What do you know about Wells Fargo & Mortgage World? Recently the popular bank was hit with a lot of bad news: it was found that Wells Fargo had, perhaps inadvertently, opened up millions of accounts for people who did not qualify for standard banking services. As a result of this “mistake,” many potential customers were improperly turned down, and some suffered even greater losses. This article looks into one of the most common mistakes made by Wells Fargo – opening accounts for people who did not meet lending criteria.
What is account opening? Account opening is the process of obtaining funds from your bank (or other lender) using a credit card. When applying for a Wells Fargo mortgage or home loan, your loan officer will require personal information such as name, address, social security number, date of birth, and current employer. Then they'll check your account history to determine whether you meet lending guidelines. If your account has been opened for more than six months, it's probably too late – you won't get approved for a Wells Fargo loan modification.
How do you qualify for a Wells Fargo loan modification? The best way to make sure you qualify is to review your eligibility guidelines with a loss mitigation representative. You'll want to bring any proof of income and bank statements, as well as proof of bank loans, foreclosures, IRS liens, etc. They'll verify your eligibility with debit and non-debit cards (including closed and paid checking accounts), then work with your creditors to make sure you meet fixed payment amounts and enough time to repay your modified mortgage or loan.
How do you know if your account has been discharged from a bank? Your bank will typically post a discharge from closes on a section of your statement. Be sure to get a copy of this statement and keep it in a safe place. Also, be careful to report in the future any other accounts that have been closed – even open savings account. Banks can still pursue collection on a discharged account, even after it has been satisfied.
If you have bad or no credit, this loan may not be possible. But don't give up – there are still options. If you have a fixed income, you may qualify for a federal loan or a private loan through the US Department of Education. You can also look into a loan through a local small business association, US Financial Services Authority, or other financial organizations in your area. Look online for resources.
You are not alone. Thousands of people have been affected by the loss of their Wells Fargo account. But you don't have to be one of them. Use this article to get in touch with someone you can trust and who can help you resolve your problem.
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