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HildaR · Joined: 13 May 2009 Posts: 1 0.14 Dollars($)

Ive been trying to get my bank wells fargo to give me a loan mod as i cannot afford it anymore. Im still current but will fall behind really soon.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi Hilda, Well have you tried talking to them? One problem i see is that your still current on your payments. Most banks will not even think of a loan mod unless your already behind on your payments.

smithsussane · Posted: Wed May 13, 2009 7:20 pm Post subject:

Hi Hilda!

Welcome to forums!

I agree with Gary here. As you are current with your mortgage payments, the lender may not consider your request for a loan modification. However, you can definitely negotiate with your lender and convince him to offer a loan modification. However, you should note that it would be the discretion of the lender to accept or reject your offer.

Feel free to ask if you have further queries.

Sussane

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

Call your bank ad ask them about the modification process. Typically they woudl ask you to provide details of your income and expencess and a letter expaling your fincial hardship.

You can find the sample letter on this forum. Check ti out.

http://www.mortgagefit.com/know-how/about7067.html#hardshipletter

Also they may not agree to modify your loan if they see that you may not be able to make payments after the loan modification. Typically when they look at your income and expenses, they need to see that you will be left with some money like $300 or soem where around that.

Typically they woudl try to bring your mrotgae payment to 31% of your monthly income to help you to make payments. But your loan terms may increase to accomdate the same and the rates may rest in the future.

admin3 · Posted: Fri May 15, 2009 3:26 am Post subject: Re :

Hi,

Wells Fargo is still recovering from a major loss in the fourth quarter of 2008, the company’s first shortfall in seven years. The announcement of increased profit and revenue on April 9 increased the bank’s shares by up to 32 percent.

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