- Wells Fargo Refinancing For Existing Customers
- 2015 Government Mortgage Help targets FHA Programs
- How to Find Cheaper Closing Costs on your Mortgage
- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
It’s no secret that the economy has hit many people hard. Families who used to be able to pay their bills on time are falling behind on mortgage payments; some are even facing the loss of their homes through foreclosure. There is hope, however, for those who have their mortgages through Wells Fargo. Wells Fargo offers several programs to help those who have fallen behind on their mortgage.
Wells Fargo, founded in 1852 in San Francisco, is estimated to have insurance, mortgage, and investment dealings in one out of every three households. Wells Fargo’s commitment to help its customers succeed financially has allowed the company to offer the following mortgage relief programs.
1. Debt consolidation: Debt consolidation allows a homeowner to combine many higher interest credit card payments and loans into one lower payment. While not eliminating your debt, it makes payments more manageable. A debt consolidation loan will free up more money to bring a mortgage current and maintain timely payments on it. Wells Fargo will study a homeowner’s payment history, credit history and ability to pay before extending this form of mortgage help to homeowners.
2. Refinancing: Refinancing a mortgage can allow a homeowner to lower monthly payments, get longer term loans, and change mortgage types. Wells Fargo cautions that there may be origination charges, including processing and application fees, as well as discount point that can be used to further lower interest rates.
3. Repayment plan: It may be possible through Wells Fargo to redistribute back payments and repay them in future loan payments.
4. Attorney General’s Settlement: Wells Fargo entered an agreement with the Attorney General’s office that permits them to help homeowners with their mortgage woes. It allows the expansion of first or second loan modifications. For homeowners with no equity in their home can qualify for an n extended first lien program. The extended first lien program will not lower the principal, but it can help to lower interest rates for struggling homeowners.
In order to qualify for the Attorney General’s settlement, homeowners must:
- Have a loan that was initiated before January of 2009
- Not have had a refinance within 24 months of applying
- Have a loan that is a first mortgage, not a second
- Owe more than the market value of the home (upside down)
- Have a financial hardship
- Have a loan through Wells Fargo
In addition, the Attorney General’s agreement will allow a modified short sale of the home if necessary, with debt forgiveness to qualified homeowners.
5. Independent Foreclosure Review: IF the homeowner was involved in a foreclosure during 2009-2010, Wells Fargo promotes the Independent Foreclosure Review that will help to determine if the foreclosure was a legally valid one.
Wells Fargo at https://www.wellsfargo.com/ offers many types of relief to a struggling homeowner. They have a team of experts ready to answer any and all questions regarding any of the above options and can guide a homeowner in the direction of the relief program most appropriate to their circumstances.
No comments yet.
Sorry, the comment form is closed at this time.