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Homeowners facing financial difficulties often look to apply for a loan mod in order to have their monthly payments lowered. However, each homeowner needs to complete a loan modification application that will be reviewed by their lender in order to verify their eligibility. One of the most important requirements for this process is called a Hardship Letter which needs to be submitted by the mortgage holder. This letter will describe in detail all of the mortgage holders financial difficulties which is causing the delay in his monthly mortgage payment.
If the individual is behind in payments then the lender will be more likely to approve the modification. If the homeowner has not yet fallen behind then the lender may put the verification of the application on the bottom of the pile of other applications.This all may be new to most of you and can be very confusing. When you find out the amount of paperwork and documentation that will be required to file for your loan mod you will be definitely searching to get Wells Fargo loan modification help from an agency accustomed to dealing with Wells Fargo and other lenders as well. A professional with knowledge and experience can offer the proper guidance to apply and will be able to successfully negotiate with your lender in order to get the appropriate modification for your family's mortgage loan.
With the help of a loan mod specialist, your Wells Fargo loan modification application may be submitted with some or all of the following recommendations in order to reduce your monthly payment:
A longer loan term may be decided upon.
A reduction may be made in your in interest rate
A portion of your current mortgage loan balance may be deferred interest free.
In special cases some of the principal may even be forgiven.
To help struggling borrowers have their applications reviewed quickly, Wells Fargo has increased its staff by over 100% in order to handle all the incoming applications. It is more important than ever to understand this process and finding a professional knowledgeable enough to offer you Wells Fargo loan modification help is the most important step.
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