender and verify that you are approved for a loan modification under their current guidelines.

The company will show you verifiable proof of this modification, including your new interest rate and payment. If this is a beneficial modification (i.e. your monthly payments decrease) you can then choose to move on with the modification process.

You can definitely increase your chances for receiving a Wells Fargo loan modification by learning and preparing ahead of time. It is pretty hard to qualify for something that you do not even know the requirements for! While not everyone will be approved, you can really give yourself the fighting chance you need to save your home by taking the time to learn all about the loan modification approval process before you contact the lender. This is not brain surgery, most borrowers can follow the easy steps and put together an acceptable loan modification application that will result in help to stay in their home. This is a frightening and confusing situation, but doing nothing is not the answer. Make the decision to take control of your financial future and get started today so you can be on your way to secure home ownership again.