Wells Fargo loan modification is an agreement that is based on the negotiations between you and your lender on your current loan. Banks now days are actually willing to help its existing customers who are not able to pay their loan back due to financial crisis and market scenario.For getting a loan modification done, you must be able to convince mortgage lender that you are actually facing genuine crisis and why it would be appropriate for Wells Fargo to give you a loan.
If you are able to convince your lender, you can avail the best features of loan modification program such as:
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· Reduced loan interest rates
· Reduced EMI
· Complete change in terms and conditions
· No foreclosure
· Increased tenure and loan amounts
· Waived late fees etc
There are certain things that needs to be kept in mind before processing your loan application. Some of them are:
· Read the guidelines of Wells Fargo lending criteria and see if you actually fit in. There may be a chance wherein you are not eligible for the loan but you have already submitted your documents. This is just going to be waste of your time. So, it is advised that you go through all the terms and conditions and guidelines before only.
· Your income documents are very important. Your loan approval will mostly depend on your financial condition. Lender will surely want to see your last two months income. Its is important to gather at least 3 years income tax return, 6 months bank statement and all the other desired documents relating to your income.
· Never provide any fake information or document to Wells Fargo. You must know that all that information that you provide to them is going to be verified.
· Keeping a constant check on your file status is equally important as other 3 points. You may not know that your file is not even opened once due to work pressure. You can always call up your lender and of course create a slight pressure for the status.
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