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Wells Fargo Project LifeLine and Fast-Trac mortgage programs.

Wells Fargo, which recently acquired Wachovia and Golden West, now has two mortgage assistance programs that can help struggling homeowners stay current on their mortgages and avoiding a foreclosure filing. Wells Fargo primary goal is to do whatever it can to help families stay in their homes. The two programs offered are noted below.

In addition to these two primary programs, Wells Fargo has other forms of assistance they offer. Click here to read more.

The Fast-Trac Solution/Program for Adjustable Rate loans (ARM): This program is tailored to help homeowners who currently have an adjustable rate mortgage that is scheduled to reset to a higher,  unaffordable payment. People who apply and are accepted into this program may be eligible for a freeze of up to 5 years on the introductory rate of their current loan. The number of people this program may assist is tremendous, as almost 2 million subprime adjustable rate mortgages are scheduled to reset to a higher interest rate by the end of 2009. The Fast-Trac Solution mortgage modification program may help many families. There are some conditions, and they include :

  • The loan must have been originated between January 1, 2005 and July 31, 2007
  • The current ARM must nave an initial fixed interest rate period of less than 36 months. The types of loans that fall into this category include 2/28 and 3/27 loans. They are the most common
  • The mortgage must be scheduled for an initial interest rate adjustment sometime between January 1, 2008 and July 31, 2010





The Project LifeLine assistance program: This is a loan modification program offered by Wells Fargo that will stop the foreclosure process for a period of up to 30 days. The delay is to provide time for a loan workout solution to be negotiated and implemented between the borrower and Wells Fargo. The LifeLine program is targeted at borrowers who are 90 days or more delinquent on their current loan, and each application is reviewed on a case by case basis. While Wells Fargo is trying to proactively contact homeowners who are 90 days or more late and they are advising them to contact the bank, it is always best to contact Wells Fargo directly as well to ask about this or other programs. You should not sit back and wait for them to contact you. There are conditions to the Project LifeLine program as well, and homeowners will need to provide detailed information. For example, they will need to provide documentation of their financial hardship, financial statements, and also adequate proof of their income in order to determine if they will qualify for assistance.

In addition, not all loans will qualify for this assistance program. The types of mortgages that are excluded from Project LifeLine include the following:

  • A loan on a home with an active foreclosure with sale date less than 30 days away
  • Loans in active bankruptcy proceeding
  • Mortgages on a vacant home or investment properties


As indicated above, Wells Fargo is trying to proactively contact homeowners. They will also notify homeowners as soon as it is decided that they may meet eligibility requirements fort the program(s). However it is strong recommend that you contact them, and do not wait for a phone call or letter.

There are conditions to the program and documentation is required. Borrowers will need to provide verification of income as well as expense documentation. They will need to provide proof of financial hardship to qualify for any of these Wells Fargo loan modification programs. Assistance is not provided to everyone. Even a deserving borrower may be declined to one or both of the programs if they do not provide the bank with a compelling and convincing hardship letter, or if they do not understand how to meet the debt ratio requirements, and if they do not provide the financial statements properly or apply correctly.





By Jon McNamara

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