Dear Readers:
TODAY WELLS FARGO BANK is continuing their home preservation workshop at the Ontario Convention Center. Unfortunately they don't pubically announce these events always in advance. But I heard about it today. SOOOOO
Gather up the following:
1. 3 months of Paystubs
2. 6 months of bank statements
3. 2011 tax return if you have it, if not 2010
4. bring any rental agreements you have to prove people inside your house are giving you money to rent a room
if you are doing that.
5. Bring a utility bill so that you can prove you are living at the house.
7. Prepare a hardship letter. TO WHOM IT MAY CONCERN: Explain why you need a loan modification
and what has happened to your income. If someone died who brought income into the house bring the death
certificate. If you got sick bring something to document your illness.
8. If you are self-employed bring 6 months of business bank statements and print out a PROFIT LOSS statement from your accounting software. If you don't have this, make one on an excel spreadsheet.
With all of this documentation be prepared to show that at the very least if the balance of your loan was stretched out to 40 years at 2 percent, the payment plus taxes and insurance would not be greater than 31 percent of your income. If that is the case you will improve your chances of obtaining a permanent loan modification.
There is no mystery to loan modification. Loan modification should not cost you thousands of dollars by the real estate fraudsters out there who want to charge you by the month for each month they keep you in your home. That will be my next article.
So if you have a Wells Fargo Loan.... please go there today if you need help!
Best to all of
Grace
