Loan Modification - Obama's Home Affordable Plans With Wells Fargo

Homeowners who have Wells Fargo mortgages and are strapped with financial hardship may apply for the new federal plan referred to as Home Affordable. Under an agreement with the Treasury Department, the lender will help participants receive loan workouts. How do you get started in this process? How do you know if you qualify?

All interested applicants must submit an application and include documentation that proves financial hardship and a list of income and expenses. The approval criteria includes:

1. The home must be your primary residence
2. Your current payment is over 31% of your gross income per month
3. Your mortgage originated prior to January 1, 2009, with a principle balance of $729,750 or less
4. You have proof of financial hardship

Wells Fargo's mortgage loan modification terms might include:

1. Up to a 2% reduced interest rate
2. Extended loan term to 40 years
3. Principal deferment

While not all applicants are eligible, if you are thorough in following all guidelines for the process and you provide all documentation and paperwork, your case will be considered. Just keep in mind that you must demonstrate that you are able to afford your new lower payment for the rest of your mortgage term in order to be successful. It is recommended you work with your lender directly, keeping on top of your status once you've applied. Hopefully you will be able to avoid foreclosure and stay in the home you have worked so hard to earn before it's too late.

For tips and facts about how to get approved for a Mortgage Modification? Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/