Stuck in an unaffordable mortgage and wondering how you can qualify for a Wells Fargo Loan Modification? You are not alone-thousands of borrowers are trying to get approved for a Wells Fargo loan modification program that will lower their monthly payment so they can afford to stay in their home. Unfortunately, not all homeowners will qualify for this help, so it is very important to know a few tips that the professionals know so you can increase your chances of getting the help you need and deserve.
Here are a few INSIDER TIPS that can help you when you apply for a Wells Fargo loan modification:
- You must prove to the lender that you have suffered a financial hardship and thru no fault of your own can no longer afford the current mortgage payment. An acceptable hardship can be any number of circumstances, however the most common include a divorce or separation, job loss or income decrease, military service, adjustable rate mortgage payment increase, death of family member, or mortgage refinancing bills or illness. A successful borrower will provide a convincing and compelling hardship letter that explains to Wells Fargo your current situation, but also tells them how you plan to rectify it and your intention to remain mortgage refinancing to home ownership. Get help to compose an acceptable hardship letter by following an outline and a letter template to assist you.
- Back up your story with proof of your hardship. For example, if you were ill, provide copies of the medical bills. If you were laid off, a letter from your employer. This will demonstrate that the delinquency was out of your control and you are doing your best to deal with an unexpected situation.
- Work out a new family budget that eliminates all unnecessary expenses and then decide what a truly affordable mortgage payment would be. This is your "target" payment and the goal when working on your Wells Fargo loan modification. The new lower payment needs to fit within the lenders guidelines and meet a certain debt ratio requirement. Learn how to calculate your ideal payment so that it is affordable and meets the lenders guidelines for approval.
- Carefully complete the required loan modification forms so that you clearly demonstrate that while the current payment is a hardship, the new lower modified mortgage payment will be affordable and sustainable. This can be tricky, but make it simple to do by providing a Current and a Proposed Financial Statement completed properly.
- Now, put it all together into an accurate and professional Wells Fargo loan modification application by following an easy submission checklist.
The first step in getting a lower mortgage payment with a Wells Fargo loan modification is to learn and understand what the bank needs to see from you in order to grant approval. It is pretty hard to qualify for something that you do not even know the requirements for, right? Homeowners who follow a few simple steps can greatly increase their chances of success. So take the time to learn and prepare before you submit your Wells Fargo loan modification application and you will soon be on the path to secure home ownership again.
You can get the help you need to understand the loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
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