In an effort to help defaulting homeowners Wells Fargo is offering their own version of FHA’s Partial Claim Program. This version varies in several ways but is aimed at what Wells Fargo is referring to as a “Principal Forbearance”. Now this is not like the Principal Reductions everyone is speaking about these days or as they call them at WF Home Financial as “Principal Forgiveness”.
We have seen that this program is there to help out our clients that find themselves overwhelmed where their loan modification may have been declined due to not meeting the Net Present Value (NPV). If a client has found that their reason for being declined may have been Excessive Forbearance they may be a candidate. HAMP is almost a science to apply for so you can imagine not having the right team at the lender it can make all the difference in the world.