Modifying a Wells Fargo home loan is now easier for struggling homeowners thanks to the government’s new home rescue programs. This federal bailout will give millions of homeowners the opportunity to lower their home interest rates and get a new, lower monthly mortgage payment. Do you know how to apply?
If you have already attempted to modify your Wells Fargo home loan and have been rejected or are still awaiting a response, you should reapply using Obama’s Making Home Affordable plan. Many homeowners can take advantage of this plan and would have the chance to receive:
– Interest rates reduced to as low as 2%
– Extension of the mortgage term up to 40 years
– Parts of the capital balance can be deferred
These options can be combined so that homeowners’ monthly mortgage payment does not exceed 31% of their gross monthly income, which Obama’s plan calls for. Many homeowners contribute 50% or more of their income toward their home each month. Another benefit is that a Wells Fargo home loan modification using the government’s bailout offers all of the traditional refinancing and modification options without negotiation or additional fees and hassles. The best thing you can do to help yourself is make sure your mortgage modification applications are complete and complete.
It should also be remembered that there are no costs associated with this home refinance stimulus plan and free mortgage and debt advice is available on the HUD website. These professional mortgage and debt advisors will help you complete your paperwork and apply for the right type of loan modification or refinance package that’s right for you. They increase your chances of admission because of their experience and expertise.
If you’re getting a home mortgage modification from Wells Fargo, make sure you do some basic research and be prepared. It’s not difficult to gather and correct all your paperwork to streamline the change process and increase your chances of approval. Try modifying your Wells Fargo loan today and see how much savings there is.