Wells Fargo Loan Modification Help - Tips to Apply

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Distressed borrowers who need Wells Fargo loan modification help are advised to learn about the lenders guidelines and requirements before submitting their application. Wells Fargo has implemented two programs that promise to give delinquent borrowers options to help avoid foreclosure and stay in their homes. Here is a basic outline of the programs that may benefit borrowers:

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How is Wells Fargo Loan Modification Help - Tips to Apply

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1. Project LifeLine: A Wells Fargo loan modification schedule that pauses the foreclosure process for up to 30 days to allow a loan workout solution to be implemented. Targeted at borrowers who are 90 days or more delinquent, each loan is reviewed on a case by case basis. Wells Fargo is contacting borrowers who are 90 days or more late advising them to taste the bank to find out if they are eligible for loan modification help. Homeowners must supply financial statements, documentation of financial hardship and proof of earnings to decree if they will qualify.

Not all loans will qualify for this program. Loans that are excluded from Project LifeLine include:

Loans in active bankruptcy Active foreclosure with sale date less than 30 days away Loans on vacant or investment properties

Interested borrowers may taste the Project LifeLine agency at: 1-866-488-2028.

2. Fast-Trac solution for Arm loans: Homeowners who have an adjustable rate loan that is scheduled to reset to an unaffordable cost may be eligible for a 5 year freeze on the preliminary rate. almost 1.8 million subprime adjustable rate mortgages are set to reset by the end of 2009 and Wells Fargo loan modification help may be ready to eligible customers. In order to decree eligibility, loans must be:

Originated between January 1, 2005 and July 31, 2007 Scheduled for an preliminary interest rate reset between January 1, 2008 and July 31, 2010 Have an preliminary fixed interest rate period of 36 months or less (2/28 and 3/27 loans are the most common)

Wells Fargo will post customers as soon as it is thought about that they may meet eligibility requirements. Borrowers will have to supply earnings and charge documentation as well as proof of financial hardship to qualify for this Wells Fargo loan modification help. It is important for curious homeowners to have a good, general insight of how to faultless the required loan modification application properly to growth their occasion of approval. Even a deserving borrower may be declined if they do not understand how to meet the debt ratio requirements, supply the bank with a compelling and convincing hardship letter and faultless the financial statements properly. Wells Fargo borrowers who cannot make their mortgage payments can call the bank at 1-866-398-7556 to begin the application process.

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