Wells Fargo Home Mortgage Refinancing and Modification

Wells Fargo is following President Obama's recently announced "Making Home Affordable" plan. This plan will allow homeowners a chance to refinance or get a home loan modification into a fixed, 4% interest rate. This plan is easy to take advantage for homeowners with a mortgage with Wells Fargo. Here is what you need to know:

This "Making Home Affordable" plan will give cash incentives to mortgage lenders and banks who can approved homeowners who are "at risk" of losing their homes, or facing other financial hardships. These hardships can be something like losing a job, reduced income, high credit card debts, hospital bills, bad mortgages, and a long list of other circumstances qualify for Obamas plan. Wells Fargo is approving more home loan modification and refinancing applications now, for homeowners who would not have been able to do so prior to the plan, and save them hundreds of dollars per month, or their home from foreclosure. Homeowners who have been denied before, or told they do not have enough equity to refinance or modify their mortgage should try again now that this plan is in place.

Home Refinance Rates

When a homeowner is lucky enough to deal with a mortgage lender as big and reputable as Wells Fargo, they can rest assured that they are dealing with the best. Wells Fargo is with you when you need help, and they will help you. They have the reputation, and connections to help homeowners who are financially struggling and save their home. They have the size and leverage to offer you a wide type of loans, and will use professionals to help you.

Homeowners looking to get a mortgage refinancing or modification with Obama's plan and Wells Fargo will typically be very happy with the results. Homeowners can easily save hundreds of dollars per month, or their home from being foreclosed on. You should at least take a little time and call Wells Fargo and see the potential savings. Odds are, even if you do not believe it, you will be approved for a home loan refinance or modification with better interest rates, terms, conditions, or all three. Do yourself a favor and take action now.

Wells Fargo Home Mortgage Refinancing and Modification

Ditech (GMAC) Home Mortgage Refinancing and Modification Options

Refinancing or getting a home loan modification through Ditech (GMAC) is now easier, and more beneficial for a homeowner than is has ever been. President Obamas housing stimulus plan allows millions of homeowners the opportunity to refinance or modify their home loan into a fixed rate 4% mortgage, and Ditech is participating. Here are some helpful tips which should help you get a mortgage modification or refinancing from Ditech (GMAC).

Homeowners who have been turned down for a loan refinance should still apply now as the rules have totally changed. Ditech is included in Obamas plan to help homeowners and approve them for a modification of their loan so they can prevent foreclosure, or mortgage defaulting. Here are a few ways you can use this plan from Obama which Ditech participates in:

Home Refinance Rates

-Home mortgages can be lengthened to 30 or even 40 years in order to make the monthly payment affordable for the homeowner. This will also help prevent future financial problems where your home is at risk.

-Portions of your remaining principal balance may, and most likely will, be deferred.

-Home mortgage interest rates can be lowered to as low as 2% in to help a homeowners regain their financial stability, and to meet the requirements of President Obamas "Making Home Affordable" plan.

No fees or closing costs are going to be necessary when you use Obamas plan to get a loan refinance or modification. Mortgage lenders and banks are given cash incentives from the Government for every homeowner who is in a financial hardship they approved a loan modification or refinancing for. This means that requirements to refinance are now looser than ever, and lenders will approve more applications because their risks are minimized by the Government incentive money.

Homeowners who use Ditech (GMAC) should look into mortgage refinancing or modification using Obamas plan and see how much you are able to save through reduced interest rates alone. There is over billion in money to help homeowners and odds are, especially with Ditech as your lender, you will get approved for loan modification or refinance. There really has never been a better time for a homeowner to easily save a lot of money every month.

Ditech (GMAC) Home Mortgage Refinancing and Modification Options

Home Loan Modification Hardship Letter Sample

When applying for a loan modification you will be required to provide the lender with a hardship letter. This can be the hardest part for a homeowner because many are not sure what to write and some become overwhelmed.

Here will be a sample of a hardship letter that will explain the basic feel that should be used in the letter. Provided is a sample hardship letter along with instructions for what one should bring up in their own letter. The lender needs this letter to see if you qualify for the loan, everyone's letter will be different with different reasons as to why they need a loan modification, in order for the lender to take your situation seriously you must also tell your story.

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Account number: [Your loan number]

[The name your loan is under, usually your own.]

[Your residential address, which is also the address you are requesting loan modification on. Loan modifications are not allowed for properties that are not lived in.]

[Your phone number and email]

To Whom It May Concern: (Or the persons name if you know it.)

[Explain the reason for the loan modification in the hardship letter.] The reason for this letter is to explain the reason I/we have fallen behind on the mortgage payments. I am requesting that you work with us/me on a loan modification. I/we have come across some hard times that are making everything a struggle. I/we would like to work out a plan with you and possibly work out different terms on the mortgage so we can stay in our home.

[Keep the explanation of the reasons short and to the point. Try to limit it to about one paragraph.] I lost my job a few months back and have not be able to find anything that pays enough to pay all of my bills or other expenses. I had some savings that I have been using to try to stay afloat but that is now gone. I have however found a position that pays well enough to get back on my feet and am scheduled to begin working in a few days. My spouse, who pays half of our monthly expenses, has fallen ill with X and can no longer work because of the medical treatment. Fortunately the doctors expect a full recovery within 6 months. Although it is great that my spouse will recover, the medical treatment being used is expensive and we can not afford to pay our other expenses along with the medical treatment.

[Explain your come back plan.] After doing the math I have come to the conclusion that with my new position I will be able to pay monthly expenses including the mortgage payment of $X. As soon as my spouse recovers from her illness we will be financially stable again however until that day comes we will be a little strapped for money. If possible we are requesting [Ask for exactly the loan modification agreement you feel you can handle and they will approve of]

Thank you for you patience and time. Thank you for looking over my situation and considering the home loan modification plan that will help us get back on our feet.

Sincerely,

[Signature]

What we have written above is just a sample letter, make sure you remember this. When writing a hardship letter for a home loan modification it is a good idea to go a little deeper into your story but make sure not to make it into a tear jerker. While you may feel that if you pull some heart strings you will have a better chance of being approved, however the reality is the lenders don't want to hear it. The lenders are just trying to determine if you are at risk of defaulting again.

Home Loan Modification Hardship Letter Sample