Wells Fargo is one of the biggest, most experienced, and reputable mortgage lenders in the industry. Luckily for homeowners, they have been approved to offer President Obamas “Making Home Affordable” plan to struggling homeowners. This plan will save millions of homeowners hundreds of dollars per month through refinancing and mortgage modification. Here is how it works:

This plan will give cash incentives to mortgage lenders like Wells Fargo so that they can approve more at risk homeowners, and minimize their losses should anything go bad. This enables Wells Fargo, and other approved lenders, a chance to approve more refinancing and home loan modification applications than ever before. Even homeowners who have been denied in the past, have bad credit, or think they do not have enough equity in their home can get an easy approval.

Mortgage lenders and banks, like Wells Fargo, are more likely to approve an application if the homeowner is facing a “Financial Hardship” such as loss of job, reduced wages, increased mortgage amount, hospital bills, basically any unavoidable expenses or cash flow problems. A homeowner should write down the hardships, stress how important it is to save their home, and show they have a plan to get their finances back in order. Include this letter with any documents which support your case, and turn it in with your refinancing or mortgage modification application. This will greatly increase your chances of a getting an approval with Wells Fargo.

The economy is in a bad place right now, and the housing market is in even worse shape. Homeowners should contact Wells Fargo and see how much they could save through use of this plan from Obama. Odds are, you will be approved, and save hundreds of dollars every single month. Take action now and see some extra cash next month.

-M Petrone

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