Tag Archives: bank

Wells Fargo Loan Modification Completely Explained

Where traditional loan modification schemes can take months the newly implemented loan modification scheme at Wells Fargo can sanction your loan modification within a week if you are eligible. If you are seeker of Wells Fargo loan modification scheme you might want to know the details of this scheme. The details of Wells Fargo loan modification are explained here:

Project lifeline: This wells Fargo loan modification program stalls the foreclosure process up to 30 days to allow a timeframe for solution of loan workout to be implemented. Under this program Wells Fargo is proactively contacting borrowers who are delinquent for a period of 90 days or more, on a case by case basis to assess their situation and qualification for home loan modification. The documents required by the banks for assessment are homeowners credit history, income, debt to income ratio, present and past employment, current property valuation and initial valuation and proof of financial hardship. However there are some caveats applied to the conditions of qualification for the home loan modification. You do not qualify if you have: 1. loan on investment properties 2. loan on vacant properties 3. Bankruptcy already filed 4. Foreclosure already on with the date of sale within 30 days.

Fast track Solution for adjustable rate mortgage: Homeowner who took a loan and its payment is now beyond their affordability may qualify for a 5 year deferment on the introductory rate. To be eligible following criteria should be met: 1. The loans should have been taken between January1, 2005 and July 31,2007. 2. The loan should have been due for an interest rate reset between January1, 2008 and July 31, 2010. 3. Should have an initial fixed rate period of 36 months or less.

If homeowners meet the eligibility criterion under any of the above stated programs, they will be notified by Wells Fargo. Also to qualify you must be earning enough to pay for your expenses over and above the mortgage payment. However as a borrower you can also be proactive and contact Wells Fargo and see if you qualify. As a borrower seeking loan modification help, you would be required to do following:

Understanding of the application process: As a homeowner you would be required to correctly and honestly fill out the application forms and submit it to the bank. The application form generally requires proof of your financial hardship, expenses, and income statements.

Your form is the plea of your need to the bank, just thinking of it as a paperwork to be done away would be a big mistake. Make all your earnest effort to reflect your need genuinely in that form. Along with the form you have to send a financial hardship letter stating the reason you are seeking the home loan modification for. Try making it as compelling as possible without exaggerating or understating your need.

Gather information: You might want educate yourself on how to calculate you debt to income ratio, how to calculate your expenditure. This knowledge comes handy for filling up accurate data in the bank forms. You can also hire a specialized mortgage modification company to help you with forms.

Types of Unsecured Personal Loans (Page 1 of 2)

Even consumers who practice careful spending habits can sometimes find themselves in financial trouble. Unexpected expenses such as car repair bills or medical costs can strain your budget and leave you wondering how you will make ends meet. Fortunately, there are several types of a secured personal loans in the UK that can help you through difficult financial times. It is important to consider these loans carefully to ensure that you are choosing the right type of loan for you.

Payday Loans

A payday loan is a short term loan that can help you through a financial emergency. The process of qualifying for this type of loan is relatively simple and typically requires little documentation. For this reason, you might be able to obtain approval or a payday loan and receive the funds you need in as few as one or two days. In some cases, you can even obtain a payday loan without a credit check or income verification.

Before opting for a payday loan, you should consider the drawbacks of this option. In most cases, you will have to repay the loan amount, plus interest, within one or two weeks after you receive the funds. Although this might be appropriate for a financial emergency, a payday loan might not help you if you anticipate that your financial needs will last for a longer amount of time. Also, compared to other types of unsecured personal loans, payday loans typically come with high interest rates. You might have to pay 25% interest or higher in addition to the principle amount for the privilege of borrowing money for just a week or two.

Personal Bank Loans

A personal bank loan is issued by a bank or other financial institution instead of by a payday lender. This type of loan is generally designed for longer-term financial needs – depending on your circumstances, you might be able to borrow the funds for five years or longer. This might be an appropriate option if you want to consolidate existing debts or anticipate that your recurring extra expenses will last longer than a few weeks.

Banks and financial institutions require substantially more documentation than payday lenders when evaluating applicants. You will likely need to provide verification of your income and expenses, as well as documentation of your personal assets and other debts you owe. You will also have to fill out a lengthy application and may have to meet with a personal lender in order to receive approval for your loan.

Compared to payday loans, interest rates for personal bank loans are typically low. This option can help you obtain the long-term funds you need without costing you a small fortune in interest charges. Of course, this type of unsecured loan typically requires a thorough review of your credit history. The interest rate you obtain a for a personal bank loan can vary significantly depending on the length of your credit history and whether you have made your other account payments on time.

Unsecured Credit Cards