In order to qualify for mortgage loan modification program, primarily you are required to check out and provide evidence if you could pay 31 % of your gross monthly income towards the refinance solution. Only thereafter, the banks would reduce the interest rates, extend the term of your loan, or consider deferring a part of your previously unpaid loan balances. Wells Fargo is one of the solution lenders, which provides for home loan modification or refinances for borrowers who have gone upside down on their current mortgages. It is difficult to obtain a modification of your home loan in case your bank is about to foreclose your house.
The Wells Fargo, like other banks, is a participant in the mortgage modification program offered by the Obama administration to make your homes affordable and save it from a possible seizure. As you are aware, the Obama home affordable modification program is designed to help struggling homeowners who are at risk to lose their homes due to defaults on current mortgage payments. As part of the modification of mortgages under the Obama plan, participative banks are required to consider your refinance request and suspend all foreclosure proceedings until your application has been reviewed. At the Wells Fargo, an application for a mortgage modification should be made along with the following documents:
- Proof of income
- A copy of recent tax returns
- A statement of your monthly expenses and
- A letter which underlines your economic hardships
At the Wells Fargo, you could apply for a modification of your home finance solution online with all the requisite documentation. In case you do not get a reply, it is advisable to make a follow-up with a WF representative working with the home refinance department. If the effort is futile then you could get free mortgage modification quotes services through a legal expert who is preferably a loan modification attorney approved by the Housing and Development Department offering free consultations as part of the home affordable modification program. Such professional advice could help you to secure a refinance solution for your current home mortgages.
Modify Your Loan and Save Your Precious House >> Apply NOW
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