Wachovia / Wells Fargo Bank Loan Modification

Wachovia / Wells Fargo is one of our nation's largest banking institutions. They acquired ailing Wachovia Bank recently.

Contact information

Wachovia / Wells Fargo
Tel: (800) 678-7986
Fax: TBD
www.wellsfargo.com

What you can expect

Bloomberg.com recently reported that Wachovia / Wells Fargo was one of the worst lenders that assisted struggling home-owners with mortgage modifications; http://www.bloomberg.com/apps/news?pid=20601208&sid=aaiRx.lyFD4I

Although they are not noted as being one of the worst, they are taking positive steps to assist the struggling home-owner. They recently unveiled Project Lifeline which is a modification program designed for those home-owners that are in a sub prime mortgage and are facing interest rate increases in the near future. Information about this program can be found here;

https://www.wellsfargo.com/mortgage/account/fast_track

The program essentially reaches out to struggling home-owners who are 60+ days delinquent by mail to invite them to make a lower payment immediately while they review the file for final modification approval. No guarantees, so you could be out a payment or two if they deny the modification after reviewing all the facts. Nonetheless, it shows that they are interested in providing home-owner assistance, subject to qualifying. This program does include all types of properties, owner-occupied or non-owner-occupied, whether the home-owner is in foreclosure or in Bankruptcy.

They never provide any transparency regarding any modification guidelines that can help you prepare your modification request. If you are declined for a mortgage modification, they will not provide you with an intelligent and understandable reason. Usually, the response sounds like; "no, and we can't tell you why because the investor as a policy will not allows us to tell you why". If you want to contact the investor directly, good luck because the response is typically; "we can't tell you who the investor is per policy but you can request this information in writing and faxing the request to (269) 353-2432".

Modification request instructions can be found at: https://www.wellsfargo.com/jump/homeassist/?DM_NUMBER=DMIWESERP1&mplx=10918-69547-3408-11