Complete Your Application Correctly!
Homeowners are often confused about how to prepare the Wells Fargo loan modification financial worksheet-this is part of the application required and this information is critical to complete correctly. The financial information that you provide to the bank will be used to determine your approval or denial-here are some easy tips to help you prepare yours.
TIPS TO PREPARE THE WELLS FARGO FINANCIAL WORKSHEET
- Take your time-do not just slap it together and hope it will work! Your figures need to be accurate and acceptable-and this may take some fine tuning to your budget.
- The bank uses a standard mathematical calculation that includes your gross monthly income, your monthly expenses and your assets to determine if you fit the program guidelines. You need to make certain that all of the figures you provide to them on the financial worksheet fit this formula.
- The most important part of the monthly budget is your gross monthly income-if you show too much or too little income then you will not fit and will be turned down. You can verify that
Calculator Shows Income Requirements
your own income will work by running your figures through the loan modification calculator-this powerful tool will automatically display if your are passing or failing, and what you need to adjust.
- Your monthly expenses must also pass the Wells Fargo approval guidelines-bottom line they must demonstrate a hardship, but you must also show that after the loan workout you will be able to afford the new payment and won’t be a risk for default again. Double check your own expenses with the loan mod calculator to be sure.
- How important are your assets on the financial worksheet? Well, the guidelines only allow you to have a certain amount of liquid assets on hand-this amount is less than you think so be sure you write down the correct figure.
The majority of Wells Fargo loan modifications are denied-and the #1 reason is the information provided on the financial statement is not acceptable. It just makes sense to take the time to fine tune your figures before you submit it for review-get the math right and you will really have a good shot at success.
Get help with your application, use the #1 resource for homeowners, The
Complete Loan Modification Guide kit and Loan Mod Quick APP calculator. This powerful tool gives you the information you need to avoid mistakes, and the loan modification calculator automatically and instantly shows the income, expenses and asset requirements for your financial worksheet. Visit MyLoanModificationCenter.com for more information and get started right away.
It seems like things are finally moving ahead on Wells Fargo loan modification and short sale programs as the bank leads with one of the highest numbers of completed transactions of all the mortgage lenders. Since the government program, HAMP or Making Home Affordable was launched over 2 years ago now, it seems like faster solutions are finally being offered to struggling homeowners.
A Wells Fargo loan modification is the chance to lower your mortgage payment so that you can avoid foreclosure-however getting the bank’s cooperation has been a problem. Long delays, no responses, repeated submissions have all been the cause of frustration for borrowers who were just trying to find a way to save their home. The Treasury Department has paid attention to the many many complaints, and has streamlined the approval review requirements and put some shorter timelines in place for Wells Fargo to follow.
Wells Fargo Loan Modification 2011:
Approval Guidelines Met!
- Less paperwork required-now borrowers are required to submit their application form called a RMA, a 4506t form, the Dodd Frank certification and 30 days worth of pay stubs. Self employed borrowers need a current P & L and 3 months business bank statements.
- Wells Fargo has 30 days to review the application, and then inform the homeowner if they are approved-if denied then they must explain why the loan modification was not approved and tell the homeowner how they can appeal the decision and how to reapply.
- A Wells Fargo trial loan modification will only be given once the homeowner has been reviewed and approved-then after 3 successful payments the trial mod will become permanent. In the past trials were given out prior to review, and often the homeowner thought they were approved but turned out after review they did not qualify and the mod was yanked.
Wells Fargo Short Sale 2011:
- HAFA-Home Affordable Foreclosure Alternatives is an extension program of HAMP and offers a standardized, streamlined short sale for borrowers who can no longer keep their home
- Should the homeowner be denied a loan modification, or miss 2 or more trial payments, or request a short sale, HAFA will be offered and the borrower has 14 days to respond to this offer.
- Wells Fargo HAFA short sale protects the homeowner from deficiency balance judgments, pays $3000 in moving allowances to the seller, and has standard time frames, procedures and forms that encourage buyers to participate.
- The lender gets paid an incentive from the government to participate and sellers are given a fresh start with much less severe ramifications to their credit than foreclosure would be.
Wells Fargo loan modifications and short sales are heating up in 2011 as the bank focuses on getting their delinquent loans off the books so that the back log of bad debt can finally be cleared. This is good news for homeowners who have been stuck in loan mod hell for many months, but it also means that the days of staying in your home without making payments are behind us. It is critical to apply for a loan mod correctly-proving that you meet the standard guidelines or you will be moved to short sale or foreclosure quickly.
Susan Gregory is a Realtor, trainer and author of The Complete Loan
Modification Guide kit and Loan Mod Quick APP Calculator, and The Stimulus Book-HAMP & HAFA Edition. She has helped thousands of homeowners with home retention and has negotiated many short sales successfully.