Posted on: 29th May, 2009 09:11 am
We have a 5yr ARM, IO 1st mortgage through Wells Fargo.
I called recently about getting a loan modification since we have one year left on the IO period.
I am open to converting it over to P&I at current rates etc. The first mortgage isn't under water and I make all my payments ontime and have a good credit score etc...
Wells is only interested in refinancing it for me, not modifying the original note.
I have no interest in repaying fees on a note they already have, especially when my nieghbor got there loan modified from Citibank no problem.
What do I need to do???
I called recently about getting a loan modification since we have one year left on the IO period.
I am open to converting it over to P&I at current rates etc. The first mortgage isn't under water and I make all my payments ontime and have a good credit score etc...
Wells is only interested in refinancing it for me, not modifying the original note.
I have no interest in repaying fees on a note they already have, especially when my nieghbor got there loan modified from Citibank no problem.
What do I need to do???
hi jasonmburks
perhaps the wells fargo loan modification program was denied in your case as you are not past due on your mortgage payments. as you have mentioned that you are current on your mortgage payments, the lender is offering you a refinance. though you'll have to pay the closing costs, the refinance will help you in lowering your interest rates.
thanks.
perhaps the wells fargo loan modification program was denied in your case as you are not past due on your mortgage payments. as you have mentioned that you are current on your mortgage payments, the lender is offering you a refinance. though you'll have to pay the closing costs, the refinance will help you in lowering your interest rates.
thanks.
Hi,
It is not clear as to why you want to go for loan modification? You are current on payments and want to make all your payments, so are you interested to lower down your monthly payments or interest rate? It is true that lenders will not accept loan modification until and unless you have some financial crisis. If you have any financial issue speak to them directly.
It is not clear as to why you want to go for loan modification? You are current on payments and want to make all your payments, so are you interested to lower down your monthly payments or interest rate? It is true that lenders will not accept loan modification until and unless you have some financial crisis. If you have any financial issue speak to them directly.