What do you do if your Wells Fargo loan modification was denied? How can you get another shot at getting approved for a new lower mortgage payment? The sad facts are that 75% of homeowners will be denied, but you can turn that into an approval if you know what to do next.
What to do if your Wells Fargo loan mod is denied:
Make sure you understand WHY you were turned down. Some part of your application did not meet the guidelines-you need to know what caused the denial so you can fix it. Your denial letter should give you the reason.
The most common reason for denial is your INCOME-perhaps you reported too much or too little income and failed the Waterfall Modification Test. Your debt ratio also relates to your income, and your cash flow-so it is critical to know HOW much income you need to report.
Once you know WHY, you need to know HOW to fix it! Keep in mind that the loan mod approval guidelines are all about the MATH of your monthly budget. You may need to adjust your Gross Income, your expenses and even your assets to
PASS the second time around.
Use the LOAN MOD CALCULATOR to show you where to make these adjustments-this tool for homeowners mimics the guidelines and shows your exact budget requirements to qualify.
Fine tune your income, expenses and assets so that you PASS all the triggers on the LOAN MOD CALCULATOR-then transpose those numbers onto your new RMA application form.
Send in your updated, revised Wells Fargo loan modification application, then call in to the bank to make sure it is received and that the information has been input correctly. It is common for the bank to put in the wrong financial information, and this can cause a denial again.
Don’t give up if you have been denied for a loan mod-remember if you can show them the ACCEPTABLE financial information you have a very good chance of approval-the trick is knowing what to show them so you prove you are the perfect candidate.
Get the real answers you need-use the #1 selling resource for homeowners – The Complete Loan Modification Guide kit and Loan Mod Calculator. This program was designed specifically for homeowners and will automatically compute and display your specific budget requirements to pass the guidelines. Visit MyLoanModificationCenter.com today and get started right away.