Know the Guidelines

A Wells Fargo loan modification may be the solution for changing your high mortgage payments into low affordable terms so that you can stay in your home comfortably.  But just how does this program work?  Who qualifies and what is the best way to apply?

Wells Fargo Loan Modification Process Details:

1. Designed for borrowers who live in the property-not rental or vacation homes
2. You must be able to prove that you are facing a financial hardship situation-this could be due to loss of income, medical reasons, marital problems, high debts, etc.
3. Your loan should have been taken out before January 1, 2009 and the balance is less than $729,750
4. Your current mortgage expense-including taxes, insurance and any HOA dues must exceed 31% of your gross household monthly income

Federal Plan

Ok,  so that is the basic application criteria for a Wells Fargo loan modification, but just how to you apply and most importantly how do you have the best chance of approval?

1. Contact the bank and ask to be considered for HAMP-Home Affordable Modification Plan
2. You will be given a short telephone interview to determine if you meet the basic eligibility (detailed above), then you will be sent an application package in the mail
3. You must complete a 3 page application that includes a financial statements detailing your income and expenses.
4. You will sign a 4506T form, a hardship affidavit and write a brief explanation of your current situation, and provide proof of your income-paychecks or P & L for self employed borrowers
5. Send this all back for final review and determination of qualification
6. If approved, then on trial loan modification for 3 months before loan mod becomes permanent

What is the secret to being sure you have a good chance of approval?  Simple-your financial statement must prove that you fit into the guidelines.  This means that your current income and expenses have been filled out so that they fit into a 4 step formula that includes your debt ratio, new target payment, disposable income and more.

Does all the calculations for you!

This may sound confusing, but if you need help you may want to use a software program that is designed specifically to help homeowners complete their application correctly.  Just put in your income and expenses, and all the calculations are done for you immediately.  You can see if you need to make some adjustments to your budget in order to fit into the guidelines.

This is critical information to know when applying for your Wells Fargo loan modification.  The lender will not tell you this information, but as long as you meet the triggers for approval on your financial statement, you will have a much better chance of success.

Not sure how to qualify for a loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the

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Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!