Modification of a Wells Fargo, Chase, Bank of America (Countrywide) loan is a great option for homeowners struggling to meet their financial obligations. One of the remarkable features of loan modification is "reduced loan interest rates".
PROCEDURES FOR WELLS FARGO LOAN MODIFICATION
"Wells Fargo" loan modification is based on the negotiation between you as a borrower and your lender on your current loan. If you are an existing customer who is not able to pay your loan back due to our own financial crisis and loss of income, Wells Fargo will help you to protect you from such crisis. There are many factors that you need to you to keep in mind before you try to process your application for modification.
TIPS FOR LOAN MODIFICATION WELLS FARGO
First, you have to go through Wells Fargo lending criteria to know your eligibility for obtaining a loan modification. You may have a chance for the loan, but you have to properly submit all your documents according to the terms, conditions and guidelines set forth by Wells Fargo. First you have to submit your income document -very important step. Your loan will be approved according to all your financial conditions. Essentially you will have to submit your three years income tax return, six months bank statements and some other required documents relating to your income. You should not submit any kind of fake information or documents to Well Fargo.
Upon verifying of all your documents and information they will go to the next step in sanctioning your modification terms. You should always keep a constant check on your file status. You have to call your lender frequently to create some pressure on your lender to take care of your loan.
CHASE BANK HOME LOAN MODIFICATION
The chase bank mortgage loan modification is really a great relief for suffering homeowners in saving their homes from auction due to non-repayments of their monthly dues. As a borrower, the bank will instruct some user friendly terms and conditions which you have to follow. Usually the bank insists that you default a payment before requesting a modification and then they will assign one or two representatives to speak with you about the loan modification. You should attend discussions with representatives with your last two months' bank statement and income tax statement along with the pay slips. In addition you will have to submit a hardship letter. By submitting these documents, the bank will find out a suitable plan to avoid defaults.
BANK OF AMERICA/COUNTRYWIDE HOME LOAN MODIFICATION
There are some simple steps which you have to follow for a Countrywide Home Loan Modification. When you apply for modification of your loan, you have to create a checklist of all information, forms and essential documents that will be needed from your bank or mortgage lender. This will help you to save a lot of time and frustration in the future.
As a borrower, you should set up a new family and personal budget so that after modifying your loan, you will be able to consistently make payments on time-this payment should be an amount which you can easily afford. You need to minimize possible expenditures when creating this budget for a lender such Countrywide. It is important to all lenders that you are able to pay the new monthly payment after a loan modification.
You should write a detailed "Financial Hardship" letter stating your financial problems. In this letter you have to clearly note the debts you have, your monthly income, and the facts about your financial situation. These documents are for convincing the lender that the loan modification is the best action for them to take. You have to explain any causes of your financial hardships and what will be done to prevent such things from happening in the future. By doing so, you will be creating an impression that you will never miss another mortgage payment and they will be more likely to approve your modification request.
After completing and sending in all the paperwork and applications, the lender will scrutinize these documents and will finally call you for direct discussion. During that time, make sure that you have a copy of the documents that you have sent your lender. They will question you about your paperwork and further verify your request and all supporting documents.
If you follow all the above procedures correctly, you will have a much greater chance of obtaining a Mortgage from your chosen lender.