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**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. The information found on this page should be considered as opinion and not fact based on our experience with lenders over 10+ years. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If you are seeking an intermediary to assist you in getting help with your mortgage you may contact us at 888-934-3444 or via email at [email protected] for further review for a no fee, no obligation, consultation. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage. Please read through our Disclaimer page for additional details. We do not represent in any way any financial institution named on this page. If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Wells Fargo Home Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Wells Fargo Loan Modification Package
What is an Wells Fargo Loan Modification Package?
Wells Fargo Loan Modification Request For Mortgage Assistance (RMA)
You will first have to submit a complete Wells Fargo Mortgage Request for Mortgage Assistance (RMA) Package if you want to apply for a loan modification with Wells Fargo. It will always be a better choice if you consult with a professional first before submitting the package. Finding the right professional is crucial as there are many professionals in the market to choose from. We are a company that help our customers in getting mortgage relief so we have put the package on our website to help you. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Wells Fargo hardship affidavit?
Wells Fargo Hardship Letter
Built into their application Wells Fargo have a hardship affidavit citing your hardship,
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
First, let’s go over what a modification is not. A loan modification is not like refinance. It will be when you get a new loan to pay off your old existing loan or combining loans. While completing a loan modification you cannot combine loans, such as a first and a second mortgage, . A loan modification is exactly as it sounds. We work with you to modify the terms of the loan that currently exist.
What terms can I change on my mortgage with a loan modification?
It is not possible for banking industry to think outside of the box. So there are limitations to the things you can modify on your loan and how those things can be modified.
Interest Rate Modification
People mostly request to us about changing their interest rate. It is important but it’s not the only way to adjust the payment. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
The life of the loan may be changed to reach affordability but it doesn’t work the same way as many times people say they are adding the payments to the back of the loan. The loan isn’t physically extended by the number of payments you miss. In many cases the loan is extended back to 30 years or even extended further out. We have seen as much as 50 years, but as 30 years is the norm, any extension beyond is generally no more than 40. Beneficiary of the note and the limitations they set completely control this.
Principal Capitalization and Principal Reduction Modification
Principal capitalization is when they take the amount you are behind on, including any past due payment, interest, and fees later adding them to the outstanding balance of what is owed. In rare cases that are generally dictated by the amount of perceived equity in the home (or lack there of) the investor on the loan may be willing to take a reduction on the principal owed
Step 2: Submit Loan Modification Package To Wells Fargo
Wells Fargo Loan Modification Submittal
Getting Your Forms Submitted To Wells Fargo To Get The Process Going. What is in the Wells FargoLoan Modification Package?
Usually all the lenders have the same requirements and it is not only limited to Wells Fargo. You will have to provide your financial information to you servicer such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a loan modification, and a hardship letter.
Step 3: Wells Fargo Loan Modification Broker's Price Opinion (BPO) or Appraisal
Wells Fargo Loan Modification Value
Getting The Right Value Goes A Long Way.
The lender will balance out all the options that are available to the homeowner before approving anything. Including some ways to get the valuation done online there many ways that a valuation can be done. In a type of valuation called Broker’s Price Opinion (BPO) a broker will do the valuation. Sometimes it happens that the person doing the valuation will require interior access to the home. In every type of the valuation the person will compare the properties listed currently of sold recently. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool. They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.
Wells Fargo Loan Modification Appraisal
Loan Modification Appraisal Values
The real investor for which Wells Fargo is working, will require to complete a valuation before approving any terms of loan modification.The lender will do a computer based valuation called an Automated Valuation Module.. The lender will hire a broker for Broker’s Price Opinion (BPO) due to cost preventions but thats a rare case. In even rarer cases the beneficiary will pay for a by a licensed appraiser. The homeowner may be required to pay upfront fees in some of the cases for these services.
Wells Fargo Value Disputes and Variances
Filing Value Disputes and Variances
Returning a value too high or too low happens quite often. This can happen to anyone whether you are a expert or a rookie does not matter, you may have to deal with a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Wells Fargo or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Wells Fargo’s Net Present Value or NPV Process and Analysis.
It is up to the lender to qualify you for the loan modification or not and to forward your file or not after a valuation has been completed and it has returned. Usually there is an auditing process before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.
Wells Fargo NPV Counters
NPV stands for Net Present Value. NPV is basically an algorithm so the lender can get the value for his money. This isn’t a stable value either. It changes from day to day. The process of looking at two separate borrowers and checking where they can make more money is known as NPV. In most of the cases the borrower is behind on his/her payment so the lender will have to decide whether to take the amount owed and increase their balance is even worth it or not. Homeowners have to know that when the numbers don’t add up for the investor that is when they are most likely to get declined.
Modificaiton Decline Appeal
Wells Fargo NPV Counters
countering the NPV is easy just look at the points and find the ones that don’t make sense and attack those parts. You have to look at each point and observe what would be the likely output. In most cases there are incorrect income figures but it could go beyond that to things like the property’s perceived value and even in some cases the consumers credit report.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
If you get approved for the loan modification with Wells Fargo in most of the cases you will be put on 3 month trial payment plan. You will not know what the finalized terms will be that they are offering you but the final payment should be inline with what you will be paying for the mortgage at least at the onset of the new plan.
Finalized Loan Modification
Wells Fargo Modification Complete
There is a finalization process when the loan modification is being completed with Wells Fargo.The finalized Loan Modification documents will be sent out somewhere between second and third trial payment if you are on trial payments. They usually come with a prepaid package to return the documents to the lender. Once the documents are returned and the loan modification goes through the final audits with underwriting the master loan documents are amended to show the new terms of the loan.
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How Does ACG Get Paid?
Absolute Consultant Group consists of a great team to work with your lender to speed up the process. No upfront fees are charged from our side. If you are offered a loan modification but are denied in the end you will not have to pay us anything. Call for details 888-934-3444.
Understanding The Wells Fargo Loan Modification Status
If you have dealt with Wells Fargo you will have noticed that they are not easy to deal with and the paperwork is also not easy and much lengthy. Wells Fargo have not been making any effort to make the process any simpler but that’s why ACG is here to offer you to assist with your application for the Loan Modification process to get mortgage assistance from your servicer that you and your family deserve.
Wells Fargo Help For Consumers
ACG is a company based in the United States to help you with the modification process with Wells Fargo. We will be your single point of contact and you will not have to deal with Wells Fargo. Working with will get you process going a lot faster and easier.
Call Us 888-934-3444 Today.
Wells Fargo Loan Modification Breakdown
What is the Wells Fargo Loan Modification Package?
For any mortgage loan serviced by Wells Fargo you will have to submit Wells Fargo Request for Mortgage Assistance (RMA) package to get loan modification. Depending on the investor involved you should always use the most up to date paperwork for your application; It will be much better if you speak with Wells Fargo or a professional before submitting the package. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Wells Fargo Loan Modification process.
There are 11 Sections to the standard Wells Fargo Loan Modification Package.
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Wells Fargo Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Page 1 – About You On this page Wells Fargo really covers the basic information about the borrower and the co-borrower. It covers the contact information for each, their social security information, along with making sure to gather the mailing address for each.
- Page 2- About Your Property There is a disclosure that covers SCRA (Soldiers and Sailors Act) information but this page is really about Wells Fargo covering what they need to know about thelso property. The home attached to your mortgage loan needs to be qualified by various factors. They want to know your residence status and if it’s a rental modification you are applying for. Wells Fargo also has models they use based on the number of residents in the home to establish reasonable monthly budgets. Afso they need to know if your intent is to keep or sell the home. Lastly, they ask you what property it is you are asking for assistance with and if the insurance is up to date.
- Page 3- About Your Mortgage Loan It seems odd but this section the use to ask you questions that it seems like Wells Fargo would know like are your taxes escrowed or is your home insurance included with your payment. The one question they ask that they wouldn’t know is if you have a homeowners association or other types of dues.
- Page 4 – About Your Property Title This is where your Wells Fargo mortgage asks about additional liens and judgments. They cover if there are second mortgages and how to contact and of these lien holders.
- Page 5 – Listing Status and Employment Information Wells Fargo considers all mortgage solutions through their “One Decision” policy so they take into consideration whether you are actively markeing the property for sale, with whom you have the home listed and if you’ve received an offers. They also cover in a very simple way the employment history and whether either of the borrowers are currently unemployeed. No matter what the situation Wells Fargo Mortgage is always trying to establish when things started.
- Page 6 Financial Information (Income) WFHM Home Mortgage Loan Borrower Financial Information assistance package asks for your monthly budget. Wells Fargos wants to cover all the basics so they ask, for one, about your gross/net income. You need to inlude all sources of income including non-borrower contributors in the budget. You must also inform them of any assets that you have. This includes but is not limited to, bank checking accounts, and anything else you have of value.
- Page 7 – Financial Information (Expenses)In this area you have to make sure you cover everything that is part of your monthly expenses spanning from food to utilities to child costs.
- Page 8 – Hardship Affidavit Wells Fargo Home Mortgage always looks for the reason you are defaulting. They look to see that issue has been resolved because otherwise they won’t be able to set you up on a sustainable plan and reach affordability. This section covers somewhat what a hardship letter covers such as the date the hardship occured and additional details surrounding the situation.
- Page 9 – Wells Fargo Hardship Affidavit Continued This page is a series of boxes that cover different types of hardship so you only have to fill out what applies to you.
- Page 10 – Assistance To Date Wells Fargo like most lenders must assure they did everything they could to help mitigate losses so they ask you if you’ve previously received assistance, whether or not you filed bankruptcy and if you’ve been speaking to credit counseling agencies what their name and number is.
- Page 11 – Government Use This last section doesn’t really require the borrower to do too much but to fill out some basic census type information.
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Disclaimer: Using The Wrong Form May Lead To A Denial
We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer. Prior to completing the form contact your (your client's) Mortgage's servicing department OR one of our professionals at 888-934-3444 to make sure they are sending the right loan modification or short sale package. Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale (mortgage settlement, short pay off or discounted payoff) RMA Package offered on this website may not be the correct package depending on your investor. By downloading this RMA (Request for Mortgage Assistance) from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.