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)
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