Wells Fargo Loan Modifications Have Lower Criteria, But Are Still Hard To Get

Under Obama's loan modification plan, getting a Wells Fargo loan modification is easier than ever before. Before the Home Affordable Program, modification from Wells Fargo was notoriously difficult to get approved. Wells Fargo loan qualification standards are now comparable to any other lender offering these.

Along with this plan being easier to qualify for, Wachovia loan modifications are as well. Wells Fargo and Wachovia merged on December 31st, 2008 and thus Wachovia has the same standards as Wells Fargo for modifying loans.

While the requirements have gotten much more lenient for the modification process, actually getting approved is another matter. Despite the $75 billion dollars the Obama Administration has allocated to lenders via the Home Affordable Modification Program in order to encourage lenders to approve loan modifications, Wells Fargo maintains a difficult stance on approving them.

Thousands of homeowners across the country have reported that WF deny their loan modification applications even if they fully fit the standards, often with no explanation. Other homeowners report extreme difficulty with dealing with the their phone representatives when calling about doing this. While there is a streamlined online application system for modifying your home loan, there are still similar difficulties and unexplained denials.

Before attempting to deal with Wells Fargo to receive a loan modification on your mortgage, be sure to have full documentation on your income, taxes, and monthly expenses, as well as a written letter stating your financial hardship and the circumstances surrounding it. Fill out the online application and submit it as well as print it out to mail and fax it to them.

You need to go on the offensive when dealing with WF, they are barely open to them at all despite the huge amount of debt they have racked up. A week or two after you have mass-submitted your paperwork, call them and try to get to the department that handles loss mitigation or loan modification. Ask if your application has been looked at and if so what their decision was. If they denied your application, as for specific reasons why and the name of the representative you're talking to.

If trying to force your Wells Fargo loan modification through does not work, consider consulting with one of the many representatives appointed by the Housing and Development Department. Their services are free under the Home Affordable Modification Program and they are there to help the homeowner, not the lender. These representatives of the Housing and Development Department offer not only consultation, but also negotiations between you and your lender -- and Wells Fargo is one of the toughest lenders in the country to get an approved with.