Recently it is becoming more and more apparent that the Loan Modifications are in many cases hurting those that it first set out to help. Specifically the participants of the HAMP Program have found themselves scrutinizing the creators of the program (namely the U.S. Government and the Obama Administration) for leaving a provision in the system that the modification even during the trial period is to be reported to credit bureau dropping the credit of the homeowners that apply for it in many cases as much as 100 Points as per the Huffington Post. In some cases those homeowners who have not fallen behind as of yet but see their savings dwindling or just making it by.
So what is the best program for the homeowners at that point in time? We’ll that question can be difficult but those that fall into the category of short refinancing might have just found another way to get out of the problem with Wells Fargo. If they are in a mortgage that finds itself upside down or in a short sale position that homeowner may be eligible to refinance into a new smaller mortgage. We find ourselves helping homeowners into a new situation from which they can begin building equity in the foreseeable future rather than 10-15 years down the line.
In previous posts you might have noted that there used to be one hook. It used to be that you had to go through a loan modification first, get denied, and only then could you apply for a “short pay off” (as Wells Fargo calls it). It seems in a recent conversation with management there they read the procedure to us directly and it no longer stated that a loan modification review was a necessary step in proceeding.
KEY: Make sure that you do not miss a payment because most lenders will not provide you financing if you have a 30 day late in the last 12 months. If you need help give us a call 888-934-3444.
Related posts:
- Wells Fargo Short Refinance: Mission Impossible, for Now! Wells Fargo currently is offering the option of short refinancing or commonly referred to as a short refi as long...
- Wells Fargo: Wachovia redacts online payment options during MHA Loan Modification review. Our customers who make their mortgage payments online to Wachovia (now part of the Wells Fargo family of owned companies)...
- Wells Fargo Home Mortgage: Mod to Short Sale Guidelines Many times homeowner’s having attempted everything find that they are being forced to have to sell. In fact it is...
- Wells Fargo and ASC accepting payments by phone in some foreclosure cases. Wells Fargo Home Mortgage and a subsidiary America’s Servicing Company in a conversation today they advised that they accept payment...
- Wells Fargo: Short Sales go through Equator… Well at least for the most part. Wells Fargo has a long standing reputation to upkeep of being the fuddy duddy of the Loss Mitigation industry. I...
A Short Refinance is the solution for Homeowners that have done everything right but find their home upside down or underwater in value due to an outside influence of the market you now have a very positive solution.
For Homeowners who have experienced some king of economic hardship then a Loan Modification is still working today for those who get the right help.
Drew,
Thank you for commenting on this post. As you mentioned short refinances are great but do not always help everyone so sometimes homeowners need to review the loan modification options. In some cases with major lenders that see that their clients don’t qualify for the traditional loan modification we see that some of those out there are qualifying for a principal reduction.
Regards,
Jonathan Katz | Account Manager | Absolute Consultant Group