One of the most difficult companies to get a loan modification from is Wells Fargo, also known as Wachovia. They are very stringent in their rules and unlike other lenders who are very open to modifications under the new federal plans devised by President Obama, they do not allow many modifications. One of the most crucial parts of your application when you apply for modification to Wells Cargo is the hardship letter. This letter is the most important part of your application with any lender but with Wells Fargo, it is almost more important than the application itself. There are a few basic rules which you need to comply with when you type out a hardship letter to any lender and it has to be even more perfect in case of Wells Fargo. Some of the aspects to be included in the hardship letter are:
1. You should provide a plausible explanation of your current situation and the hardships that you are facing because of some unforeseen event that has recently transpired. This should be a true recollection of events which have affected you financially and it should be able to convince the lender.
2. Completely explain the events which led to your present financial hardships. There should be no lies included in the letter as the lenders have their own set of verification methods. Even if they have a tiny bit of doubt that you are lying, then they will reject the application.
3. Include everything in the hardship letter. There should not be any beating about the bush. The rate of interest which you want and expect should be clearly mentioned in the letter as there is no point in making a sly connotation to the same. In this way, the lender will come to know that you are serious about making this work and keeping your home.