If you are facing foreclosure and have a Wells Fargo mortgage, you should be receiving a written letter notifying you if you are eligible to participate in one of their loan modification programs. If you haven’t gotten a letter from Wells Fargo, and you know that you want to prevent foreclosure on your home, then it is best to call them as soon as possible.
If you want to do a loan modification with Wells yourself or to hire someone to assist you, you ought to consider more in-depth information on the loan modification process before you call Wells
Educate yourself on the loan modification process.
Wells Fargo Has Several Loan Modification Programs
Depending on what level of help you need to stop foreclosure on your home, Wells Fargo has several programs available to assist you in getting a more affordable mortgage payment.
The Fast Track Arm Solution Program For Distressed Homeowners
In 2008, President Bush, the Treasury Department, and others proposed a voluntary loan modification program that mortgage lenders and banks could adopt to help homeowners who have subprime mortgages with adjustable rates. This program is called the Fast Track ARM Solution Program. Wells Fargo is participating in this program to assist some of their most at risk subprime mortgage holder homeowners in preventing foreclosure.
In general, you may have a subprime mortgage if:
- the fixed period was for only 2 or 3 or perhaps 5 years,
- you got your mortgage between January 1, 2005 and July 31, 2007,
- and your interest rate has adjusted or it is expected to adjust between January 1, 2008 and July 31, 2010.
You may also have a subprime mortgage if you didn’t have to prove income, or assets when you bought or refinanced your home. If you think you are in this situation, then you should receive a letter in the mail from Wells Fargo detailing your plan of attack to prevent foreclosure on your home. If you have not received a letter from Wells Fargo, then the best advice is that you should call them to see what your options are. The phone is: 1-866-398-7556.
Project LifeLine – Prevent Foreclosure
Project LifeLine is another national program that is targeting homeowners that are over 90 days behind on their mortgage and want to stay in their home. This program allows the bank to stop the foreclosure process for up to 30 days until a loan modification can be worked out.
What Types Of Mortgages Will Qualify For Project LifeLine At Wells Fargo?
In addition to being more than 90 days behind on your mortgage, if you find yourself in any of the following situations then you may want to contact Wells Fargo at the number below in this section to find out if you have any options under the Project LifeLine program.
- Any mortgage associated with vacant or investment properties
- Mortgages that are in active foreclosure with a sale date that is less than 30 days away
- Mortgages that are in bankruptcy
- Any mortgage that a homeowner has indicated that they want to give the home back to the bank.
If you are a Wells Fargo mortgage customer and you are more than 3 months behind in your mortgage payments then you may want to call the Wells’ Project LifeLine hotline at 1-866-488-2028 to see what options you have.
Prevent Foreclosure – Wells Fargo Loan Modification
If you are a Wells Fargo customer and are facing problems with your mortgage payments then you may qualify for a loan modification program. Like many loan modification programs with other lenders, you will need to show that you have suffered some financial hardship and that you have the means to make a reduced payment on time.
Be prepared to provide recent pay stubs, bank statements, asset account statement and Federal Tax Returns for all adults in your household who contribute to the household income, as well as your monthly expenses. You will most likely have to provide a written explanation – financial hardship letter - as to what happened and how you will be able to maintain a new mortgage.
To begin a Wells Fargo loan modification plan, there is an online form on Wells' website that you can use, or you can call the phone number on your monthly mortgage statement. Make sure that you have your loan modification request property put together - you only get one shot at presenting your financial situation to Wells Fargo. Make your loan mod request count.
If you need any additional information regarding loan modification programs or refinancing, please use the form below to contact us to get your questions answered. We are not part of Wells Fargo. GetPreQualified.com will get you in touch with a Financial Specialist who can discuss your situation with you to determine your best direction to resolve your situation:
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