Wells Fargo Loan Modification
When you are in the process of obtaining a Wells Fargo Loan Modification
, you have to do some preliminary preparation. All budget figures that you present to Wells Fargo regarding income and expenses must be documented with the appropriate paperwork. This can be time-consuming and confusing. Being an organized record-keeper really pays off here!You will need to show Wells Fargo your income paperwork. If there has been a marked reduction in your income, you certainly need to be sure you document both the before and after income figures. You need several pay stubs, and the w-2's and tax returns from the last two years. If you are having problems finding some of your income verification paperwork, you could possibly use a letter from your employer stating your salary and starting date.
You will need to show your expenses, both monthly expenses and oher unplanned expenses you have incurred. You will need bills and receipts showing: car insurance, utilities, child care, medical insurance and uncovered medical expenses. You will need monthly statements on any other debt you have: car payments, credit cards, school loans, or other credit.
Most importantly, you will need documentation of your financial hardship. Any documents showing employment changes, medical bills, birth certificates, death certificates, divorce papers, and mortgage statements showing an increased payment due to adjustable interest rates are of paramount importance.
When you apply for a Wells Fargo Loan Modification, you will also need all your copies of your mortgage closing papers. This includes the loan application, Good Faith Estimate, Promissory note, mortgager and HUD-1 statement.
by: Timothy Rowe