Customers who experience financial hardship have two options when beginning the loan modification process, explains Wells Fargo. They can start the process online, or they can contact Wells Fargo directly by phone at 800-678-7986. Customers must meet specific requirements in order to modify their loans.
Once the loan modification process has begun, Wells Fargo customers work directly with what the company calls home preservation specialists. The home preservation specialist goes over the required documents, including those that identify financial information and the reason for hardship. The time frame for reviewing loan modification documents is 30 days, reports Wells Fargo.
After reviewing documents and determining eligibility, Wells Fargo enters customers into a trial phase of payments. This phase lasts for 90 to 120 days and requires borrowers to make monthly payments that are similar to what their final modification payments would be. The home preservation specialist monitors these payments. Once the trial period is over, the loan modification becomes final as long as the borrower has met all other requirements. This process generally takes 45 days, according to the lender.
The loan modification program through Wells Fargo permanently changes the terms of a borrower's mortgage, notes the company's website. Loan modification programs are available even in the case of an upcoming foreclosure sale, in order to allow the borrower to remain in the home while paying a lower monthly payment.