Wells Fargo has some mortgage loan modification programs. When you are thinking about modifying your loan, you should get the following information together:
o A brief description of your financial hardship
o Your financial information, including expenses and debt
o Proof of income Causes of financial hardship include loss of income, curative expenses, or dramatically increased mortgage expenses, such as when an adjustable rate mortgages introductory rate expires and the cost is unexpectedly high.
Mortgage
To apply for a modification program, you need a straightforward statement of the cause of your hardship. Later in the process, you will be asked to write more about your circumstances in a short letter. Your financial information should include all of your monthly bills, as well as your total indebtedness, including reputation cards, auto loans, and so on. The required proof of income includes a up-to-date pay stub, a copy of your tax return, or if you own a business, a copy of the profit and loss statement.
Wells Fargo provides some loan modification programs to help customers cut the cost of their mortgage.
1. Refund plan. This allows you to distribute your delinquent payment over a duration of time up to 10 months. This increases your payment in the short term, because the delinquent whole is added to the quarterly mortgage payment, but at the end of the term you will be up to date and your home will be secure.
2. Loan modification plan. This plan can bring your inventory up to date immediately by creating a new mortgage that adds your past-due interest and escrow amounts to the unpaid principal balance.
3. Fha loans: Partial claim plan. To bring your inventory up to date immediately if you have an Fha loan, you can apply for an interest-free loan from the branch of Housing and Urban improvement (Hud) to repay the past-due interest and escrow amounts.
4. Short sale plan. If you are unable to continue making payments, you can sell your home and use the proceeds to pay off the mortgage, even if your home's shop value is less than the total whole you owe. This avoids foreclosure and is less damaging to your reputation rating.
5. Deed in Lieu of Foreclosure plan. If you are unable to claim your mortgage payments and cannot sell your home at shop value, this plan allows you to avoid foreclosure and voluntarily exchange your property to Wells Fargo. This can be less damaging to your reputation rating than foreclosure.
If you have a mortgage with Wells Fargo and are having trouble meeting your mortgage payments, do your homework, and consider one of the mortgage loan modification programs.
Mortgage Modification 411 - Wells Fargo Loan Modification program
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