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We just found out today that Wells Fargo has denied our request for a loan modification on our primary home and are proceeding with foreclosure. On the flip side, we also found out today that SunTrust approved our loan modification (reduced our interest rate to a fixed 4%) on a second home we own. Has anyone had any experience dealing with Wells Fargo?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Lot of people probably have, but every ones situation is different

adrianlee1971 · Joined: 13 Sep 2009 Posts: 53 -0.17 Dollars($)

you immedaitely close deal with SunTrust for second house. after that you apply for reifnance of mortgage against primary house with SunTrust.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Interestign idea.

But it is not easy as it sounds

smithsussane · Posted: Sun Sep 20, 2009 11:18 pm Post subject:

Hi Jon!

Welcome to forums!

You can check out the following page in order to know what others have to say about Wells Fargo's loan modification program:
http://www.mortgagefit.com/wellfargo/loan-modification.html

Feel free to ask if you've further queries.

Sussane

blhiggins_2000 · Joined: 07 May 2007 Posts: 5 2.66 Dollars($)

Hi Jon,
I bank with Suntrust, but my mortgage is with Bank of America and am curious to know if Suntrust will modify my loan since dealing with BoA has been frustrating. Who was your original lender on your second home?

Thanks.

smithsussane · Posted: Wed Sep 23, 2009 10:06 pm Post subject:

Hi blhiggins!

Welcome to forums!

You should note that your loan will be modified by your current lender. Any other bank or lender will not be able to modify the loan. You will have to negotiate with BofA and get the loan modification.

Feel free to ask if you've further queries.

Sussane

Guest

Hi Sussane,

Thanks for responding, but I meant to ask if I could refinance my BoA loan with Suntrust since BoA will not refinance my interest-only loan knowing I'm underwater and it's backed by Fannie Mae.

Thanks.

adonis · Posted: Thu Sep 24, 2009 9:45 pm Post subject:

Welcome back blhiggins,

As you are underwater, none of the lenders would be ready to refinance your loan. You will have to bring your loan current and then apply for a refinance to check if lenders are ready to accept your request.

Guest

Hi Adonis,
I'm current on my mortgage. "Underwater" is also known as being upside-down, when I owe more than the market value of my home because of the dismal housing market plunge.
I should qualify under Obama's plan but BoA is "cherry picking" which is frustrating so I'm looking for options and anyone who is very knowledgeable about upside-down mortgages under the new plan.

Thanks.

adonis · Posted: Sun Sep 27, 2009 11:41 pm Post subject:

Welcome back blhiggins,

Depending upon your situation, you may qualify for the Obama's loan modification plan. You should contact your lender and check out if he has participated in that program. If yes, then you can apply for the Obama's loan modification program. To know more about Obama's loan modification program, check out the following page:
http://www.mortgagefit.com/problems/homeaffordable-modification.html

blhiggins_2000 · Joined: 07 May 2007 Posts: 5 2.66 Dollars($)

I have contacted my lender, Bank of America and they are participating and they know my loan is owned by Fannie Mae. Dealing with Bank of America is very frustrating and only gives attention to those who are delinquent or on the verge of foreclosure.
I will most likely seek legal help or contact my congressman/woman because BoA ignores struggling homeowners who clearly qualify under Obama's home affordable plan.

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