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onewiley · Joined: 16 Jun 2009 Posts: 5 2.99 Dollars($)

what truely are the guide lines for Wells Fargo and a Fannie Mae loan to be modified?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Onewiley

Welcoem to the forum

Some of the highlights:

Guidelines for Loan Modification:

-The mortgage to be modified must have been originated on or before January 1, 2009
-The home must be an owner occupied, single family 1-4 unit property
- The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill)
- The home may not be investor-owned
- The home may not be vacant or condemned
- Borrowers in bankruptcy are not automatically eliminated from consideration for a modification
- Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights

Good luck and feel free to ask

onewiley · Joined: 16 Jun 2009 Posts: 5 2.99 Dollars($)

realgeni -Will the bank still consider a loan mod if I am current on my loan? Or will they think I am not worthy since I am current on my loan? I am only staying current on my loan because I do not want to default or let it go into foreclosure.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

onewiley

Yes thye will. But you need to be really patient. I have seen loan modification done for poeple who are current on thier loan and show the bank that they could not afford the current payment due to cahnge in thier financial situation

Call your bank and talk to them explaingin yoru situation and also if you can write a financial harsdship letter explaing yoru situation they will for sure consider

Bank need to see that you will be able to make payment even after the modification. This will be a long process as mentioned, you need to be patient and keep calling them

Good luck and feel free to ask

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Bank guidelines for loan mod