Many people have heard of the Wells Fargo mortgage modification plan but few actually know what it takes to become an eligible candidate. There are numerous ways to find out whether you would qualify as a candidate for their loan modification program. The obvious option if of course the internet, you can find thousands of articles online that can help. There is also the mass media or even people that you know personally that have been or are going through the same thing. We will concentrate on the internet option.

People that are facing financial difficulties are desperately looking for answers in every possible place. Turning to the loan modification program from Wells Fargo is a good place to turn if you are one of the many struggling to make your month payments and facing foreclosure. In order to become a borrower with Wells Fargo loan modification program you will have to complete an application that will eventually be looked at by the lender.

The lender will look at your debt ratio; the ration is a crucial element that they will look into. It is possible to calculate your debt ratio on your own, and figure out whether or not you would qualify for their program. A specific debt ratio has been set by Wells Fargo. This debt ratio is what is used by Wells Fargo to determine a good candidate for their loan modification program. They ask homeowners to calculate their debt ratio and budget in order to increase their probability of being approved for their program.

Once a homeowner is approved for the Wells Fargo loan modification, the homeowner will have lower monthly mortgage payments and it will equal to 38% of their gross monthly income. Lowering homeowners’ monthly payments is possible by extending their loan terms to 40 years. They can also lower the homeowners’ interest rates or even both depending on the particular situation. For other less common situations there are options as well.

Homeowners that are struggling to make ends meet and possibly facing foreclosure will definitely benefit from the Wells Fargo loan modification program. Many will feel encouraged and have some hope reinstated by their newly agreed upon loan terms. Borrowers are being told to calculate their debt ratio on their own and to properly complete their applications for the loan modification. One can also seek the advice of a financial advisor so they can also calculate their budget and prepare for the new mortgage payment. Start the process as soon as you can, it may seem like a lot to handle however doing some work and getting a loan modification in order to stop foreclosure is worth the effort.

-M Petrone

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