Wells Fargo Loan Modification

Information on Wells Fargo Loan Modification

Website: https://www.wellsfargo.com/mortgage/account/paymenthelp

• HAMP government program explanation, eligibility links, calculators and more

Program information for:
The Making Home Affordable Program https://www.wellsfargo.com/mortgage/account/stabilityplan
or https://www.wellsfargo.com/jump/homeassist/?DM_NUMBER=DMIWESERP1&mplx=10918-69547-3408-11

Program information for:
# Repayment Plan
# Loan Modification
# Partial Claim for FHA
# Short Sale
# Deed in Lieu of Foreclosure

https://www.wellsfargo.com/mortgage/account/altrepayment

Contact information for At-Risk Homeowners: https://www.wellsfargo.com/mortgage/account/fast_track
Program information for:
# Project LifeLine: Pausing the foreclosure process
# The Fast-Track Subprime ARM Solution
# The HOPE NOW Alliance

Wells Fargo (877) 216-8448 or (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance

FYI: Washington Mutual mortgage loans are being serviced by Wells Fargo. The link will take you to the Wells Fargo website.
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What to expect from Wells Fargo for loan modifications

Bloomberg.com recently reported that Wells Fargo was one of the worst lenders that assisted struggling homeowners with mortgage modifications; http://www.bloomberg.com/apps/news?pid=20601208&sid=aaiRx.lyFD4I. In November I wrote a post that showed Wells Fargo put 29% of it’s eligible delinquent loans into trial modifications.

Although they are not noted as being one of the worst, they are taking positive steps to assist the struggling homeowner. They recently unveiled Project Lifeline which is a modification program designed for those homeowners that are in a sub prime mortgage and are facing interest rate increases in the near future.

The program essentially reaches out to struggling homeowners who are 60+ days delinquent by mail to invite them to make a lower payment immediately while they review the file for final modification approval. No guarantees, so you could be out a payment or two if they deny the modification after reviewing all the facts.

Nonetheless, it shows that they are interested in providing homeowner assistance, subject to qualifying. This program does include all types of properties, owner-occupied or non-owner-occupied, whether the home-owner is in foreclosure or in Bankruptcy.

They never provide any transparency regarding any modification guidelines that can help you prepare your modification request. If you are declined for a mortgage modification, they will not provide you with an intelligent and understandable reason.

Usually, the response sounds like; “no, and we can’t tell you why because the investor as a policy will not allows us to tell you why”. If you want to contact the investor directly, good luck because the response is typically; “we can’t tell you who the investor is per policy but you can request this information in writing and faxing the request to (269) 353-2432″.

Don’t Be a Victim

As you read the news articles regarding getting your loan modification with Wells Fargo it is a challenge.

Therefore, you should be pro-active with your approval process. This would include staying in control of the process (in other words, don’t give your money or power away to a loan modification company or attorney – who can’t guarantee you a thing) – and getting informed and educated on:

• What type of borrowers are getting moved to the front of the line and getting priority

• How to put together a loan modification package that will get approved quickly

• How to overcome stall tactics, rejection and denials the banks and loan servicers are using to run out the clock

• How to protect yourself from getting your home sold out from under you by the lender during the approval process and the trial modification process.

To help you get educated and protect your interests, please take a look at the recommended handbooks by the experts and authors of:

• Loan Modification Workbook (complete a package that gets approved and overcome stall tactics)

• Stop Foreclosure in a Day Using a Government Program (prevent a foreclosure from happening “accidentally on purpose.”

• 14-percent of Wells Fargo trial modification customers fail to make all three payments

• Wells Fargo gives borrower run-around for a year over loan modification

• Wells Fargo rejected loan modification after homeowner made 5 payments on her trial modification

• Wells Fargo expands its use of the HAMP home loan modification program

• HAMP trial loan modifications only helping 20-percent of eligible homeowners so far // See where Wells Fargo ranks