by Wells Fargo Loan Modification
Wells Fargo is unfortunately one of the most difficult lenders to wrestle a loan modification from, as documented by the clients that we have helped that originally attempted to negotiate loan modifications on their own, and required the expert representation of our Attorneys, paralegals, and processors.
Wells Fargo is willing to negotiate in-house loan modifications, however, the borrower must bring the mortgage current by paying back all that is owed, meaning all delinquent payments as well as legal fees and late fees, through a forbearance agreement. Wells Fargo does participate in the Making Home Affordable Program and has committed to placing more homeowners into HAMP Trial Loan Modifications.
Wells Fargo Contact Information
Wells Fargo Mortgage Assist – Wells Fargo’s online Mortgage Payment Workout tool.
Customer Assistance – (800) 678-7986
Basic Making Home Affordable Requirements
- Your home is your primary and only residence
- The amount that you owe on your first mortgage is equal to or less than $729,750
- You are having trouble making your monthly mortgage payments
- You got your current mortgage before January 1, 2009
- Your payment on your first mortgage (including principal, interest, taxes, insurance, HOA fees if applicable) is greater than 31% of your current gross income
Required Documentation
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about your savings and other assets
- Information about your first mortgage, such as your monthly mortgage statement.
- Information about any second mortgage or home equity line of credit on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- A completed Hardship Affidavit describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
Wells Fargo Loan Modification Process
Wells Fargo has accepted bailout funds and participates in Making Home Affordable; subsequently they are required to review your application and determine if you are eligible for a HAMP Loan Modification. During this review and subsequent negotiations, the foreclosure process is halted.
Additionally, Wells Fargo must waive all fees when placing a homeowner into a HAMP Loan Modification, so don’t be suckered into a Forbearance Agreement with Wells Fargo if you do in fact qualify for a HAMP Modification. If you’re confused as to whether or not you qualify, complete the contact form to the right, or give me a call directly at (202) 257-0909 and I will personally help you.
When you contact Wells Fargo regarding qualifying for a HAMP Loan Modification, the first thing that they will ask you for is a financial prospectus, or a detailed written statement of your income, expenses, and assets. The information that you provide on this prospectus will help to determine whether or not you qualify for a Wells Fargo Loan Modification, so it is very important that you make sure the information accurately depicts your financial situation, hardship, and meets the guidelines of the HAMP Program.
When you have submitted all of the supporting documentation and verbally confirmed the figures presented on your prospectus, if you qualify, Wells Fargo will send you a Trial Modification Agreement in the mail.
Now, the original idea with the trial modification agreements was simply that you qualify for a HAMP modification, and now you merely need to make 3 payments on time, and you will roll into a permanent modification.
Sadly, this is not the case; Wells Fargo loves to kick homeowners out of Trial Modifications. They have the right to request all supporting documents to be re-submitted during the trial modification period; if these documents are not received “on time”, they may kick you out. Additionally, Wells Fargo has the right to perform a NPV Test, or, Net Positive Value Test, to determine whether financially they would be better off foreclosing on you, rather than granting a loan modification.
Getting a Trial Modification is tough enough, but getting a permanent HAMP modification from Wells Fargo is even more difficult. Its strongly suggested that you consult with someone here, or another reputable Loss Mitigation Group with reputable Attorneys on staff that specialize in Loss Mitigation.
I’m interested to hear about your experiences with Wells Fargo, feel free to comment below. If you need immediate assistance, complete the form to the right.
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Wells Fargo has been so hard to work with; I’ve been trying to get a loan modification from them since September of last year. I finally was put into a Trial Loan Modification through the Obama Plan in May and just like you said they kicked me out and I’m going to be foreclosed on in a week, like my sale date is Friday the 27th. They continued with the foreclosure process while I was in the trial modification. Is that even legal?
Is there any way also that you guys can represent me or is it too late?
I think it is easy to work with Wells Fargo. You just have to be helped by a consultant or lawyer who can help you in the negotiation process. They have a higher success rate than individual applicants.
Wells fargo has been an ABSOLUTE nightmare to work with! We have called and called. Every time we speak to (yet another) agent, they give us a completely different story than the previous. We applied for a loan modification, only to have them (after 6 months of making trial period payments on the loan mod trial period) give us a moratorium. We were to halt payments, and in 3 months hand them nearly $14,000 and continue with our previous mortgage payment. We declined that offer, as it would put us in an even worse financial and credibility situation than we are already facing. We are now being re-reviewed for the HAMP program, but it looks as though, they will drag us on for many more months until they can foreclose on us and add over $20,000 more in fees and penalties to the balance of our loan.