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emma1355 · Joined: 15 Oct 2009 Posts: 1 1.42 Dollars($)

I have been turned down for a loan modification with wells fargo twice because i had a shortgage in my monthly salary. I dont understand why I have to have a surplus in income every month. They tell me I have tp be able to show that I can pay all my present bills before they consider me for a modification. If that was the case i would be in good shape. What is the formula they use I am going to try again but I am lost. One more question. the note on the mortgage says Wells Fargo but the tell me that I have an investor. Once I have been told that it was Deauctche Bank and once I was told it was Lehman Bros. On the lis pendenance filed in the courts it sayd ACAS as the mortgage holder. They keep telling me that the investor has different guidelines. Who is the investor. I cant get a straight answer. The only name i see is wells fargo on the mortgage note which has a signature on it that does not look like mine. and it is not witnessed and does not have a notary stamp on it.

savior70 · Posted: Fri Oct 16, 2009 5:58 am Post subject:

Hi,

A loan modification does not reduce the principal amount on the loan. It only reduces your monthly payments to a certain extent. The lenders want to make sure that you afford to make payments on time before they approve the loan modification. If they think you will not be able to make payments under the modified repayment plan, they will never modify your loan.

Mortgage lenders only originate the loans, while investors finance the funds for the loan. Without investors, it is not possible to fund the loans.

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