WEBVTT

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If you're concerned about keeping up with your

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mortgage payments, we understand this can be

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a tough time for you.

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That's why we've created this and other videos

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to help you understand your options.

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The first thing you should know is that we really DO want

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to help you and that you should talk with us right away.

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Here's how you can do that:

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call 1-800-678-7986 

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or visit wellsfargo.com/homeloanhelp.

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We want to work with you even if you've asked for help before,

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and it starts with a talk about all of the options that could

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help you avoid foreclosure.

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When you call, you'll be assigned a home preservation

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specialist who will be your guide through the process,

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will help explain your options and will identify the documents

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you'll need to get to us along the way.

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This person will have a lot of questions for you,

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but one of the first will be:

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Do you want to stay in your home?

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If the answer is yes, we'll likely discuss applying

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for a loan modification that changes the terms of your loan. 

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And if you are approved, this could help you stay

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in your home.

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If you can't stay in your home, your home preservation

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specialist will work with you to identify options

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other than foreclosure.

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We'll cover that in another video.

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For now, let's assume that you want to stay in your home

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and that you've decided to apply for a loan modification.

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As part of the process, we'll work with you to

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understand the cause of your financial setback and ask you

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to give us information about your income and your spending,

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bills, and debts.

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Applying for a loan modification does take some effort.

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You've got to supply documents, double-check forms,

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and meet deadlines,

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and it's essential that you stay on top of the process.

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Some possible factors determining whether you'd

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qualify for a loan modification include:

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Your circumstances, why you fell behind on your

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mortgage and your ability to pay in the future.

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Your monthly income and how it compares

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to your housing costs.

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Your property value, the amount of your equity,

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the condition of the property, and whether you live in the

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property or it's vacant.

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To start the process, you'll need to get us some information.

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The income documents you may need to provide include

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pay stubs, savings account and investment statements,

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social security statements and tax returns.

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Housing information you may be asked to provide include

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your current principal balance, interest rate,

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homeowner's association dues, homeowner's insurance costs,

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and real estate tax statements.

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Every situation is unique and we may consider other factors

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as well such as whether your home is a single or

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multi-family home and the available programs

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for your current loan.

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Here's how it generally works:

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First, you'll send us the documents we need.

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Then we'll review them and make a decision, usually in less than 30 days.

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If you qualify, you'll get a trial loan modification that generally lasts 3 months.

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As long as you pay the right amount by the due date during

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that period and there are no changes in your circumstances,

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it's likely you'll be approved for a modification within

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45 days after the end of that period.

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At that point, you'll just need to sign the documents for the

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modification, return them, and then you're all set.

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We understand this process can sound complicated at the beginning, but if you take notes,

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ask questions and stay on top of it, we'll be with you every step of the way to help.

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Let's start the conversation today.

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