Many of the nation's largest financial institutions are stepping up their efforts to help borrowers who are facing financial difficulties by contribution mortgage loan modifications as part of the government's development Home Affordable Program. This schedule is designed to aid homeowners who have fallen behind on their mortgage payments or who anticipate financial problems in the near term. Many lenders are working with the supervision to streamline the process by which the terms of a mortgage loan are modified and to promote transparency through standardization.
As one of the designers of the program, Wells Fargo stands ready to work with customers to help them in achieving stability in homeownership. Customers of the bank can take advantage of several different programs available to meet their borrowing needs. In supplementary to traditional refinance options, Wells Fargo offers a streamed lined refinance schedule that is free of application and estimation fees and offers no conclusion costs. For homeowners facing more absorbing financial circumstances, borrowers may be eligible for one of two government sponsored programs that together constitute the development Home Affordable Program.
What Banks Offer The Du Refi Plus Loan
The Home Affordable Modification schedule is aimed at borrowers who are already behind in their mortgage payments or who feel that financial difficulties will lead to delinquencies in the near future. In order to rule a borrowers eligibility the bank will require, among other criteria, that you occupy the home; received your mortgage on or before January 1, 2009;have a monthly cost greater than 31 percent of your monthly gross (pre-tax) income; and be able to document that your mortgage is not affordable due to financial hardship. The bank will work with each individual borrower to rule a solution that is tailored to their individual situation. Under the program, borrowers are not required to pay a modification fee nor or they responsible for past due or late fees. Your modified mortgage rate can be as low as 2% in order to ensure a monthly cost that is affordable with the intent of holding you in your home as your financial health improves.
Wells Fargo Loan Modification Rate - Wells Fargo's Refinance Terms & Conditions
