What to Include in A Wells Fargo Mortgage Modification Application Hardship Letter

Published: 15th May 2009
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Wells Fargo (and by extension, Wachovia) is notoriously difficult to get a mortgage modification from. Their requirements are not only strict, but they are just not as open to modifications as many lenders these days. Perhaps the most crucial part of applying is the Wells Fargo mortgage modification application hardship letter, which needs to be just right.

Every lender puts a lot of importance on the hardship letter. However, to push past their reluctance to approve, the Wells Fargo mortgage modification application hardship letter is almost more important than the application itself.

Any mortgage modification hardship letter needs to include a few basic things, and Wells Fargo is no exception. Things to include in your hardship letter are:

1. An explanation of how you are in hardship. For example, how your finances are right now. Tell them what you have done to try to make ends meet and still cannot find the means to make your monthly payments.

2. Explain the circumstance(s) that led to your financial hardship. Wells Fargo accepts the following examples as just causes for hardship, though there are many others they do accept: Being laid off, Death of a family member or spouse, Job relocation, and Unexpected medical bills.

3. Include the rate you're asking from them. Do not rely on just the application to hit that point home. The hardship letter is the platform to not only state the rate, but also to explain why that lower interest rate is manageable for you.

Explain how you plan to manage your debt and pay the new interest rate. Include specifics of your budget that might interest the lender and convey that you are actually trying to be able to make ends meet.

Make sure you show that you are determined to work with the lender to come to an agreement. Don't use the hardship letter as a platform to complain about the way they've handled your mortgage. They don't want to hear about that and it is not going to help your application.

As a crucial part of the application, you need to take the hardship letter as seriously as possible. Especially with Wells Fargo and Wachovia, the letter could very well be the one way to push your application through and get the mortgage modification at rates you're able to afford.

After you turn in your Wells Fargo mortgage modification application hardship letter, don't be afraid to call and check up on the status of your application. Sometimes you need to push to make things happen, and Wells Fargo is not going to just approve your application. Take an active part in your approval process.

For essential 'need to know' facts about how to effectively write a loan modification hardship letter - visit my simple, no nonsense loan modification guide and resource: http://Home-Loan-Modifications.info

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