Wells Fargo Loan Modification: An Effective Path To Protect Your Homeownership Rights

Getting behind on your Wells Fargo mortgage may make you feel quite helpless. Late payments always come packaged with late fees and charges, making it no easier on the borrower. Persistent collection activities and summons from Wells Fargo may put you in a real stress. Few months down the road you may be overwhelmed with the amount of cash you would have to come up to get back current on your mortgage or with an unpleasant foreclosure alternative. Many people feel like they have nowhere to turn, not being able to make their ends meet.Help is closer than you make think, in form of Making Home Affordable Program that has been specifically developed by U.S. Government to assist homeowners in tight economy today. While this program is constantly getting modified, aimed to address changing housing and job markets, the good news is that under this program lenders are required to waive all fees and penalties and hold off on a foreclosure.Wells Fargo Has To Comply With Governmental RequirementsWells Fargo cannot proceed with foreclosure should you have been considered for loan modification. Should you be found eligible to participate in the program, an offer must be made in form of lower monthly payment and restructured loan terms. A foreclosure sale cannot be made by Wells Fargo once you are in application or trial period stage of loan modification. Wells Fargo, as well as many other lenders participating in Making Home Affordable Program, is required to make all reasonable efforts, as outlined by program requirements, to work with you on loan modification before proceeding with foreclosure.Therefore, besides being able to postpone foreclosure process, this gives you an excellent opportunity to work out a monthly payment deal that you may easily afford. Do not think it is an effortless task on your side, though: you are required to do quite some research, legwork, and paperwork within certain timelines to take advantage of making Home Affordable Program.There Are Many Alternatives To Foreclosure Under Newly Adopted RegulationsOnce the trial period is started and the first payment is made on modified mortgage, no foreclosure proceedings may be initiated at all. Should you be turned down, being unable to qualify for Wells Fargo Loan Modification, you should be considered as a candidate for other government-assisted foreclosure prevention initiatives, to include newly-adopted program known as HAFA – Home Affordable Foreclosure Alternative. This program is aided to assist with short sales or deed-in-lieu of foreclosure for qualifying homeowners. It relieves most of the stress, associated with foreclosure and assists borrowers financially.Remember: do not get intimidated by collections representatives at Wells Fargo as they try to do their job of collecting on past-due mortgages. You have certain rights protected by law, including several newly-adopted government programs, which you should be willing to protect. Your home is your largest value, both financial and sentimental. Therefore it is worthwhile to exhaust all possible options that would allow you to stay in your home for many years to come without going through foreclosure.