Wells Fargo to Modify Mortgages

According to CNNMoney, Wells Fargo said it would grant $2 billion worth of loan revisions to nearly 15,000 homeowners. Wells Fargo will also offer modifications to 14,900 homeowners who had pick-a-pay loans. Pick-a-pay loans are special loans where the rate changes during the life of the loan. It became a very popular option during the housing crisis. According to CNNMoney, these loans often started at low levels which were insufficient to cover the monthly interest and that unpaid interest would be added to the loan. Then, the loan would increase in a drastic way, many times soaring so high that the homeowners wouldn't be able to afford it, and thus creating foreclosures. In addition to all they're going to pay, Wells Fargo will fork out another $32 million to those pick-a-pay borrowers. Good news for so many that were foreclosed. For those that are buying a new home, this type of news shouldn't scare you. When you do make that purchase, call the Jacksonville movers to help you move. Our moving company is backed by four generations of movers and we're very good at what we do. For a pleasant and stress free move, make sure to hire the Jacksonville moving specialists as your moving company.