Wells Fargo Loan Modification Links

President Obama recently announced the Administration’s plan to further prevent foreclosures and assist borrowers with mortgage loan modifications in our country. We already have taken steps to prepare for changes needed when the details of the Plan are finalized.

Self-Assessment Tools. The official U.S. Treasury site contains a self-assessment tool designed to see if you are among the 7 to 9 million homeowners who may benefit from the refinance or modification programs available through this government program. You can also download a borrower Q&A there.

We encourage you to use the resources from the Making Home Affordable program. Customers Experiencing Problems. If you are currently delinquent or struggling to keep current, you may be eligible for the Home Affordable Modification on your current loan. Until the modification program is available, you should gather the information that you will need to provide to us.

This includes:

* Information about the monthly gross income of your household, including recent pay stubs or documentation of income you receive from other sources

* Your most recent income tax return

* Information about any second mortgage on your home

* Payments on each of your credit cards, if you are carrying balances from month to month

* Payments on any other loans, such as student loans and car loans

More information from Wells Fargo's site.

Foreclosure Moratorium Extended

We have extended the foreclosure moratorium to give at-risk customers time to explore the new solutions in the Administration’s plan with us.

* For the loans Wells Fargo owns, we will not proceed with residential foreclosure sales until at least March 13, 2009.

* For those loans we service for other investors, we also will not proceed with residential foreclosure sales until such date that our investors will allow. These decisions will require additional discussions with some investors. We’re pleased to say that investors for a substantial portion of these loans already have announced their intention to extend to March 6, 2009.

Customers Who Are Current on Payments

If you are current on your mortgage and your loan is held or guaranteed by Fannie Mae or Freddie Mac, you may be eligible to be refinanced through the Home Affordable Refinance program. We are working diligently to put the systems in place to accept applications. We will provide additional information soon.

Further Resources:

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