Loan Modification News

Wells Fargo / Wachovia Loan Modification

When dealing with lenders regarding loan modification, it is always beneficial to know what you are coming up against.

 

Wells Fargo Bank

 

Wells Fargo is one of our nation's largest banking institutions. They acquired ailing Wachovia Bank recently. 

 

Contact information

 

Wells Fargo

Tel: (800) 678-7986

Fax: TBD

                          

 

What you can expect

 

 

Bloomberg.com recently reported that Wells Fargo was one of the worst lenders that assisted struggling home-owners with mortgage modifications; http://www.bloomberg.com/apps/news?pid=20601208&sid=aaiRx.lyFD4I

 

Although they are not noted as being one of the worst, they are taking positive steps to assist the struggling home-owner. They recently unveiled Project Lifeline which is a modification program designed for those home-owners that are in a sub prime mortgage and are facing interest rate increases in the near future. Information about this program can be found here;

 

                           https://www.wellsfargo.com/mortgage/account/fast_track

 

The program essentially reaches out to struggling home-owners who are 60+ days delinquent by mail to invite them to make a lower payment immediately while they review the file for final modification approval. No guarantees, so you could be out a payment or two if they deny the modification after reviewing all the facts. Nonetheless, it shows that they are interested in providing home-owner assistance, subject to qualifying. This program does include all types of properties, owner-occupied or non-owner-occupied, whether the home-owner is in foreclosure or in Bankruptcy.

 

They never provide any transparency regarding any modification guidelines that can help you prepare your modification request. If you are declined for a mortgage modification, they will not provide you with an intelligent and understandable reason. Usually, the response sounds like; "no, and we can't tell you why because the investor as a policy will not allows us to tell you why". If you want to contact the investor directly, good luck because the response is typically; "we can't tell you who the investor is per policy but you can request this information in writing and faxing the request to (269) 353-2432".

 

Modification request instructions can be found at: https://www.wellsfargo.com/jump/homeassist/?DM_NUMBER=DMIWESERP1&mplx=10918-69547-3408-11

 

Their customer service is good. They will speak with you in a transparent fashion, although they don't clearly explain everything necessarily. You may need representation subject to you predicament.