Both Wells Fargo and Wachovia loan modifications are easier to qualify for. Wells Fargo and Wachovia merged December 31, 2008, so both companies have the same standards for loan modifications.
The requirements have gotten easier, but getting approved is a different story. Wells Fargo maintains a high standard on approving modified loan even though there is approximately $75 billion dollars allocated to lenders from the Home Affordable Modification Program.
Homeowners have said that their applications were denied, even though they met the entire standard and they did not receive any explanation. Other homeowners said they had difficulties dealing with the staff. Even with a streamlined online application system, there are still difficulties and unexplained denials.
Before working with the lender, make sure to have documents for the following: income, taxes and monthly expense as well as a well written letter explaining your financial hardship. If using the online system print it out before submitting it and mail and fax a copy to Wells Fargo. Once you know they have received your paperwork call them and try to set up an appointment with the loss mitigation department. Ask if your application has been reviewed and if they have a decision. If it is denied, then ask for specific reasons why.
It is also suggested you try using a representative from the Housing and Development Department. The services they provide is free under the Home Affordable Modification Program and are there to help homeowner, not the lender. These representatives will also help negotiate for you.
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