Posted on: 16th Mar, 2010 10:49 pm
question:
we tried to apply loan modification with wells fargo...the bank they denied.
because they told us that for you to qualify for loan modification you need to be with the bank at least 1 year.
we just refinance from wamu to wells fargo last year september 2009.
so only with wells fargo 6 months.
bank to us you need to be with the bank at least 1 year to qualify loan modification ?
i don't know is that true or not ?
please advise
we tried to apply loan modification with wells fargo...the bank they denied.
because they told us that for you to qualify for loan modification you need to be with the bank at least 1 year.
we just refinance from wamu to wells fargo last year september 2009.
so only with wells fargo 6 months.
bank to us you need to be with the bank at least 1 year to qualify loan modification ?
i don't know is that true or not ?
please advise
hi tsl,
the criteria to qualify for a loan modification depend on individual lenders. they modify the terms of the loan only if the borrower meets the required criteria to qualify for the loan modification. it seems that wells fargo has criteria which make it mandatory for borrowers to be with the same bank for at least a year. in case you want to keep the property and the bank does not modify the loan, you may consider filing bankruptcy chapter 13 and paying off the mortgage through a repayment plan. but bankruptcy affects your credit negatively and stays on your credit for at least 7 years. thus, it should be your last option.
the criteria to qualify for a loan modification depend on individual lenders. they modify the terms of the loan only if the borrower meets the required criteria to qualify for the loan modification. it seems that wells fargo has criteria which make it mandatory for borrowers to be with the same bank for at least a year. in case you want to keep the property and the bank does not modify the loan, you may consider filing bankruptcy chapter 13 and paying off the mortgage through a repayment plan. but bankruptcy affects your credit negatively and stays on your credit for at least 7 years. thus, it should be your last option.
Hi,
It is true that the loan modification criteria depends on the lender. The best option I would suggest for you is to wait for 1 year and then re-apply for a loan modification from wells fargo. If you think that you cannot wait for 1 year then the best option for you would be to file bankruptcy chapter 13.
It is true that the loan modification criteria depends on the lender. The best option I would suggest for you is to wait for 1 year and then re-apply for a loan modification from wells fargo. If you think that you cannot wait for 1 year then the best option for you would be to file bankruptcy chapter 13.