WELLS FARGO-WACHOVIA Loan Modification Denied. . Now What?
As you are aware, depending on your individual circumstances, you may be able to work out an alternative repayment option that can help you
get out of default. That is called a loan modification.
Except under some circumstances Wells Fargo
can deny a loan modification based on the 31% RULE. .
You should know that homeowners must meet certain basic qualifications to be eligible for a modification under the Wells Fargo Program.
You must pass their guidelines and the most important one is the 31 percent test.
If the the modified mortgage payments are
31 percent of the homeowner’s monthly income, then you can do a modification. . if you are at 32 percent or higher. . you will not qualify.
- In the event that a loan modification does not fit your current financial situation and/or a modification is denied. . .a short sale should be your best next option.. .
Wells Fargo and WACHOVIA has
developed another program call FAST TRACK SHORT SALE
Simply it allows the homeowner a dignified exit from an upside down
Here are some highlights:
- A 7 Day Short Sale Approval. A Wells Fargo Manager will come to your home to approve your hardship.
- You will be paid $2500 in moving expenses from Wells Fargo/Wachovia if they approve your hardship for a short sale.
- THE BEST NEWS! : No deficiency liability against the seller upon approval!!!!!
- Closing can be in 45 days or less.
Herboso is a
Certified Distressed Property Expert
and a Gold Member
We specialize in Wachovia/
Wells Fargo Short Sales and have
the relationships with one of the regional managers that approve our
short sales very quickly.
can call (Fernando Herboso) directly @
240-898-1848 ext #1
or email :
DC or Virginia
local true professional that cares and loves helping
people avoid a foreclosure!