Asked by mary  |  Submitted April 22, 2017

I have a modification loan with Wells Fargo and just learned that only $1.94 of my payment is being applied to principal. Is there anything I can do?

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  Answers  |  2

April 24, 2017

Mary, thanks for the question. Some ideas & options:

1) Increase the payment you are making and have this additional amount applied to the principal balance.
2) Refinance the loan to a fully amortizing loan.
3) If the terms you have are not what Wells Fargo outlined on the modification, contact Wells Fargo to question these details and possibly have them revise terms.

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April 24, 2017

As David mentioned, if you have met the requirements of the modification, it might make sense to explore refinance opportunities. If that is not an option, then review your modification terms and get a transaction history.

Thanks

Matt

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