Are you in a difficult situation with your Wells Fargo home mortgage? Help may be available to save your home. A Wells Fargo Loan Modification could help you straighten out your financial predicament and get a lower house payment that you can afford.
Because of the poor economic conditions in our country, President Obama has signed a stimulus bill that provides incentives to banks and lenders to rework existing Fannie Mae and Freddie Mac mortgages. These modified mortgages have lower monthly payments, making it easier for homeowners who have found themselves in a situation where their house payment is no longer affordable due to situations beyond their control.
Luckily for you, Wells Fargo is on the Approved Lender List for this program. If you qualify, you could obtain a house payment that is less than 31% of your gross monthly income! This payment amount incorporates the amounts you must pay in property taxes, homeowner's insurance, and homeowner association dues. One of the requirement is that the payment you are paying now is more than 31% of your gross monthly income, and this also includes the aforementioned expenses.
Wells Fargo really doesn't want you to experience foreclosure, and it is quite unpleasant for them, also. It cost them many labor hours in processing a foreclosure, and the foreclosed property could actually sit vacant and unproductive for a very long time. Under this program, they also receive $1000.00 for each homeowner they help, so they are even more motivated to help you keep your home with a loan modification, if possible.
How do you take advantage of this assistance, if you qualify? Most experts advise that the best course of action is to prepare all your paperwork according to the application guidelines of the program and then contact Wells Fargo. The federal program only allows one application per homeowner, so you see the importance of correctly completing the information and compiling the documentation necessary to substantiate all your statements regarding income and expenses.
To get help right away, click here for more information about the home stimulus package.
Article Source: http://EzineArticles.com/?expert=James_A._Kennedy
Posts
No comments:
Post a Comment