| If you are one of the thousands of homeowners | | | | modification program guidelines. The bank needs to |
| trying to get help to stay in their home with a Wells | | | | see that the new payment will not exceed |
| Fargo loan modification that will lower your mortgage | | | | approximately 40% of your gross monthly income. |
| payment, you need to learn about how to increase | | | | You can get more information about this very |
| your chances for success. Applying for a Wells Fargo | | | | important tip and help to figure this all out. |
| loan modification program will give you the chance to | | | | Tip #6: Take your time and carefully complete the |
| lower you monthly payment so you can afford to | | | | required loan modification application forms so that |
| stay in your home and avoid foreclosure. | | | | they will be accurate and acceptable. How you |
| Unfortunately, not all borrowers will qualify for this | | | | complete these forms will in large part determine if |
| help-why do some homeowners get approved while | | | | you receive an approval. You must show Wells Fargo |
| others are denied? Here are 7 Tips that will help you | | | | that while you cannot afford the current payment, |
| get your loan modification application approved: | | | | you will be able to pay and maintain the new |
| Tip #1: Learn the lenders guidelines for approval | | | | mortgage payment. This can be tricky, but make it |
| before you send in your paperwork. Wells Fargo has | | | | easy by providing a Current and a Proposed Financial |
| implemented certain requirements that must be met | | | | Statement. |
| to be approved. Once you know what these are, | | | | Tip #7: Submit a complete, accurate and acceptable |
| you will be able to complete the forms properly to | | | | application that meets the Wells Fargo loan |
| increase your chance for approval. | | | | modification program guidelines. Missing or incomplete |
| Tip #2: Gather all of your bills and household | | | | packages will be rejected and valuable time will be |
| expenses together, sit down and figure out a new | | | | lost. How can you make sure you are sending in |
| family budget that eliminates all unnecessary | | | | everything required? Easy, follow a Document |
| expenses. You must show the lender that you are | | | | Submission Checklist. |
| making sustained home ownership a priority. | | | | You can definitely increase your chances for receiving |
| Tip #3: Write a convincing letter explaining your | | | | a Wells Fargo loan modification by learning and |
| circumstances that will tell the story of why you are | | | | preparing ahead of time. It is pretty hard to qualify |
| having financial difficulties, what steps have been | | | | for something that you do not even know the |
| taken to correct the situation, and your commitment | | | | requirements for! While not everyone will be |
| to continued home ownership. You can get help to | | | | approved, you can really give yourself the fighting |
| write your own letter with a Hardship Letter outline | | | | chance you need to save your home by taking the |
| and letter template. | | | | time to learn all about the loan modification approval |
| Tip #4: Provide the lender with documentation to | | | | process before you contact the lender. This is not |
| back up your hardship story. If you were laid off, | | | | brain surgery, most borrowers can follow the easy |
| give them a copy of the notice from your employer, | | | | steps and put together an acceptable loan |
| if you had medical expense, copies of the bills. This | | | | modification application that will result in help to stay |
| will add credibility to your request for loan | | | | in their home. This is a frightening and confusing |
| modification help. | | | | situation, but doing nothing is not the answer. Make |
| Tip #5: Learn how to calculate your debt ratio so | | | | the decision to take control of your financial future |
| that you can arrive at your new modified mortgage | | | | and get started today so you can be on your way |
| payment that meets the Wells Fargo loan | | | | to secure home ownership again. |