Wells Fargo Loan Modification
Posted on February 15th, 2010
I’ve had a few e-mails come into my inbox lately, and lot of them have to deal with foreclosures, short sales, and other things in the real estate market. While I’m not the biggest expert in real estate, I’ll try my best to help out.
I received this following e-mail from a following reader a few days ago. I will call her “Ann”
Hi,
I have a mortgage with Wells Fargo. We currently owe $250,000, and like a lot of people in America, I lost my job, as well as my husband. He is laid off for the time being, but I don’t expect him to get the job back any time soon.
We’ve been trying to our loan modified, but Wells Fargo just keeps giving us the run around, or we’re on hold for hours on end. Do you know what the steps are to get a modification, or are we looking at foreclosure? Help!
For me personally, I have a Wells Fargo home loan as well, and while I’m not in the market to modify it, I did some research online, and came to the conclusion that there are some things that you can do to get your loan modified.
First, you’re going to find that Wells Fargo is going to look deeply into your budget. They want to know that you need this modification. If you can still afford it, they are still going to make you pay it. Many experts will tell you to miss a payment for 3 months in a row before even applying. Yes, it’s going to hurt your credit score, but this is the only way the banks are going to listen to you in this market.
Keep in mind that you’re dealing with 1000s a day that are in your shoes, and you better believe that these phones are ringing off the hook. What you’ll want to do is head to Wells Fargo’s website, and read their modification guide. What you’re going to find out is that they can help you in many different ways. Be honest on your application, and make sure that you fill it out properly. You will want to follow up about every 3 days to check on the status. You don’t want to be afraid to call!
If anyone else has this type of problem, or maybe a success story, let Ann hear about it!
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