Wells Fargo Loan Modification

Wells Fargo & Company provides a wide range of financial services including banking, investments, and consumer finance. However, as with most lenders in recent years, it has been particularly active in the mortgage market and mortgage assistance programs. With the recent economic slowdown, it has also started aggressive loss mitigation measures to help defaulting borrowers stop foreclosure and stay in their homes.

wells fargo loan modification

wells fargo loan modification

Homeowners with delinquent Wells Fargo mortgages may get loan modification offers directly from the bank, stating their eligibility for the home retention program. Loan modification involves working out better rates with the bank while foreclosure is stopped, allowing them to catch up on payments. While any borrower can apply for a Wells Fargo mortgage modification, the bank places priority on the most at-risk borrowers.

The main requirement for a Wells Fargo loan modification is a hardship letter detailing the circumstances of default. The borrower must state a valid reason for falling behind, such as a medical emergency or involuntary job loss. The bank may also require standard financial documents such as bank statements, tax forms, and pay stubs to show the borrower’s capacity to stay current after getting the mortgage modification.

A loan modification attorney can help borrowers get faster response, especially with the large volume of applications coming in. A capable lawyer can give the case additional leverage and get better offers than a borrower can obtain on his own. If the mortgage modification doesn’t work out, a loan modification attorney can also look into other alternatives such as repayment plans, deed-in-lieu, and short sales.

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15 Responses to “Wells Fargo Loan Modification”

  1. some name Says:

    [...] Wells Fargo Loan Modification « Loan Modification & Foreclosure … [...]

  2. peter collins Says:

    I was not aware that Well Fargo had a Loan Modification Program

  3. Paul Says:

    Loan modifications really work!! Home Mitigation Direct helped me get my 6.25% adjustable rate changed to a 5%fixed rate. Soooooo happy!

    TX

    P:)

  4. beachdude Says:

    The most common mortgage modifications are listed below:

    lowering the mortgage interest rate
    reducing the mortgage principal balance
    fixing adjustable interest rates within the mortgage
    increasing the loan term throughout the mortgage
    forgiveness of payment defaults and fees
    or any combination of the above

  5. tonyb Says:

    Yeah well they are screwing me .. have not done SHit for me .. Just keep telling me lies .. SO sick of this shit ..

  6. FN Says:

    Nice post! Keep it real.I have looked over your blog a few times and I love it.

  7. Alejandro Solano Says:

    How can I apply for loan modification for Wellsfargo Home Mortgage?

  8. Bwahl Says:

    I purchased a home through Wells Fargo mortgage with an 80/15 loan with the second 15% at a 11.625% interest rate which they said was the best they could do but assured me that I could lower the rate after a year of on time payments. Now that they year is up they said, oops, your property value has dropped so we can’t lower your rate; sorry. So now as my income wanes dues to the economy I have to struggle to keep my head above water… Thanks Wells Fargo! I will be moving all my banking to a local bank!
    Bwahl from TX.

  9. Ryan Says:

    Wells is actually giving great loan modifications as long as you are qualified. I recommend a free consultation with Attorney Marc Tow’s Loan Modification Department to see if it may be right for you. They are honest, upfront, and very versed on loan modifications.

  10. JoAn Thompson-Simmons Says:

    I need to have the phone number to Wells Fargo Loan Modification Department or HUD department for loan modification – reducing mortgage principal, reducing mortgage interest, forgiveness of defaults and fees, etc.

  11. c. hammett Says:

    i have been trying to deal with wells fargo people for loan modification. i have been told by 4 people that their “packet” will be sent. I have been at this for almost a month now and nothing in the mail. i then try to talk again with them directly and receive a new person and have to start the whole process again. i have stage 4 cancer and need to get this process moving. the stress is very bad for my health.

    i am doing my best. i need my loan company to recognize this.

  12. B. Stevens Says:

    I am still in the loan mod process after 4 months. I have a $542,000 mortgage (5/1 ARM @ 5.25%). I left a balance on my American Express ($5,000) at the time of my application but I knew I would be able to pay it off with my tax return. My debt to income ratio was a whopping 78%! All because of my good credit allowing me to borrow more than I could afford and me thinking I could afford it. My car is 9 years old and paid off. I was not behind on my payments, I am barely making them but I make them.

    I could not refinance due to not being able to qualify for the amount I was approved for to buy my house 3 years ago. (funny stuff but very important info)

    For those of you in need of a loan modification with Wells Fargo, there are a few hoops you have to jump through.
    You will have to do the credit counseling first. In my case, there was nothing to cut, no other debt, just utilities, food gas, insurance, and vehicle maintenance.

    So on to the next step. Listening to WF tell me since I wasn’t behind on my payments, there was nothing they could do. So back and forth with the refinance dept, to loss mitigation a couple of times and finally they agreed to send me the paperwork through snail mail.

    Filling out the financial worksheet. Be honest!, they are going to do a credit report on you so expose your dirty laundry but don’t over exaggerate. Know what they consider expenses. Food and electricity aren’t but they have you fill it in anyways. In my case, the loan amount had to be changed since it was placing my debt to income way too high for their new ratio standard of less than 31%. You will need 2 of your latest pay stubs or your W-2′s. Finally you need the hardship letter.

    The hardship letter is your main communication to explain why you can’t pay your mortgage. Mine was 2 pages. I explained how I was trying to keep my credit in good standing, how (even though she was not on the loan) my wife’s job slowed down and cut her hours way back. I explained that I relied on her income to buy groceries and pay for our kids clothing and now the expense was mine. I also explained that important part of not qualifying to refinance the original loan amount they allowed me to borrow in the first place. (trying to avoid a modification that doesn’t meet their current criteria)

    They wanted something else from me. They wanted for me to come up with 2 possible modification solutions. We all know what got us into this situation. Interest rates were raised causing all of the adjustable rates to not be affordable. So my possible solutions were based on a 28% – 31% debt to income ratio (their standard).

    I first explained how they made profit on the interest I have been paying. I then asked for the world. I asked them to reduce the principal to fair market value ($400K) + reduce the interest rate to get me in the right ratio. I offered to pay a percentage of monetary gains to them if I sold the house for a profit in the next few years. I made it as lucrative for them as possible to take a loss. I also offered to swap houses in the same area with one of their smaller vacant homes in their vast inventory while they just take the keys to my current house. It guaranteed me I wouldn’t be homeless and they wouldn’t destroy my credit since they would have to loan me the money for the smaller house. What do I have to lose?

    Now I am sitting and waiting. Checking my status at https://www.wellsfargo.com/jump/mortgage/assist
    Step 1 Reviewing your account COMPLETED
    Step 2 Determine available options COMPLETED
    Step 3 Processing your agreement IN PROCESS
    Step 4 Completed loan modification NOT STARTED

    Make sure you get to the right people. It stalled me for about 2 months talking to the wrong people at the same bank.
    Conventional loan loss mitigation @ 1 800 416-1472
    Prime interest only loss mitigation @ 1 866 662-4866

  13. Joe Says:

    B. Stevens-
    Did you hear back on their decision? I hope things worked out for you

  14. Joe Says:

    Did you hear back on their decision? I hope things worked out for you

  15. Soni Says:

    I have been in the loan modification process with Wells Fargo for 4 months also. I have submitted all documents and respnded to their “stipulations” (inquiries for further information). It has been in “final approval” for several weeks. I feel so helpless and there is nothing I can do. I felt like they ar stringing me along just to foreclose on me. It is helpful to hear that others are also taking this long to get a response. Maybe they really are backed up so things are taking a very long time….its a scary waiting game…and can you trust them…..?


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