Back to Black - Understanding Wells Fargo Loan Modification

If you've taken out a mortgage over the past few years, you may find that you are 'under water.' No, you're not SCUBA diving. Being 'under water' means that the value of your home is less than the current value of your mortgage - you owe more money to the bank than today's appraised value of your home. This can occur for many reasons and it's well-documented that home values have declined in the past two years. If you're having trouble paying your mortgage because you've lost your job, are in too much debt or have had to take a pay cut, Wells Fargo Loan Modification could be very helpful in getting you out of the red and back in the black.

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Get prepared by doing three things:

1. Develop a short history that describes how you got into this situation. Keep it focused on what happened. For example, "I lost my job a year ago and have used up my savings trying to keep up my mortgage payments. I'm now two payments behind and my unemployment will expire in the next 60 days. My husband's income as a teacher is $3,000.00 per month before taxes - not enough to cover our payments and all expenses." The format should be a short letter - keep it to no more than one page.

2. Make a complete list of all your bills, expenses and loans. Gather proof so that your list is accurate.

3. Make a second list, this time capture all of your income. Again, be sure to gather the actual pay stubs, tax returns or profit and loss statements.

Discuss it with your spouse, partner or a family member or close friend. It can be an emotional situation. Remember, you're looking for a solution to a tough problem. It's helpful to focus on stating clearly what happened, where you are now, and what an improved situation might look like.

Here's how loan modification works: the past-due interest and escrow amounts are added to the unpaid principal balance. Then the total unpaid balance is reamortized over a new term. The result is a new loan and new payments that are more manageable. This changes the entire mortgage note and provides you with a fresh start. Your account is immediately brought current.

Look for online forms to complete using the information you've gathered if you feel that you'd just like to start the ball rolling. Wells Fargo Loan Modification can also be started by visiting a personal banker at a branch store if working face-to-face is more helpful. If you're unable to service your mortgage, start the process today. Loan modification isn't as difficult as you might think.

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