As a Wells Fargo customer who is intent on saving your home, the Wells Fargo loan modification process is one that you will want to become acquainted with. A loan modification is able to bring about a significant amount of financial relief in the midst of circumstances that threaten to bring about the foreclosure of your home.
When you express your intent to Wells Fargo to have your mortgage modified, the bank will communicate with you regarding your unique circumstances in an effort to determine how suitable loan modification is to your financial situation. Once the application process has been deemed to be feasible, you can expect a progression of events that will look something like this:
Step One – The process begins
Wells Fargo will send you some information relevant to the modification process, which will comprise of:
- Details of the terms and conditions of their modification program
- A number of forms aimed at gaining a better understanding of your finances and the circumstances that make a loan modification necessary
- Information shedding light on further program guidelines
A home retention specialist will be designated to your application so that you have someone specific to communicate with as your loan modification application unfolds.
Step Two – Getting the necessary documents to Wells Fargo
- The information in question could include items like your IRS forms, details of your monthly income, and also the specifics of your budget.
- Wells Fargo may inform you of the need to make trial modification mortgage payments at times that they specify.
- The accuracy and thoroughness of the information you send to the bank is incredibly important. While it’s true that your application may encounter a few challenges, make sure that they are not caused by a lack of diligence in filling out forms correctly.
Step Three – Concluding the application process
- Wells Fargo will review all the information provided by yourself, and confirm with you where you stand in relation to being approved for a mortgage modification.
- If approved, the bank will send you your modification contract, along with information about any additional instructions that you need to follow.
When it’s all said and done and the application has been completed, your new modified mortgage will be in operation, resulting in financial relief over the long term. For further clarity, refer to the Wells Fargo Loan Modification Worksheet to learn more about the mortgage modification process with this lender. To find out how your finances measure up in terms of pre-qualification for a Wells Fargo mortgage modification, be sure to explore a visit Mycaal.com.