How to Qualify & Get Approved for a Wells Fargo Loan Modification
The Wells Fargo loan modification program could be the chance that you need in order to save your mortgaged property. It offers a scheme that works fast and easy compared to a traditional loan modification. Many Wells Fargo homeowners have good reviews for their loan modification programs, I fact that is very rare amoung lenders today.
How do I get a loan modification from Wells Fargo?
Get yourself eligible for the Wells Fargo program by learning about the program and preparing all the requirements before you contact them, that is, if you are serious about saving your home. This is too important to take chances with. Your time and effort will be rewarded when you get the lower monthly payment you desire to keep your home.
You may be eligible if your loan fits to these initial criteria:
- Loan was acquired between January 1, 2005 and July 31, 2007.
- Loan is scheduled for an interest rate adjustment between January 2008 and July 31, 2010.
- Loan has an initial fixed rate period of 36 months or less.
It sounds easy right? However, you might want to know what you should not have before you call them. You should not have a loan on investment properties or vacant properties. Your credit report must not contain a filing of bankruptcy or foreclosure on a home that is due for sale within 30 days.
If your loan is eligible under these criteria, the bank will need to assess your financial situation. You must prepare your credit history and proof of income documents and financial hardships, including your employment history (past and present). In addition, include documents about other properties that may prove helpful in your negotiation of a loan modification. You can do this by preparing a current property valuation and initial valuation.
Wells Fargo will contact you as soon as the status of your loan qualifies to the initial criteria. You will now enter the application process. Application forms will be provided which you will honestly and accurately fill-out. Your form must impress on the bank how desperate you need their help. Submit along with your proof of financial hardship, expenses and income statements.
Before submitting the form, attach a financial hardship letter. It should contain the circumstances that brought you to your situation. Do not downplay your situation nor exaggerate. Stick to the truth and make it convincing.
Along with your application forms is a bank form that you will use to calculate your debt-to-income ratio. You can hire a modification company to help you fill this out correctly, or learn it yourself. There are books and online guides that provide easy “how to” information. After having this calculated, there must still be enough to pay for your monthly household expenses and mortgage payment.
