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Wells Fargo Loan Modification Explained

October 27, 2018   Auto Loans

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.

Keep in mind that you are not the only one applying for a loan modification at Wells Fargo. They probably have to deal with hundreds of applications every day, and may be tired of applications that are not complete or accurate. Don’t decrease your chances of acceptance by submitting a loan modification form that is incomplete; give the lending institution all the documents requested in the first place and you won’t have anything to worry about.

If this is the first time you are considering applying for a loan modification, then it might be in your own interest to do a little bit of research first. You can find an online application guide and discover everything there is to know about Wells Fargo. These guides are extremely useful when it comes to completing the application, calculating the debt owed and even writing the hardship letter, in which you explain the reasons for needing a loan modification.

Wells Fargo has come up with the proposal of loan modification because they want to reduce the number of foreclosures on the market, thus helping delinquent borrowers remain in their homes. There is one loan modification program from Wells Fargo that actually interrupts the foreclosure actions for a period of one month, allowing the borrower to find a solution that works in everyone’s favor. Several types of loans will be excluded from the start, including the ones that are already in bankruptcy and those that were taken on empty properties.

The second type of Wells Fargo loan modification concerns loans with adjustable rates, proposing a period of five years in which the introductory rate is not taken into consideration. There are a number of eligibility criteria that one has to meet as well, presented in detail on the Internet. One example is that loans should have been taken between 2005 and the first half of 2007. Find out more from the World Wide Web and see if you qualify!

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Are you eligible for Wells Fargo Loan Modification?

September 8, 2018   Auto Loans

The two programs planned under Well Fargo loan modification have different eligibility requirements. The program based on the interruption of the foreclosure process and the proposal of a new payment plan excludes from the start those who are facing bankruptcy. The same goes for foreclosed properties that are only one month away from being sold and for loans that were not taken on residential properties.

The second loan modification plan proposed by Wells Fargo focuses on helping subprime mortgages that have an adjustable mortgage rate. In order to qualify for this plan, the loan should have been taken somewhere between the start of 2005 and 2007. Another eligibility criterion refers to the scheduling period of the loan for the readjustment of the introductory interest rate. Borrowers are also required to prove their income, as well as to add a letter of financial hardship to their application. It is a known fact that a complete application increases ones’ chances of loan modification approval.

Applications are easily rejected if the borrower has no idea how to calculate the debt ratio or if the financial hardship letter is not convincing. Filling in the requested financial statements is mandatory, improper completion being an important reason for rejection of the application. However, once accepted, borrowers can forget all about adjustable rate loans and they can successfully prevent the foreclosure process from happening.

The sooner one starts the loan modification process, the better. There are various sources which list the eligibility criteria and the paperwork that has to be completed. Before submitting the loan modification application, it is important that every aspect has been carefully considered and understood. The bank will decide if one qualifies for the loan modification program, taking into consideration the debt ratio in the first place. This is followed by the completion of the financial statement, borrowers being finally given the chance to escape a loan that was difficult to afford.

If you are tired of payments you cannot afford, then it might be for the best to give Wells Fargo loan modification a chance. Not only will you benefit from lower monthly payments, but also from a whole set of advantages that you will gradually discover. No more adjustable rates for your mortgage, no more foreclosure just waiting to happen. The loan modification program will be exactly the thing you need to regain your financial stability and escape your debt!

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