Are you behind on your Wells Fargo home mortgage? Afraid you might be losing your home in the near future? A Wells Fargo Loan Modification through the Stimulus Plan may be your solution!

The federal government has allocated 75 billion dollars to a stimulus package for homeowners that encourages banks to rewrite existing home mortgages to prevent foreclosure. This is done by lowering the house payments of struggling homeowners to an amount they can afford.

Wells Fargo is on the approved lender list and is receiving financial incentives for every mortgage modification that they do. Their goal is to arrive at a mortgage payment that is less than 31% of the gross monthly income of the homeowner. This payment amount includes property taxes, homeowner insurance, and any homeowner dues.

The new, more affordable house payment is achieved through one or more of the following methods:

* Lowering the interest rate to as low as 2%.
* Lengthening the loan term, possibly to 40 years.
* Waiving Late fees.
* Forgiving part of the principal of the loan.

You can only get one loan modification, and they are available for a limited time through this federal program.

Who qualifies for this stimulus money? If you have a Wells Fargo mortgage, you already meet one requirement. You must have a mortgage with a lender on the approved lender list. To apply, the following guidelines must also be met:

* The home must be your primary residence. This means that you live in the home more than 50% of the time.
* The original loan must have been written on or before January 1, 2009.
* The loan amount cannot be more than 9,750.
* Your current house payment has to be an amount more than 31% of your gross monthly income.

This figure, again, includes property taxes, homeowner insurance and any homeowner association dues you are responsible for.
* You have to be able to document that you are in a financial state of hardship. This means that something has happened to you beyond your control that has greatly reduced your income or raised your expenses. This could be: medical bills, job loss, divorce, death of a spouse, or military service.
* You also must be able to present a convincing budget plan that shows how you will be able to financial fulfill your mortgage obligation with the modified monthly payment.
* If you are in danger of losing your home, a Walls Fargo Loan Modification may help you avoid foreclosure and save your home.