If you are a home owner with a Wells Fargo mortgage and you are like most people who are experiencing money struggles you may be able to get a loan modification. Don't believe for a minute that it will be an easy or quick process. Wells Fargo is one of the more difficult banks to deal with when it comes to getting a successful Loan Modification. You must have a lot of patience and make certain that you have all your ducks in a row.
One of the key issues in the process is knowing whether or not you actually qualify for a loan workout. It is important to know and understand your debt ratio and the verifiability of your income. If you're self employed and your income is not totally documented you will find the process even more difficult. For a Wells Fargo Loan Modification your debt to income ratio must be low enough to demonstrate your ability to afford your mortgage payments but high enough to show that you will be able to manage your new, lower payments after the loan modification.
Your monthly payments must not be more than 38% of your monthly income after the loan modification process is complete. There are a few key strategies that can be used to lower your mortgage payments to a point where your debt to income ratio will be acceptable. They may include:
1. Extending the length of the loan by increasing the term.
2. Lowering the fixed interest rate.
3. The principal may even be reduced (via a short refi, but Wells Fargo is a bank that is very reluctant to approve this, but it's still possible)
Wells Fargo has grown its retention department in order to provide the required services to home owners in a more timely manner. But even with adding almost 6000 full time employees home owners will still find the waiting period to be very long and drawn out. It may even seem as though a decision will never be made on your case. You must be patient.
Even though you're dealing with a very reputable bank in Wells Fargo, you should not try to negotiate on your own but if you do you need to make sure you have all the required paperwork. The paperwork needs to be organized and compiled in a manner that will get you the results you want, which is a successful Loan Modification. Before you get the process started you need to research and make sure you understand Wells Fargo's Load Modification process and gather all the information that is required.
There are quite a few people that are applying for a Wells Fargo loan modification so it is important that you do not wast any time. In order to get your modification considered quickly you simply must have all your documents prepared and understand how the system works. A complete package and a well organized package will get your case looked at more quickly than if you submit a disorganized or incomplete file.
One of the key issues in the process is knowing whether or not you actually qualify for a loan workout. It is important to know and understand your debt ratio and the verifiability of your income. If you're self employed and your income is not totally documented you will find the process even more difficult. For a Wells Fargo Loan Modification your debt to income ratio must be low enough to demonstrate your ability to afford your mortgage payments but high enough to show that you will be able to manage your new, lower payments after the loan modification.
Your monthly payments must not be more than 38% of your monthly income after the loan modification process is complete. There are a few key strategies that can be used to lower your mortgage payments to a point where your debt to income ratio will be acceptable. They may include:
1. Extending the length of the loan by increasing the term.
2. Lowering the fixed interest rate.
3. The principal may even be reduced (via a short refi, but Wells Fargo is a bank that is very reluctant to approve this, but it's still possible)
Wells Fargo has grown its retention department in order to provide the required services to home owners in a more timely manner. But even with adding almost 6000 full time employees home owners will still find the waiting period to be very long and drawn out. It may even seem as though a decision will never be made on your case. You must be patient.
Even though you're dealing with a very reputable bank in Wells Fargo, you should not try to negotiate on your own but if you do you need to make sure you have all the required paperwork. The paperwork needs to be organized and compiled in a manner that will get you the results you want, which is a successful Loan Modification. Before you get the process started you need to research and make sure you understand Wells Fargo's Load Modification process and gather all the information that is required.
There are quite a few people that are applying for a Wells Fargo loan modification so it is important that you do not wast any time. In order to get your modification considered quickly you simply must have all your documents prepared and understand how the system works. A complete package and a well organized package will get your case looked at more quickly than if you submit a disorganized or incomplete file.