Thanks to the new home bailout programs from the Government, modifying a home loan with Wells Fargo is now easier for struggling homeowners. This government bailout will give millions of homeowners a chance to reduce their home interest rates and get into a new, lower monthly mortgage payment. Do you know how to apply?

If you have already attempted to modify your home loan with Wells Fargo and have been denied, or are still awaiting a reply, you should reapply using Obamas “Making Home Affordable” plan. A lot of homeowners can take advantage of this plan and would have a chance at receiving:

-Interest rates reduced to as low as 2%

-Mortgage length extended for up to a 40 year period

-Portions of the principal balance may be deferred

These options may be combined in order for the homeowners monthly mortgage payment to not exceed 31% of their gross monthly income, which is what Obamas plan calls for. A lot of homeowners pay 50% or more of their income towards their home every month. Another benefit is that a Wells Fargo home loan modification using the Government bailout plan offers all the traditional refinance and modification options, without the negotiation or added fees and hassle. The best thing you can do to help yourself is make sure that your mortgage modification applications are all filled out completely and in full.

It should also be remembered that there is no costs associated with this home refinance stimulus plan and also that free mortgage and debt counseling is available from the HUD website. These professional mortgage and debt counselors will assist you in filling your paper work and applying for the correct type of loan modification or refinance package that is right for you. They will increase your chances of being approved due to their experience and professional knowledge.

If getting a home mortgage modification from Wells Fargo make sure you do some basic research and come prepared. It is not hard to get all your paperwork lined up and corrected in order to streamline the modification process, and increase your chances of being approved. Look into modifying your Wells Fargo home loan today and see how much potential savings there is to be had.

-M Petrone

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