Homeowners struggling to make their mortgage payments have often been frustrated in their attempts to communicatie with their lender. Now homeowners with mortgages from Wells Fargo who live in the Washington DC area can participate in a program this Thursday and Friday (Feb. 25 and Feb. 26) to work on their financial problems.
HomeFree-USA a HUD-approved, nonprofit homeownership counseling organization, with Wells Fargo will host loan modification events for Wells Fargo borrowers who may be having trouble paying their home loans. At these events, HomeFree-USA advisors will assess mortgage affordability for homeowners and assist them with preparing a modification package prior to their meetings with bank representatives.
The HomeFree-USA/Wells Fargo loan modification center event will be held:
• Thursday, February 25 and Friday, February 26
• 9:00 am – 7:00 pm
• HomeFree-USA National Headquarters: 3401A East West Hwy. Hyattsville, MD 20782, corner of East West Hwy and Editor’s Park Dr., across from The Mall at Prince George’s
• 301-891-4605; www.homefreeusa.org
During the sessions, homeowners will first meet with HomeFree-USA homeownership advisors to discuss financial/employment status, obtain a credit report, and establish a budget that includes a modified and affordable monthly loan payment amount. Homeowners will then meet with Wells Fargo specialists. Those who qualify under the Home Affordable Modification Program (HAMP) and provide full documentation on site may receive same-day approval of their loan modification . Those who do not qualify under HAMP will begin accelerated loan modification reviews, a process that averages 30 to 45 days. Spanish-speaking specialists will be available.
Wells Fargo has notified metro DC borrowers who may be candidates for loan modification. These homeowners are asked to call HomeFree-USA at 301-891-4605, or register online at http://www.homefreeusa.org/ht/d/RegisterForEvent/i/18239 to schedule a private, priority appointment. Prior to their appointments, homeowners should complete their Loan Modification Data Intake Form and use the Loan Modification Checklist to gather all important documents needed at their appointments:
• Most recent mortgage statement
• Pay stubs for the last two months
• Bank statements for the last two months
• 2008 tax return
• IRS Form 4506T
• Hardship letter (Must include answers to these questions):
o Why are you having trouble paying your mortgage?
o What are you doing about bringing your mortgage current?
o What do you want your lender to do?
o How long have you lived in your home?
o Do you want to keep your home?
Downloadable versions of the Loan Modification Data Intake Form and the Loan Modification Checklist are available at http://www.homefreeusa.org/ht/a/GetDocumentAction/i/17165.