Wells Fargo has introduced a new way to modify your existing home loan with the new government bailout program. This program will give literally millions of people the chance to lower their rates and keep their homes from going into foreclosure.
This is a new program that was not available in the past. If you had already applied for a home modification loan with Wells Fargo and had previously been denied approval, this program could make all the difference. You should consider reapplying using President Obama's Making Home Affordable plan.
There are a lot of advantages to this new plan:
- Under the new program your interest rates could be reduced down to as low as 2%.
- The length of your mortgage can be extended up to a 40 year period, which will make payments lower.
- You maybe able to defer a portion of the principal balance under this new program.
It is possible for the above three options to be put together in order to make your monthly mortgage payment to not go over 31%. This is thanks to Obama !. It is normal now a days for many homeowners to be paying 50% or more of their monthly income to their mortgages every month. Falling behind by one payment could have detrimental results in this situation! By applying for a home modification loan under the government bailout program with Wells Fargo, you get the added benefit of a lower interest rate without all the hidden fees and costs usually associated with a refinancing of a home.
Researching your possibilities is important. Talk with a professional regarding your situation and to get answers to any questions you may have. There are free debt counseling services available through the HUD website. They will go as far as helping you fill out your paperwork to make sure you have included all the information that is needed and putting it down the correct way. Being prepared can greatly increase your chance of an approval.
This is a great opportunity to take advantage of! Contact your loan mitigation department at Wells Fargo today to discuss this plan and see if it will work for you. The savings could really add up.
Author: Steve Wrangler