Wells Fargo is a participating lender in the Federal Mortgage Loan Modification Plan, the program designed to assist homeowners lower their monthly home loan payments.
If you have been stressed and frustrated because you can't afford your monthly payments, there is good news for all qualified Wells Fargo mortgagees. They have begun a streamlined approval process under the new Obama plan.
Wells Fargo has been approved to receive payments from the government to participate in this program. Every loan they modify they are paid an incentive from the Treasury Department, and so the qualified homeowners are approved quickly.
This is the perfect time for you to learn about the Wells Fargo Loan Modification plan, and whether you are eligible for a reduced mortgage payment. Keep reading to find out how it works and what you need to know to apply.
If you can prove you meet the standard guidelines, you have a good chance of having your monthly payment lowered. There is no real secret to determining your eligibility. It's all about how you complete your application to show you are qualified to receive your share of the seven billion dollars allocated for this plan.
It is easy to get approved for the Wells Fargo Loan Modification Plan when you prepare and submit your application the right way. Your financial statement must show your current home loan payment is unaffordable. Other basics, like the mortgage being on your primary residence, the amount of the loan, and when you took it out, are also easy to prove in black and white on the forms.
When you apply for the program you will have a brief telephone interview with a Wells Fargo plan counselor. Be sure to have all of your information prepared and on hand for the call. You will be asked questions regarding the answers on the application, and if you have it in front of you, you will have no trouble getting through the interview quickly and be on your way to getting approved.
Take the time to work on your loan modification forms before giving Wells Fargo your financial information. Then you make sure that you have the best chance of approval. If you hurry through the Loan Modification Plan application and hope for the best, you could be just wasting your time. Your home is on the line-make sure you do everything you can to get the results you need and deserve. It just makes sense-learn, prepare, fine tune, then apply-it is time well spent.
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