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Loan Modification From Wells Fargo

Question: Do Home Loan modifications really work?

I have my home loan threw Wells Fargo and have had my loan for 3 years I have never been late and now I am having money problems. My work is slowing down and I am looking into a part time job. I missed a housepayment and I called the lender, they mentioned somthing about a Home Loan Modification where they can crunch numbers and my payment be lower is that for sure or are they stringing me along. Has anyone been threw this and how many payments do you have to miss untill you can qualify for this? I have to call her later, she wasnt to clear about it. Some advice would be nice.Would it be better to refinanace. I am at a 6.2% interest rate. with a 600 credit score. Advice anyone?

Answer: Wells Fargo is one of the best banks to work with.

They might give you an adjustable for around 5% for 3-4 years. You need to weight the options, but since your problem is only temporary you might ask for a forbearance instead. With a forbearance they let you not pay for 2-3 months so you can get situated and put the money on the tail end of the loan.

Since you have a really good loan already I am not sure that a modification or a refinance would help you all that much.

how to countrywide loan modification wells fargo modificati

Loan Modification Scam Alert

Though many think that these services can do no harm, there are many reasons why you should avoid them.

You may think that the worst scenario is that these companies fail to provide what they promise and you are left just where you started. However, that is not the worst scenario at all.

The legal consequences that can rise if you find one of those illegitimate companies that actually do what they promise to do are severe. Thus, you should avoid them no matter how desperate you are to improve your credit.

Erasing Legitimate Entries

Erasing legitimate entries on your credit report is not legally possible. Thus, someone offering to do such thing is either scamming or proposing an illegal activity. There are only some circumstances where a lawyer could dispute a legitimate entry on your credit report if due to some gap on the law or some chink in the procedure that resulted in the report of the delinquency, the entry is not legitimate in the legal sense of the term even if you actually paid late, missed the payment or defaulted on the loan.

But, other than that exceptional circumstances, you should suspect of any company that offers to eliminate legitimate negative entries on your credit report.

The consequences of hiring the services of such agencies can range from loosing the money you pay to them to being prosecuted for fraud. As you can see, the risk is too high for you to take it and the results can be disastrous.

Erasing Mistaken Entries On Your Report

This is actually feasible because the law requires that credit bureaus must comply to a request of removal of such entries if after reviewing the case disputed they conclude that the entry was actually mistaken. Thus, it is a good idea to request a copy of your credit report from time to time in order to keep an eye on your credit history in case a negative entry is reported and there is an inconsistency on the information.

That is why it is a good idea to hire the services of legit credit repair agencies. These agencies usually provide monitoring services that alert you immediately every time there is a modification on your credit history and also send you monthly reviews with considerations on how you can improve your credit score or what activities you should avoid to maintain a good credit score and history.

If you find one of these entries on your credit report or if the monitoring service alerts you of one, you should immediately request your credit repair agency to dispute the entry and force the bureau and eventually the creditor to modify their databases to reflect the correct information.

This is the only way you can protect your credit from dropping due to mistakes committed by creditors or bureaus.

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About the Author:

Hilary Bowman is the author of this article. She works successfully as a financial advisor and publishes informative articles about personal finance at http://www.fastguaranteedloans.com

Article Source: ArticlesBase.com – Why Avoid Credit Repair Services That Offer Suspicious Solutions?

Beware

Loan Modification Wells Fargo Bank

The Obama federal loan modification program is expected to benefit four to five million homeowners in America. Because foreclosure benefits neither the mortgage lender nor the homeowner, most lenders are eager to participate in this program, but they are not required to do so. Mortgage lenders agreeing to participate in Obama’s federal loan modification program must agree to Treasure Department guidelines and are given incentives to work with financially strapped homeowners to handle modifying loan requests.

MHA, or Making Homes Affordable, offers this list of current lenders taking part in the Obama federal loan modification program (in alphabetical order):

1. Bank of America.

2. Carrington Mortgage Services.

3. Chase.

4. CitiMortgage.

5. Countrywide.

6. GMAC.

7. Green Tree Servicing.

8. Home Loan Services, Inc.

9. Ocwen Financial Corp.

10. Saxon Mortgage Services.

11. Select Portfolio Servicing.

12. Wells Fargo Bank.

13. Wilshire Credit Corp.

More lenders are agreeing to participate in the federal loan modification program, so continue to check back for additions to the list. Ask your mortgage lender or bank if they are participating if you don’t see them listed above.

Even if you’ve previously been turned down by your individual lender, you may qualify and be eligible now under this new modify loan program. Completing the paperwork properly and adhering to the guidelines as set out by the government and the participation lender is the key to your modification approval. Don’t meet with your lender until you’ve gathered the appropriate documentation demonstrating your financial situation and filled out the application in detail, carefully checking for mistakes before you submit the information.

Preparing our paperwork in advance will improve your chances for gaining assistance under the new Obama federal loan modification plan.
About the Author:

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

Article Source: ArticlesBase.com – Obama’s Federal Loan Modification Plan – List of Participating Lenders