Completing the Wells Fargo loan modification forms is often confusing for homeowners-and since this is such a critical part of the entire approval process it makes sense to learn a bit about how to complete them correctly. Here is some information that may help you when you start working on your own application forms.
- What forms are required to apply? You will need to submit the official application form called the RMA-Request for Modification and Affidavit. This is a 3 page form and includes your hardship affidavit and monthly budget worksheet. You sign this form under penalty of perjury. You will also submit a 4506t-Request for Federal Tax Returns, and a Dodd Frank Certification.
- What sort of information does the bank want to know? Wells Fargo will need to review your monthly budget information-your income,
expenses and assets. They also need to know where you live, where you work and if you have filed bankruptcy. You need to provide a brief explanation about your hardship situation too.
- What is an acceptable Hardship and what if my situation does not fit into the standard reasons on the RMA? Generally speaking, loss or reduction in your income, increased expenses (like medical, mortgage payment increase), excessive debt, lack of reserves (savings accounts), are all valid reasons for a loan modification. However, if your situation does not fit into any of these, you can write on a separate sheet of paper a brief explanation of what has happened to cause the mortgage to become unaffordable. Be sure to sign this page when you attach it to the application.
- The monthly budget worksheet on page 2 of the RMA is confusing-why do they want my Gross monthly income and all of my expenses? Wells Fargo uses this information to determine if your specific financial situation fits into the loan mod program criteria. Your mortgage must be able to be modified to reach a target payment-and the only way to do this is to use your monthly budget information to determine if this can be accomplished. If your income is too high or too low you will not be able to qualify. You can double check your own figures by running them through the Loan Mod Quick APP calculator-the results will show you if you need more income, less expenses, etc. Then you can make the necessary adjustments before submitting.
- Can I submit new loan modification forms if I have already been turned down? Wells Fargo will allow you to re-apply as long as you submit revised, updated information, you cannot keep submitting the same information. If you were turned down because of not enough income for example, or your expenses were too high-then you can re-apply with more income, less expenses. You should double check your figures with the Loan Mod Quick APP calculator to be sure that the new information you are submitting will fit the program.
Wells Fargo loan modification forms are used by the bank to determine if
you qualify for help or not. If you prepare them correctly and can prove in black and white that you fit the approval guidelines, then you will have a good shot at getting a loan workout. Remember, the information you provide on these forms is what the bank uses in their decision-so be sure to do your best to get it right!
Need help to prepare the Wells Fargo loan modification forms? Use the best selling #1 resource for homeowners, The Complete Loan Modification Guide
kit and Loan Mod Quick APP calculator. Step by step directions, required forms, and the calculator automatically generates your very own sample monthly budget to follow for income, expenses and assets. Visit MyLoanModificationCenter.com for more information today.