| p>A Wells Fargo loan modification is easier now for | | | | This federally subsidized program has been expanded |
| distressed borrowers with the Obama federal plan. | | | | to include second loans as well. Homeowners who |
| This government loan workout offers the opportunity | | | | have lost a significant amount of equity due to the |
| for millions of homeowners to reduce their interest rate | | | | housing downturn can apply for a reduction in interest |
| and achieve a low affordable monthly mortgage | | | | rate to as low as 1%. Another option of this program |
| payment. Do you know how to apply for a Wells | | | | provides an incentive for the bank to retire the second |
| Fargo loan workout using this plan? | | | | lien altogether by reimbursing the bank a percentage |
| Even if you have already applied for a Wells Fargo | | | | of the forgiven debt. Ifyou have a second loan, make |
| loan modification and been turned down, or are still | | | | sure you inquire about this part of the plan. |
| awaiting your answer, you can ask to be considered | | | | The Treasury Department has warned homeowners |
| for the Obama federal government plan. The approval | | | | against paying anyone to apply for this plan, stating |
| guidelines are strict, but if you know a little bit about | | | | that free counseling is available through the HUD |
| how to complete your paperwork properly, you could | | | | website. The counseling centers explain what |
| have a good chance of getting: | | | | programs are available, but they do not help you |
| | | | complete your application. So this does mean |
| 1. Your interest rate reduced to as low as 2% | | | | however, that you can just throw your paperwork |
| 2. The loan term extended to 40 years | | | | together and hope for approval. Successful borrowers |
| 3. A portion of your principal balance deferred | | | | will have taken a few hours to learn what they need |
| Some or all of the above options are available to | | | | to know to prepare their application so that it will fly |
| qualified borrowers to arrive at a new, modified | | | | through the approval process. |
| payment that equals 31% of your gross monthly | | | | If you are serious about getting a Wells Fargo loan |
| income. A Wells Fargo loan modification using the | | | | modification, make sure you are prepared and have |
| Obama government plan offers the same options to | | | | some upfront information about how to get approved. |
| all borrowers and there is no negotiating needed-either | | | | It's not difficult to learn enough about the process to |
| you qualify or you don't. Once you learn a few simple | | | | greatly increase your chances of success. Help is |
| tips to make sure you complete your loan modification | | | | available if you know how to get it-make sure you |
| application forms properly, you can work directly with | | | | have done everything you can to save your families |
| the bank to get the new loan you need. | | | | home. |