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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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Wells Fargo Loan Modification Completely Explained

November 22, 2017   Auto Loans

Where traditional loan modification schemes can take months the newly implemented loan modification scheme at Wells Fargo can sanction your loan modification within a week if you are eligible. If you are seeker of Wells Fargo loan modification scheme you might want to know the details of this scheme. The details of Wells Fargo loan modification are explained here:

Project lifeline: This wells Fargo loan modification program stalls the foreclosure process up to 30 days to allow a timeframe for solution of loan workout to be implemented. Under this program Wells Fargo is proactively contacting borrowers who are delinquent for a period of 90 days or more, on a case by case basis to assess their situation and qualification for home loan modification. The documents required by the banks for assessment are homeowners credit history, income, debt to income ratio, present and past employment, current property valuation and initial valuation and proof of financial hardship. However there are some caveats applied to the conditions of qualification for the home loan modification. You do not qualify if you have: 1. loan on investment properties 2. loan on vacant properties 3. Bankruptcy already filed 4. Foreclosure already on with the date of sale within 30 days.

Fast track Solution for adjustable rate mortgage: Homeowner who took a loan and its payment is now beyond their affordability may qualify for a 5 year deferment on the introductory rate. To be eligible following criteria should be met: 1. The loans should have been taken between January1, 2005 and July 31,2007. 2. The loan should have been due for an interest rate reset between January1, 2008 and July 31, 2010. 3. Should have an initial fixed rate period of 36 months or less.

If homeowners meet the eligibility criterion under any of the above stated programs, they will be notified by Wells Fargo. Also to qualify you must be earning enough to pay for your expenses over and above the mortgage payment. However as a borrower you can also be proactive and contact Wells Fargo and see if you qualify. As a borrower seeking loan modification help, you would be required to do following:

Understanding of the application process: As a homeowner you would be required to correctly and honestly fill out the application forms and submit it to the bank. The application form generally requires proof of your financial hardship, expenses, and income statements.

Your form is the plea of your need to the bank, just thinking of it as a paperwork to be done away would be a big mistake. Make all your earnest effort to reflect your need genuinely in that form. Along with the form you have to send a financial hardship letter stating the reason you are seeking the home loan modification for. Try making it as compelling as possible without exaggerating or understating your need.

Gather information: You might want educate yourself on how to calculate you debt to income ratio, how to calculate your expenditure. This knowledge comes handy for filling up accurate data in the bank forms. You can also hire a specialized mortgage modification company to help you with forms.

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