Wells Fargo Loan Modification – Wait For It, But Hurry
If you are in a very bad situation with your Wells Fargo mortgage, you know you are in a precarious situation. You are probably aware that foreclosure is the next step. You do not have time to waste. A Wells Fargo Loan Modification may actually solve all your problems, but you need to be sure you don’t hurry in your application submission.
Although you are definitely fighting against the clock if you are well on the way to foreclosure, you need to take the utmost care in the preparation of your application materials. Most experts will advise you that you should not even contact them until you have gotten all your facts and figures compiled and documented in accordance with the guidelines, They are set out by the Home Stimulus Program under which Wells Fargo is granting these modified mortgages.
There are some picky little details that you should be aware of as you get your paperwork completed. For instance, the income figures used to figure your house payment are gross monthly income. The figures used for the payment also include property taxes, homeowner insurance, and association dues. One of the requirements is that your current house payment is more than 31% of your gross monthly income, and these details could make the difference between qualifying for the program or not qualifying.
So, even though you do need to work quickly and work thoroughly, you need to wait until you are thoroughly prepared to make your case to Wells Fargo. You need to convince them that you have been a victim of financial hardship; your financial situation was not the result of your own irresponsibility, but an event over which you had no control. You also need to be equally convincing that you have the stability and financial income to sustain the new modified house payment. They are judging you as a future credit risk.
Don’t delay. Get all the information about a Wells Fargo Loan Modification, but don’t contact Wells Fargo until you are totally prepared and ready to make your best case. You only get one shot at it; make it right.
For more tips on how to apply for mortgage modifications, visit my blog at http://MortgageModificationsInfo.com.