As one of the largest mortgage lenders in the nation, Wells Fargo has ordered by the Federal government to offer homeowners Loan Modifications or Mortgage Modifications. Under the HAMP and MHA (Making Home Affordable), Wells Fargo has no choice but to make these programs available to homeowners, as well as “in house” Wells Fargo loan modification programs. Under HAMP, if the loss Wells Fargo Home Mortgage takes on a loan modification is less than the loss under a foreclosure scenario, the loan modification must be offered.
Wells Fargo Loan Modification Pre-foreclosure
The problem with the governments “brilliant” plan for homeowner is that only the lender would know which loss is greater, and therefore which option is most appropriate whether a Wells Fargo mortgage modification must be offered. The first step for most homeowners is the pre-foreclosure stage. In the pre-foreclosure stage, the formal foreclosure process has not began and all options are still available for Wells Fargo mortgage homeowners. This is the ideal time to explore loan modification options, especially since there isn’t a sale date looming.
Wells Fargo Trial Loan Modification
Often times, instead of offering a Wells Fargo homeowner a permanent loan modification, the lender will begin with a “Trial Modification.” The clear implication (in my opinion) of a trial modification is if the homeowner makes all the “trial” payments on time and according to the contract, they should be offered a permanent Wells Fargo mortgage modification. Why else would the “trail” been offered…it’s to see if the homeowner is serious and can make the payments. If the homeowner fulfills his/her end of the bargain, Wells Fargo should then have to offer a permanent loan modification.
Wells Fargo Mortgage Modification
The reality of the loan modification business is that lenders often don’t do what they’re supposed to do. It’s all too easy for a lender to just keep the trial payments and respond that the borrower “doesn’t qualify” for a permanent Wells Fargo loan modification. To arrive at this decision, they use their own numbers (which will never be shared with the homeowner), and use their own software to calculate “loss” (which also won’t be shared with the homeowner). Only recently, however, the lenders software has become available to certain loan modification law firms, it’s called the REST Report.
Improving Your Chances for a Wells Fargo Loan Modification
You may have never heard of a “REST Report,” but it can be the distinction between securing a Wells Fargo loan modification or foreclosed on. The REST software is the actual program that is used by Wells Fargo and the mortgage industry to evaluate their potential loss on a property. It offers mortgage companies a summary of the total amount of their loss under each loss mitigation option including: loan modification, short sale, deed in lieu of foreclosure, and foreclosure. The mortgage company is then bound and obligated by the option that shows the least amount of loss for them under federal guidelines. Lenders simply may not deny the loan modification if it is in their best interest financially to offer it.
REST Report and Home Loan Modification Attorneys
McFarlin LLP is one of the few law firms in the country to have negotiated an exclusive license to run the REST Report* for clients. More importantly, if your mortgage company refuses to accept the REST Report results, we are fully prepared to file a lawsuit on your behalf. Our lawyers handle all aspects of Wells Fargo loan modification, foreclosure defense and mortgage litigation for borrowers in Los Angeles, Orange County, Long Beach, Huntington Beach, Torrance and throughout California.
Our lawyers are available to provide you with honest reliable loan modification, foreclosure defense and mortgage litigation advice at our Orange County or Los Angeles offices or over the phone. With a matter as important as loan modification and the REST Report, it is a very good idea to consider hiring a qualified California loan modification lawyer to represent you and protect your interests. Call us today at (888) 728-0044.
*Beware of REST Report resellers who may be able to run the report, but who are either not law firms, or won’t actually litigate the results for you. McFarlin LLP runs the report and is prepared to enforce the results on your behalf.