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In August of this year I signed a Loan Modification with Wells Fargo. According too the terms of the agreement we had to pay the regular mortgage amount for three consecutive months and in the fourth month pay $2300.00 that we were behind. Since we can not afford the stated amount they are now saying we need to submit a hardship letter and that they may extend the loan for another 10 years. At this point I do not want to extend the life of the loan just lower the payments to a reasonable amount. I have called Wells Fargo and asked about the status of the original modification and have been told numerous times that it has not been determined yet. What the heck are they waiting for? I have since become unemployed like most everyone else and my husband has been unemployed since last year. what are our options? It seems the Obama stimulous only applies to certain people. According to the stimulous package your mortgage should not be anymore than 31% of your gross,so why is it they are making it so hard for everyone to keep their homes?

Any help would be greatly appreciated.

elnoralittle · Posted: Sun Nov 01, 2009 5:20 am Post subject:

The loan modification process could take more than 90 days.
The way the Hamp program works, they restructure the loan to make your payments affordable. Sometimes that means taking a loss on the house by reducing the amount you owe, increasing the term from a 30 to a 40 year, or reducing the rate. It is up to the mortgage company which way they will offer. All they have to do, is make the payment affordable so you can keep your home.

If you go onto wells fargo's site, they have the program information in length.

scotgator1 · Joined: 11 Nov 2009 Posts: 1 1.45 Dollars($)

I received a letter from Wells Fargo saying the turned down our request for a payment modification due to the fact I misplaced one of my wife’s recent pay stubs.
I first applied in February 2009. I have since then had to follow up with Wells Fargo. They haven't contacted me or sent me any letters. I had to make all the attempts for help. I did what they asked. I sent in my unemployment paystub and my wife's paystubs, hardship letter, financial worksheet MONTHLY.
We finally heard from them a few months ago saying they would reduce our mortgage from $1071 to $968 for 3 months. We thought that wasn’t much but was better than nothing. I made my 1st of the 3 payments last month. Going back to being denied help, when I called them, she explained that we could reapply for loan modification. She said we may qualify for a 50% reduction for 3 months. She called it a balloon payment. After the 3 payment, I would have to pay my 4th regular payment and 150% more to get caught back up. I was shocked! I asked her out of curiosity, how did my account stand? She stated that my account was 45 day past due. I said what about the payment I had just made last month on their agreed amount of the discounted payment? She said she showed the payment was received on time. I asked the why did it show me 45 past due? She stated that being that I hadn’t paid the full amount even though I was told to pay that discount amount that I would show past due until I caught up and paid the entire discounted amount back to them.
I couldn’t believe what I was hearing. She told me that all the GOVERNMENT programs were set up this way. That the customer would show past due.
Does anyone know some more detailed information?
Thanks!!

adonis · Posted: Wed Nov 11, 2009 10:53 pm Post subject:

Hi scotgator,

Your query has been answered in the given page:
http://www.mortgagefit.com/wellfargo/loan-modification-6.html

Take a look at it. Hope it helps.

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