As with any loan modification program, borrowers seeking a Wells Fargo Loan Modification are advised to find out the requirements before applying for the loan adjustment. They should work out a budget beforehand, showing that with the adjustment in terms, they will be able to meet their new payment. They should also write a letter, asking for the modification and explaining their need.

Wells Fargo has two programs to help delinquent borrower and help them stay in their homes.

The first is designed for homeowners that are 90 days past due, and is called Project Lifeline. This program will freeze foreclosure proceedings for up to 30 days in order to allow time for a new loan arrangement to be worked out. This program requires financial statements, a letter detailing financial hardships, and proof of income that shows that the new payment can be met. Wells Fargo is actively calling customers who are delinquent by 90 days, seeking them to apply for this program. Loans excluded from this program are 500 fast cash installment loans in illinois from indians that are in active bankruptcy, loans with a foreclosure date of less than 30 days, and loans on vacant investment property.

The other program is called Fast-Trac Solution for ARMs. Homeowners with an adjustable rate mortgage that is about to adjust to an unaffordable payment may qualify for this program. The current 500 fast cash native american payday loans rate will be frozen for a five year period. In order to be eligible for this program, the loan must have been made between January 1, 2005 and July 31, 2007. It must be scheduled for the initial interest rate adjustment between January 1, 2008 and July 31, 2010. The initial first fixed rate period must have been for 36 months or less.

Wells Fargo will notify customers if they meet the eligibility requirements. It is of the utmost importance that consumers fill out the application correctly, as incorrect paperwork may cause the request to be denied. Advice as to how to do this can be found on various websites on the internet. It may take a little work, but it will pay off in the end.

Final Tip: By researching and comparing the best 500 fast cash no credit check unsecured installment loans modification companies in the market, you will be able to determine the one that meets your specific financial situation, plus the cheaper and quicker options available. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned loan mods advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.

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