A Wells Fargo Loan Modification may save the day for you if you are struggling to pay the monthly house payment on your Wells Fargo home mortgage. Wells Fargo is on the list of approved lenders under the 2009 Federal Stimulus Package. Under this federal program, lenders are paid a financial incentive to do loan modifications for troubled homeowners facing the very real possibility of foreclosure. You might not yet even be delinquent in your payments, but if you are struggling increasingly each month to make your payment, there is no time to delay. It is offered for only a limited time.
If you qualify, They will rework your loan so that your house payment is reduced to a manageable amount. The target amount is less than 31% of your gross monthly income.
This is done using one or all of several tools they have at their disposal under the Stimulus Package.
· Reduced interest on the loan, as low as 2%.
· Extended loan term, which is the duration of the mortgage, as long as 40 years.
· Waiver of late fees
· Even forgiveness of loan principal.
Wells Fargo receives a considerable incentive for every mortgage that they rework. So, they are more receptive to your request for a Wells Fargo Loan Modification.
You must meet the following qualification guidelines in order to apply:
1. The home must be where you live more than 50% of the time, your primary residence.
2. The loan amount has to be less than $729,750.
3. The original mortgage must have been dated on or before January 1, 2009.
4. Your house payment (counting insurance, taxes, and homeowner's association dues) must be more than 31% of your gross monthly income.
5. You must be experiencing a documented case of financial hardship that has prevented your payments or is making it almost impossible. This means that your income has been reduced or your expenses increased due to events beyond your control: job loss, military service, illness, medical bills, or divorce are some.
6. You must also show documentation that given a modified payment, you would be readily able and willing to dependably meet your monthly mortgage obligation.
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