We just completed another loan modification from Wells Fargo at a rate of 2.625% which is significantly lower than the 6.25% that they were paying in interest rate. Their payment was reduced from a monthly payment of $3,083 down to $1,295 on a $592,000 mortgage. Believe it!
What makes this even more interesting and newsworthy is that this is the 3rd or 4th loan modification from Wells Fargo at that exact rate over the past 10-15 days. Is this a sign of the times that maybe things are getting better at Wells Fargo? I hope so because they have a long way to go in restoring my faith in their bank and lending and loan modification practices.
Remember, do NOT pay anyone for a loan modification! Do it yourself at www.makinghomeaffordable.gov or call us and we will help you get the forms filled out and sent to your lender at no cost.
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