Wells Fargo Loan Modification aims at providing relief in payment by changing terms of the loan. For example, a change in the interest rate or the time allowed to amortize the mortgage may result in lowering down the monthly payment in such a way as to suit to requirements of the homeowners. WFHM help for homeowners offers an array of solutions to assist consumers in their time of distress. These assistance programs are grouped into two broad categories – one for those who want to stay in their home and the other for those who are not able to keep their home. Wells Fargo Mortgage Modification belongs to the former category and hence it could be the best way to continue living in your home while keeping current with your payments.
Wells Fargo Loan Modification Programs
A mortgage modification program can help you manage your programs affordably if you are facing hardship. There are basically two programs – one sponsored by the federal government through its Home Affordable Modification Program (HAMP) and the other provided by the bank itself. You may qualify for either of the two depending upon your fulfilling the eligibility criteria. Contact the loss mitigation department at 1-800-678-7986 to talk to a home preservation specialist and know what will work best in your situation.
The bank upon receiving your request will send you a loan modification packet that contains program details, IRS & other forms, financial worksheets and documentation checklist. You may also need to write a compelling hardship letter to explain your situation in great detail. Some programs expect you to make trial payments for a few months before the final agreement may be reached. After reviewing the information you provide to the bank, it will send you a package that contains agreement and instructions to complete the modification process.
Wells Fargo Loan Modification Financial Worksheet
The financial worksheet is one among the various forms and documents that you need to complete and send to the home preservation department of the bank. It is available online in PDF format, which you can download and complete to send it along with the package you would send to Wells Fargo Home Mortgage. The other loan modification documents besides financial worksheet include agreement, proposal, household liabilities and expenses worksheet, hardship letter, hardship affidavit, home value report, IRS Form 4506-T and the actual proposal.
After completing the application process it is possible to check your loan modification status online. You can do this by providing last four digits of your Social Security Number, Loan Number and the Property Zip Code. Read guidelines carefully to minimize the chances of denial. In case your application is denied you may explore other options which may include mortgage repayment plan, refinance, short sale or deed-in-lieu of foreclosure. There are some programs which offer principal reduction as well. Avoid becoming a victim of a modification scam and always seek assistance from registered counselors. For more contact Wells Fargo Loan Modification Department at the following number.
Wells Fargo Loan Modification Phone Number: 1-800-678-7986