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If you have a loan with Wells Fargo and are having difficultly paying your mortgage, you may need a Wells Fargo loan modification. It is important to learn about some of the requirements of the lender before you submit your new application. Wells Fargo has two basic programs for someone like you who needs a loan modification.

The first program is called the Fast-Trac Solution for ARM loans. This is a good option if you have an adjustable rate mortgage that will reset to a higher interest rate that you simply cannot pay. This Wells Fargo loan modification will allow you to freeze your current interest rate for 5 years before it resets.

The requirements for the Fast-Trac Solution are that: 1) the loan originated from January 1, 2005 to July 31, 2007, 2) the reset schedule is from January 1, 2008 to July 31, 2010 and 3) the original interest rate was a fixed period of less than 3 years.

The second program is called the Project LifeLine. This Wells Fargo loan modification is available to those of you who are at lease 90 days in arrears of your mortgage payment and facing eminent foreclosure. The program will give you a 30-day period to try to get a new mortgage solution by stopping the foreclosure process.

To qualify for Project LifeLine you need to send in documents regarding your financial hardship including income statements. You will be rejected from the program if: 1) your current loan is already in bankruptcy, 2) you have a foreclosure date within 30 days or 3) your mortgage loan is for investment property.

If you think you meet the requirements for either the Fast-Trac Solution or the Project LifeLine you should contact Wells Fargo immediately. It is important that you provide your financial documentation and hardship letter in a professional manner. This includes the loan modification application too.

You would be surprised to learn that many deserving individuals of a Well Fargo loan modification are turned down because they provide incomplete financial information along with their loan application. Also, some are rejected because they don’t provide a hardship letter that is persuasive enough to move the lender to act and others do not understand the principle of having a low debt to income ratio.

If you really qualify for the Fast-Trac Solution or the Project LifeLine programs and don’t understand the application or documentation process, get help from someone who does understand these types of financial issues. Call a free loan counselor and explain your dire predicament and ask for immediate assistance. It would be a shame to lose your home because of a poorly submitted application.

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3. How to Write a Hardship Letter That Is Effective
4. Loan Modification With Washington Mutual
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