Three Simple Worry-free Steps To Wells Fargo Loan Modification

Should you want to take advantage of new legislative changes regarding mortgage modification with Wells Fargo, there are three departments you will have to deal with:

1. Customer Service Department
2. Collections Department
3. Loss Mitigation Department

Customer Service

Customer service reps are the first ones you hear when calling Wells Fargo, unless you are behind on your loan. While they are able to give general guidance, they do not possess answers to specific loan modification questions. They can provide you with information regarding your payments, interest rates, fees, and escrow. Should you not want to be redirected to any other department automatically when calling Wells Fargo, do not enter your account number when prompted by automated system. Customer service reps are usually the most pleasant to speak with, however the most useless ones once it comes to assisting with mortgage modification questions. That is why expect to be forwarded to collections or loss mitigation with questions about your mortgage payments.

Wells Fargo Collections Department

The folks from this department are quite persistent and aggressive. They are pretty good with reading the whole collection script to you before even touching the subject of loan modification. While it is their job to collect on past due accounts, they would handle the majority of mortgage modification for you. They would initiate the review process and advice of documentation needed. Until your loan is ready to be reviewed by loss mitigation department, all your calls will be forwarded to collections. While they may be helpful in tracking the progress by taking necessary notes and notifying you of any additional steps needed, do expect them to be pushy with attempts to collect on your account. Keep in mind that even though they play a vital role in modification process, they are not authorized to make final decisions. Should one of the collection reps really get on your nerves, hang up and try calling again. Since their call center is quite big you may have more luck with other representative.

Loss Mitigation People Are The Last To Talk To

Once you will get a negotiator assigned to your case or will notice that you are being forwarded to loss mitigation department, you lay back and relax a bit, since these are good news for you. It usually means that the hassle of collecting the paperwork is over, and your case is awaiting a decision. It is vital to keep the situation under control and timely accommodate all requests made by mitigation department. It is important to follow up with them and be patient, as this round may take another couple months. It is important to keep your financial statements up-to-date and accurate as they are a major factor affecting the approval of your request. Should something change you always have the opportunity to update your financials before the final decision is made. While mitigation department seems to be a pleasant one to deal with, the representatives are typically hard to reach.

Always Keep Track Of Things

When dealing with mortgage modification with Wells Fargo always keep records of who you spoke with and from which department. Do not forget to write down names and dates. While department names and procedures may slightly change over time, the general way the things are done remains the same. Those are the steps you have to go through while working on loan modification with Wells Fargo.

Leasing Commercial Real Estate Steps - Analyze, Inspect, and Secure!

Leasing commercial office space is a common issue to which many business owners devote much thought. Success or failure in this decision relies on one's ability to select and then negotiate for commercial real estate that is best suited to a business. After selecting the right location for the company and making the final rental decision, the next phase is the leasing process that will involve formulating significant portions of the lease agreement. The following is this process from start to finish.

Step 1: Analyze the Lease Requirements and Needs

The rapidly changing business world believes that the words growth' and risk' are interchangeable. When securing commercial property for a business operation, it is both exciting and frightening. A company undoubtedly aims for success but may encounter several hazards along the way. This is common in running any type of operation, so an owner must stay focused and concentrate on fulfilling all basic goals.

Basic Goals in Acquiring New Property:

Growth - The new location should provide room for business growth and expansion.
Transferable - The agreement should be transferable without penalty.
ROI - The new location should deliver a high return on investment during the entire length of the contract.
Increase Profits - The new location should help increase cash flow to counterbalance the cost of relocation and still allow for a positive net income for the company.

Terms of Lease

To avoid future complications, it is important that a business owner understand and analyze the terms of the office lease. Both tenant and landlord should know the obligations, terms, and conditions relevant to the property rental.
The terms of the lease should clearly outline the following:
Length of Contract Clearly state when it begins and ends.
Monthly Payment Declare any escalation of the monthly rent.
Annual Lease Amount - Outline the total rent paid in a year.
Category of the Lease State specifically whether net or gross category.
Clauses - As applicable for both tenant and landlord.
Renewal - The right to renewal of the agreement, usually by both parties.
Obligations of Both Parties Specific declaration of who is responsible for what office items, such as renovations, repairs and maintenance.
Security Deposit How much of a deposit is required as well as any conditions for its return to the tenant upon satisfactory completion of the contract.
Rights to Termination Defines how both sides may terminate the contract.
Taxes Itemization of which party is obligated for assessed property taxes.

Working Space Requirements:

Utility and amenity services
Furniture and equipment
Physical dimensions
Proper lighting
Dividers for office cubicles

Step 2: Inspect the Premises

After determining the basic company requirements, it is important to visit the various properties available for rent for space planning and general comparison purposes. Ensure that the new location will satisfy the needs of the company.

Step 3: Secure Necessary Documents

Once a decision has been made as to which property to lease, the final documents must be drawn up to process the lease agreement. The documents needed are:
Letter of Intent
Offer and Acceptance Agreement
Lease Agreement
Fit-out Period

All documents should be prepared ahead of time so that either party can have the paperwork reviewed by a real estate broker or attorney if necessary.

The commercial lease process can be lengthy; with the proper guidance, it can be headache-free and a successful outcome for both the landlord and tenant. For those interested in the final steps of Advice, Negotiate, Forms and Handover,' that portion will be covered in another article. The first steps listed here to analyze, inspect and secure will hopefully head any business to securing the best commercial office lease for their company!