Many people have fallen behind their mortgage and if you have a Wells Fargo mortgage and have fallen behind you may feel that foreclosure is your only option. This however is not the truth. Wells Fargo has a loan modification program that can help you get back on your feet.
Recently President Obama signed a stimulus bill that will set aside $75 million that will go toward helping those who have been truly affected by the current state of our economy. There are millions of people that will be helped make sure you are one of the many.
Wells Fargo is one of the lenders that are approved by the Treasury Department. Those lenders that made it onto the Treasury Departments’ approval list receive incentives when they help rework loans that were backed by either Freddie Mac or Fannie May. The loans have to be for a primary residence, the home must be lived in.
The loan modification process gives those that qualify lower payments by either extending the length on the loan, waiving late fees, reducing the interest rates or even forgiving some of the principle. The entire goal of the loan modification process is to have the borrower pay their mortgage, insurance, association dues and taxes that combined are 31% or less of their monthly income. This is done in hopes of keeping millions of people in their homes and avoids foreclosure.
– The loan amount can not exceed $729.750.
– The loan on the home must have been written on January 1, 2009 or after.
– The homeowners’ monthly mortgage must be more than 31% of their monthly income.
– The owner can provide documentations of their current financial hardship.
– The owner must provide the lender with a budget showing the result of any loan modification. The borrower has to show that they will be able to make the modified payments once the process is complete.
Provide any and all paperwork that will be needed when applying for the Wells Fargo mortgage refinance and loan modification process. The mortgage refinance and loan modification programs can help you bounce back from the housing crash.