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  • Wells Fargo offers existing customers help applying for a loan modification.

    Wells Fargo offers existing customers help applying for a loan modification.

    With over 8.5 million workers losing their job in 2010 and over 7 million homes at risk of foreclosure, you are in good company if you are struggling to pay your mortgage payments. Wells Fargo and other banks know this and have designed loss mitigation programs to help you get on track with your mortgage payments and avoid foreclosing on your home.

    If you own a mortgage, the odds are it is with Wells Fargo. One in every six mortgages are managed by Wells Fargo. Wells Fargo’s loan modification figures are not bad, which is encouraging if you are struggling to make ends meet and own a Wells Fargo mortgage. In 2010, less than 2 percent of Wells Fargo’s mortgage ended in foreclosure and delinquency and foreclosure rates were a 25 percent lower than the of the banking industry’s average.

    There are three main programs you can apply for if you are an existing Wells Fargo customer and would like to improve your mortgage terms: The Refinance Program, the Repayment Plan and the Loan Modification Program. Whether you simply want to take advantage of lower interest rates or are on the brink of losing your home, there is a program for you.

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    Our previous article in this series dealt with Wells Fargo’s Refinance Program for Existing Customers. In this article we will look into Wells Fargo’s Loan Modification program. This program is designed to lower your monthly mortgage payments by giving you a better deal on your interest rate, the length of your mortgage (for instance, reducing your term from 30 to 20 years) or in some cases (rarely) by reducing the balance on your loan.

    Loan Modification

    Wells Fargo is an agent for the Obama’s Administration Home Affordable Modification Program (HAMP) and also provides in-house modification programs. You can apply for a Wells Fargo loan modification program here. You will need to supply the last four digits of your Social Security Number, your current loan’s number and your property ZIP Code books. There are several programs you might be eligible for, so Wells Fargo have prepared a questionnaire you can fill in. Once you finish filling in the form, Wells Fargo will decide what programs you are eligible for (if any). To help you collect the necessary information and explain the bank’s requirements, Wells Fargo has prepared a financial worksheet you can download and fill in. Click here to download Wells Fargo’s financial worksheet.

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