Wells Fargo Loan Modification – Do You Qualify?
If you have a home mortgage serviced by Wells Fargo and you are facing financial difficulties you may be eligible for a plan to lower your monthly payment. Homeowners in your situation may apply for a loan modification, also known as a loan workout program. But how do you know if you qualify? You will fill out an application for the loan modification and submit it to Wells Fargo to review for eligibility. Your debt ratio is a very important qualification. This is a ratio that Wells Fargo finds by comparing your income with your debt, and it must be low enough to show that you are not able to afford your mortgage payments now, but high enough to show that you will be able to manage your new, lower payments after the loan modification. Find out how to calculate this, so you can be sure your application will be approved. The debt-ratio threshold that you must be above now, but below after a Wells Fargo loan modification is 38%. This means that your monthly payment must be more than 38% of
