The Wells Fargo loan modification programs that are available to homeowners vary depending on your unique situation.  This is not a one size fits all type system.  Depending on your circumstances, including your loan amount, your equity position and your financial situation, you may benefit more form one program over another.  Here are the basic plans and how they work.

Wells Fargo Loan Modification Program Option 1:

The lender has their own in-house or proprietary loan workout plans that can be custom tailored for your situation.  There are not set guidelines that must be met, other than that you are facing a financial hardship and can no longer afford your current loan payment.  Since Wells Fargo determines the new modified terms, they can vary greatly and so can be very beneficial or the plan they offer you may not be of much help at all.

A Wells Fargo loan modification offer may be for an interest only period of up to 10 years, or they may offer you a lower payment for just a few months.  We have also seen them offer very similar plans to the federal HAMP guidelines, ever for homeowners who do not fit into the government guidelines.  The difference is that Wells Fargo is not subsidized by the Fed for their in-house programs and so they can offer any type of terms they want.  So, it is important to carefully analyze the loan mod terms to be sure they will work for you.

Wells Fargo Loan Modification Option 2:

The bank is offering the government stimulus loan workout plan called HAMP, for Home Affordable

Federal Plan

Modification Plan.  This is a very aggressive program that is designed to provide a low, affordable mortgage payment for homeowners facing foreclosure due to a financial hardship situation.  The good thing about HAMP is that the guidelines and loan terms are standard for everyone.  This ensures that you will get a very affordable payment, and that you will have a good chance of qualifying if you can meet the published guidelines for approval.

There is actually a 4 step formula that the Fed has mandated to be used to determine if a homeowner qualifies for HAMP.  You can use this very same formula yourself when you prepare your application and be certain that you meet the guidelines.  This formula uses a debt ratio calculation, a target payment figure, and several other approval triggers.  If you are confused about how to do these calculations, you can use a software program designed just for homeowners that does all the figuring for you automatically.  That way you know ahead of time if you need to make any adjustments to your budget and you will have the best chance of qualifying.

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