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OAKLAND — Brenda and Ron Smith were all smiles here Monday after learning they had received a loan modification that significantly lowered the monthly payments on their Vallejo home while attending a Wells Fargo mortgage workshop.
“This helps out a lot. It’s a very good day. I’m very happy. Tonight I will be sleeping really good,” said Brenda Smith, who lost her food service management job and whose mother passed away, all in the last year. On top of that, the couple’s house payments went up.
The in-house loan modification the Smiths received from Wells Fargo cuts their $2,400 monthly payment by about half by lowering the interest rate for several years, reducing the principal amount owed and extending the loan term to 40 years.
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