Wells Fargo pulling my leg about loan modification

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She

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Post Posted: Thu Dec 24, 2009 3:53 pm    Post subject: Wells Fargo pulling my leg about loan modification
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I am so frustrated. I have WF loan. We were told we were in the HAMP program and successfully made the 3 month trial payments. Well low and behold we started calling WF 2 weeks after we made the final payment to see what was going on because we were told we were gonna be reviewed for a permanent loan modification they kept saying everytime I called that our file had just gone to the negotiator and we had to await what he/she came up with well this past monday we got the mail saying that we were being put in a forbearance for another 3 months with over 6K coming due in April. So this began continous phone calling to WF.

Apparently we were NEVER EVER put in for a HAMP. We were just put in a Special Forbearance for 3 months. I HATE the fact that when you call them they never know anything. One person tells you one thing another tells you another. Got so frustrated I asked to talk to a supervisor and she said that if you in Loss Mitigation which we are your loan will go for review for a permanent modification but it takes time. Also we have a deficit of $200 dollars a month and they are giving us another 3 months to figure out how we are gonna make up this extra money.

Refinancing is not an option as we went bankrupt with our credit cards and got a discharge in Nov of '08 so we could only hope for a modification to get our payments lower. I am just so mad with WF.

In the many phone calls I have made in the past few days one rep actually told me people usually donot get modifications unless you lose your job. I just don't know what to do. When I talked to the supervisor she actually told me to stop calling because they donot have any information the processor never put anything down as to why we went into another special forbearance.

Every rep and the supervisor told me that WF knows that we will not be able to come up with the $6,500 in April but legally they have to put that on the paperwork and one mentioned something about that being modified? Nothing makes sense. My husband is considering selling his truck to help with some of the $6500 just in case they do end up wanting that all at once. Just so frustrating.

The supervisor whispered and I mean whispered that WF doesn't like to foreclose on properties they would rather work something out but so many people are needing/looking for modifications that they just cannot bang out the 100s that need them. She told me to be patient. Not easy to tell someone who has major anxiety/depression issues.

Any ideas why they like to toy with their customers so much??

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Post Posted: Mon Dec 28, 2009 3:19 am    Post subject:
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It is true that a large number of people are looking forward to modify their loans with their lenders. As a result, it takes time for all the lenders to judge their files and accept or reject their loan modification request. However, I disagree with the fact that you need to be unemployed in order to get a modification. Rather it becomes quite difficult to qualify for a modification if you are unemployed as the lender is not sure that you would be able to pay the dues on time. In my opinion, you should accept the forbearance and wait till the month of April to find out if they would give you a permanent modification.
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Post Posted: Mon Dec 28, 2009 1:02 pm    Post subject: Wells Fargo
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I know other people in the same situation. They were also told that Wells Fargo is so backed up processing the modifcations that they cann not do them on a timely basis and keep the client informed and at ease with the process. They were also told to be patient and not to worry about the foreclosure process.

It does not put you at ease. I would say to go with the supervisors "whisper" and I think you will be ok as long as you keep paying as directed.

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Post Posted: Wed Jan 20, 2010 1:41 pm    Post subject: Wells Fargo Loan Modification
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I do believe Wells Fargo is backed up....but backed up with incompetence with administration and employee, very much like Big Government. I am in a similar position as "She Guest', but have had job loss of 1/4th of our household income due to long-term illness. The assumption I made w/ reading about Wells Fargo Stinks comments is that no matter the situation, loan modification programs w/ WF just don't occur. Anyone know anyone who has been through their programs successfully? I doubt it! Signed: At a loss
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