Wells Fargo Loan Modification Process

Posted by admin On October - 31 - 2008

If you are having trouble making your mortgage payment due to a financial hardship, you should take time to learn about the Wells Fargo loan modification process.  Wells Fargo Bank is offering loan modification help for homeowners stuck in unaffordable adjustable rate loans with two programs designed to help borrowers avert foreclosure.

Project Lifeline:  Loan modification process whereby a foreclosure is paused while a workout solution is being reviewed.  Borrowers who are delinquent 90 days or more and are trying to find a way to stay in their home are candidates for this program.  This is how it works:

  • Loans in Bankruptcy or with a foreclosure sale date less than 30 days are not qualified
  • Only available on primary residences
  • Borrowers who are 90 days delinquent receive an offer letter in the mail
  • OR borrowers can call 1-866-488-2028
  • Borrowers must be willing to attend credit counseling
  • Borrower provides current financial information for qualifying purposes (see info below)
  • Pending foreclosure is halted for 30 days during the review process
  • After 90 days of complying with new loan workout plan, the loan modification will be made permanent

Fast Track SubPrime ARM Solutions:  Federal officials are strongly recommending this program be offered during the loan modification process to freeze the introductory interest rate for 5 years on adjustable rate loans that have become unaffordable due to payment reset and payment shock.  Certain loans are eligible, and Wells Fargo Bank will contact those borrowers:

  • January 1, 2005 thru July 31, 2007 origination date of loans eligible
  • Interest rate reset scheduled between January 1, 2008 & July 31, 2010
  • Loans with initial rate fixed for 36 months or less (2/27 and 3/27 loans most common)
Get informed before you call!

Get informed before you call!

If you have a Wells Fargo loan that you are having difficulty making the payments on due to financial hardship, you may contact the bank to start the loan modification process.  Not all borrowers will qualify, so BEFORE you call the bank, make sure you have a good understanding of the loan modification process so you will be prepared to submit an acceptable loan modification application.  Wells Fargo borrowers should first call the bank and find out what the debt ratio requirement is to qualify for this program.  Once you know what that figure is, you will be able to complete your financial statements properly to have a better chance of approval.  This is your chance to convert your home loan into a payment you can afford, make sure you have taken the time to learn about loan modification process.

The Complete Loan Modification Guide will give you the most up to date and easy to read information on how to prepare a professional Wells Fargo loan modification application.  This is a low cost, step by step handbook that provides you with all of the required forms, as well as detailed directions on how to complete them.  You get help with writing an effective hardship letter, learn how to calculate your debt ratio, your legal rights and much more.  Give yourself a fighting chance by taking time to learn and prepare before you contact your bank about loan modification help.  Order and download The Complete Loan Modification Guide now and get started on the path to financial security again.

http://www.youtube.com/watch?v=fV92aSTdB7E  Learn more about the Guide – Watch the Video Now!

If you would like more information about the loan modification process, visit us at: http://www.myloanmodificationcenter.com

 

5 Responses

  1. Lee Regal Said,

    I am looking to discuss the Obama loan modification program with an officer. My telephone number is 978-443-7029.

    Posted on February 28th, 2011 at 11:35 am

  2. Ricardo Alameda Said,

    Wells Fargo bank does not help borrowers in the loan modification program. You have to submit documents over and over and you do not get an answer to your request. Wells Fargo bank makes this process very difficult; no wonder borrowers give up and prefer to lose their homes to foreclosure. If you are Latino is even worst, they do not trust the information reported in your income tax return, you have to provide separate documents to prove that you are telling the truth. I think the government made a big mistake giving banks taxpayer money to enforce this program. I would like to file a complaint, please let me know the address where I can forward my letter.

    Posted on May 20th, 2011 at 9:26 am

  3. Sharon Height Said,

    Ricardo is absolutely right. Wells Fargo will have your running around in circles trying to complete the modification process and then only to find out that you are denied. They continue to ask for the same documents that you have already submitted and there is no continuity of information. The worst mistake I have ever made was getting a loan with Wachovia/Wells Fargo. The Loan Modification program is a joke.

    Posted on June 16th, 2011 at 4:04 am

  4. Barbara E Said,

    These people have the same story as I. Though, I am 100% American…American Indian, American BRAT, and my spouse was a Veteran, I am as American as the days are long….still I do the Wells Fargo Circle chase. It has nothing to do with race, color, religion. It has everything to do with big bank collecting big money to be in a so called system of helping Americans under the Home Affordability Program – meanwhile collecting our homes that they foreclose on and profiting on when they kick us out of and collect the bail out money from our taxes. Money is the incentive to circle jerk the homeowners/customers of this bank. The biggest problem, I didn’t even apply to have my mortgage with Wells Fargo. I used my hometown bank that got scooped up by Wells Fargo….big loss for the customers they gained. Another joke is the process is to take 90 days, for me that was 2 years ago, and the worse nightmare of my life.
    Shortly, now I will find out if I am indeed homeless and my life savings and retirement was used making payments to a bank who sent all my money to pay for the legal fees to foreclose on my house. No modification, no customer service, no reduced payment, no sympathy that my four children and I are headed to live in the streets. Even though I have a job, salary reduced, but have a job and once upon a time (before housing market crashed) I even had 6 figure equity in my home. Now nodda. But, perhaps through my appeal and a lawyer in charge, Wells Fargo will do what they are to do by law and give me the modification I qualified for two years ago….after I lost my husband.

    Compounding my hardship like so many others with the paper chase, forms, submittal after submittal Wells Fargo anounces profits because $800 million that the bank had IN RESERVES for the home affordability plan is no longer needed. Why? Because they foreclosed on the homes and now they’ll write off the debt to reduce their taxes then sell the homes for profits. Why under their terms, it’s too late, not the right forms, can’t find the form, oh so sorry your processor is no longer with us ( I had 5 different ones) each one starting over, and over, and over, and over again….clock was ticking…and I am not needed anymore as their customer- the customer who needs help. Why isn’t that money that is no longer needed moving back into reserves to help another customer when so many are still in need? What – that’s correct – no accountability is required by the bank. Have you heard or read of any “news” as to the amount of homeowners who were saved, reduced, modified, forgiven….nope? Me either.

    There is no place to send a complaint. The complaint department is an unanswered loop just like their home affordability modification/loss mitigation department. I know of no one whom Wells Fargo has helped. But here in my hometown, Chase, Bank of America, Citibank all have modified loans for friends, neighbors and relatives.

    Good luck WELLS FARGO CUSTOMERS….Good luck.

    Posted on October 18th, 2011 at 12:51 pm

  5. admin Said,

    Getting approved for a Wells Fargo loan modification is a challenge-no doubt about it-this bank is one of the toughest to deal with. However, remember that the underwriting process for loan mod approval is really all about MATH-your financial information as provided on the application is used in a standard mathematical formula to determine if you fit or not. This means that the monthly income, monthly expenses and assets that YOU write down and send in for review must be acceptable and meet the approval guidelines under this formula. If you don’t know what the figures are supposed to be, then you don’t have much of a chance of getting it right! The real secret is know ahead of time just how much income and expenses to list on your financial worksheet-this is where using the loan modification calculator can give you a BIG advantage! This tool was designed specifically for homeowners and will instantly compute and display your own specific requirements for monthly income, monthly expenses and show you the very best loan mod you may qualify for. If you don’t know what the bank needs to see then you are just guessing, use the loan mod calculator so that you will know ahead of time how to fight back and have a good chance for Wells Fargo loan modification approval.

    Posted on October 23rd, 2011 at 12:11 pm

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