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.
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.