Wells Fargo is now able to approve nearly any homeowner a mortgage modification thanks to President Obamas housing stimulus plan. This stimulus plan allows nearly any homeowner, with any financial problem, the chance to get a home loan modification from Wells Fargo that will save them a hundreds of dollars per month. Here is what homeowners need to know about how to use the Obama housing stimulus plan to their advantage and get a mortgage modification with Wells Fargo,

This program uses major mortgage lenders and banks to help struggling homeowners get into better financial situations for both now, and the long term. Wells Fargo is one of the few lenders allowed to participate in tis program, and is now able to help homeowners get a mortgage modification that will save them a lot of money, and improve their overall financial situation. Wells Fargo actually receives a cash incentive for every homeowner they help, and millions of homeowners are eligible to get help from this stimulus plan. In the past, homeowners with less than perfect financial situations would have been denied a mortgage modification. Now though, because of Obamas stimulus plan, things have changed.

Here are a few eligibility requirements that homeowners need to meet to take advantage of mortgage modification from Wells Fargo and Obamas stimulus plan:

-Homeowners must have a monthly home loan payment that is 31% or more of their monthly gross income. This plan specifically requires homeowners to have a payment that is this amount, and will reduce it by up to as much as 20% or more.

-Homeowners must owe less than $729,000 on their single family home mortgage.

-Loans from either Fannie Mae or Freddie Mac are automatically eligible for mortgage modification regardless of the reason for the modification or the homeowners financial situation.

-Homeowners should include evidence of any financial hardships and other reasons they are unable to make the current monthly home loan payments. Also, homeowners should include a financial plan that shows the new mortgage amount would be paid on time every month.

Wells Fargo mortgage modification is easier to get right now than it ever has been before. Homeowners should contact them to see what options are available thanks to President Obamas housing stimulus plan. Millions of homeowners will easily save hundreds of dollars per month thanks to this program and Wells Fargo mortgage modification options.

-M Petrone
http://www.RefinancingCondo.com

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