If you’re a homeowner battling to save your home and you’ve decided to apply for a loan modification, there are couple of avenues that you can pursue depending on your lender. If you’ve determined that a mortgage modification is for you, you’re probably aware of the capacity that it has to bring about long-term and meaningful financial assistance.
As a Wells Fargo customer, you are able to apply for their in-house loan modification program which is subject to Wells Fargo loan modification guidelines and procedures. National research has indicated that the success rate associated with private, in-house loan modification platforms has been much better than that of government created programs, therefore applying via the Wells Fargo loan modification program is certainly something worth considering.
Wells Fargo provides you with a fairly good picture of how their mortgage modification procedure works. If you take care in sticking to their requirements and providing them with thorough and accurately presented documentation, it will go a long way towards the streamlining of your home loan modification application process. Thousands of homeowners like yourself have faced rejection unnecessarily. Of course, being able to benefit from insightful loan modification help can easily mean the difference between success and failure.
In addition to Wells Fargo’s own loan modification program, there are also federally created loan modification programs like HAMP (Home Affordable Modification Program) which adheres to its own mortgage modification parameters. These parameters were put in place by federal agencies and are utilized by numerous lenders, although not all lenders across the United States are participating in it. Kindly visit our “HAMP Loan Modification Guidelines” guide for more details.
Most homeowners tend to choose the HAMP modification route, and in the event that they are denied, they sign-up for the proprietary program that is made available by their lender. In the same way that the characteristics and practices of various banks across the country differ from one another to some degree or another, so do their loan modification practices. The important thing, whichever program you opt for, is to know exactly what’s required of you and how best to prepare and present it.
Each application, yours included, can benefit from professional loan modification help based on powerful loan modification software. With MyCaal software you know exactly what documents are relevant to your application, and how to go about preparing your package in the most effective possible way. In addition you will gain an accurate understanding of your pre-qualification status before you ever submit your application to your lender.