Archive for the ‘Mortgage Modification’ Category

Free Mortgage Modification Assistance

Many homeowners need home loan modification assistance, but many do not know how to get it or think they are unqualified to receive assistance. There are myths surrounding just about every instance of financial help, but with the economy in the state it is currently, many people simply cannot afford to be misinformed about modifying home loans.

If you are considering requesting mortgage modification assistance from your lender and you're not sure if you qualify, these debunked myths may help push you forward towards requesting assistance from your lender.

MYTH: Home loan modification is the poor man's refinancing:

Refinancing and modifying your loan are two completely different things. Refinancing is renewing your loan under different terms, whereas loan modification is changing the terms of your mortgage for lower payments and interest rates. Refinancing helps those who have a depreciated value on their property and would like a mortgage that fits the new property value, while mortgage modification simply reflects off the initial value of your property. However, refinancing has much tougher requirements to meet and you must have good credit to qualify for refinancing. Home loan modification requires only decent credit and the requirements are set around the statistic majority of homeowners in the United States today.

MYTH: You cannot qualify for home loan modification if you have bad credit:

As stated above, modifying your loans is much more welcoming towards homeowners who do not have excellent credit. Some lenders will negotiate on a loan modification agreement with a homeowner if their credit is bad, however many lenders will not consider you if your credit is too far gone. Find a firm giving free consultation on loan modification and find out if your credit does not meet requirements. Also consider hiring a attorney, as they can help greatly in getting you qualified for this.

MYTH: You will not qualify unless you have been late on a mortgage payment:

While it's not impossible to qualify for home modification without being late in most cases, it is difficult. The truth is, some lenders are more pensive to give assistance to homeowners who have not been late on their payments. A late payment signifies in the eye of the lender that you are in hardship, whether you are or not. If a lender will not accept your modification application because you have not made any late payments, present to them your financial records (which you should have anyway), income documentation, and tax documentation. If that fails, hire an attorney. If you are in financial hardship and are qualified for assistance, you have the right to receive it.

MYTH: If you cannot hire an attorney, you absolutely cannot persuade your lender into giving you loan modification assistance:

This is not true to an extent. Hiring an attorney will make the process easier for you and will raise your chances for success in negotiations, but in some cases a attorney is just not needed. Some homeowners are a shoe-in for assistance. Seek a free loan modification consultation out and see how you fit within the qualifications, you may be pleasantly surprised.

About the Author:

For additional information about home loan modifications, visit the #1 loans modification resource on the net: http://HomeLoanModifications101.com

Article Source: ArticlesBase.com - These Home Loan Modification Myths Can Keep You From Keeping Your Home

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Mortgage Modification Wachovia

Under Obama's loan modification plan, getting a Wells Fargo loan modification is easier than ever before. Before the Home Affordable Program, modification from Wells Fargo was notoriously difficult to get approved. Wells Fargo loan qualification standards are now comparable to any other lender offering these.

Along with this plan being easier to qualify for, Wachovia loan modifications are as well. Wells Fargo and Wachovia merged on December 31st, 2008 and thus Wachovia has the same standards as Wells Fargo for modifying loans.

While the requirements have gotten much more lenient for the modification process, actually getting approved is another matter. Despite the $75 billion dollars the Obama Administration has allocated to lenders via the Home Affordable Modification Program in order to encourage lenders to approve loan modifications, Wells Fargo maintains a difficult stance on approving them.

Thousands of homeowners across the country have reported that WF deny their loan modification applications even if they fully fit the standards, often with no explanation. Other homeowners report extreme difficulty with dealing with the their phone representatives when calling about doing this. While there is a streamlined online application system for modifying your home loan, there are still similar difficulties and unexplained denials.

Before attempting to deal with Wells Fargo to receive a loan modification on your mortgage, be sure to have full documentation on your income, taxes, and monthly expenses, as well as a written letter stating your financial hardship and the circumstances surrounding it. Fill out the online application and submit it as well as print it out to mail and fax it to them.

You need to go on the offensive when dealing with WF, they are barely open to them at all despite the huge amount of debt they have racked up. A week or two after you have mass-submitted your paperwork, call them and try to get to the department that handles loss mitigation or loan modification. Ask if your application has been looked at and if so what their decision was. If they denied your application, as for specific reasons why and the name of the representative you're talking to.

If trying to force your Wells Fargo loan modification through does not work, consider consulting with one of the many representatives appointed by the Housing and Development Department. Their services are free under the Home Affordable Modification Program and they are there to help the homeowner, not the lender. These representatives of the Housing and Development Department offer not only consultation, but also negotiations between you and your lender -- and Wells Fargo is one of the toughest lenders in the country to get an approved with.

About the Author:

For more information about home loan modifications, visit the #1 loans modification resource on the net: http://HomeLoanModifications101.com

Article Source: ArticlesBase.com - Wells Fargo Loan Modifications Have Lower Criteria, But Are Still Hard To Get