Wells Fargo Loan Modification

Tips to apply for a home loan modification with Wells Fargo



Things you should know when applying for a Wells Fargo Loan Modification:

Depending on your individual circumstances, Wells Fargo may be able to work out an alternative repayment option that can help you get out of default and back on your feet and the right path toward home-centered financial security. They will help you to assess your financial situation to determine which option for a Wells Fargo Loan Modification is right for you, because a repayment plan based on where you are right now gives you an opportunity to get to where you want to be.

Before you contact Wells Fargo to discuss your options, prepare the following information:

  • A brief explanation of your hardship (Later in the process, they will ask you to put your explanation into a short letter, the so-called Hardship Letter).
  • A detailed list of all your expenses, loans, and bills.
  • Proof of all household income (including your most recent pay stub, tax return or profit and loss statement).

Below are some of the repayment solutions Wells Fargo provides to its customers, if you want to apply for a Wells Fargo Loan Modification. Contact them to see which option may fit with your situation. You can also request payment help right now by completing their online form.

Option How it works Key benefits
Repayment Plan Distributes your delinquent payments over a period of time, usually no more than 10 months. The monthly amount is added to the usual mortgage payment.
  • Brings your account up to date within a specified time-frame.
  • With a goal in sight, you can move forward knowing that your home is secure.
Loan Modification Adds any past-due interest and escrow amounts to the unpaid principal balance, which is then reamortized over a new term.
  • Changes the mortgage note itself, giving you a fresh start on managing your home asset
  • Brings your account up to date immediately
Partial Claim
(only for FHA loans)
The Department of Housing and Urban Development (HUD) advances a loan to repay the past-due interest and escrow amounts.
  • HUD loan is interest-free
  • Brings your account up to date immediately
Short Sale Allows you to sell your home and use the proceeds to pay off the mortgage if you are unable to maintain payments, even if the home's market value is less than the total amount owed.
  • Avoids the lengthy legal process involved in foreclosure
  • Generally less damaging to your credit rating than foreclosure
Deed in Lieu of Foreclosure Allows you to transfer your property voluntarily to Wells Fargo if you are unable to maintain payments and cannot sell the home at market value.
  • Avoids the lengthy legal process involved in foreclosure
  • May be less damaging to your credit rating than foreclosure


You can reach Wells Fargo for further assistance at:

800-678-7986
Monday - Friday
8:00 a.m. - 9:00 p.m., CT
Saturday
9:00 a.m. - 2:00 p.m., CT

Or consult the official Wells Fargo website.

Are you in the Mid-Atlantic Region of the U.S., check out Prosperity Mortgage.


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