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nooniepie · Joined: 06 May 2009 Posts: 1 2.10 Dollars($)

I submitted the required home modification documentation to Wells Fargo on April 14th. They sent a temporary finnancial hardship letter - offering us a payment of $700 less per month for 6 months. After 6 months we are to call back and give them our financials. If we are not offered a loan modification at that time we have to pay back $6,900. I have spoke with Loss Litigation several times - every time I get a new person with a different answer. One told me they were scanning our file for possible loan modification, another person said this information is incorrect. Another said their negotiator came up with this reduced payment plan - I know this didn't make it to a negotiator - a Loss Litigation person which turned out to be someone in the collections dept talked to me about this plan. My husband is self employed and his income is down 38%. We paid $410,000 for our house in November 2007 - a model match sold on the next block last week - $279,000. What should I do - their offer is only a temporary fix and we won't be able to pay back $6,900. We have never been late on our payments.

jameshogg · Posted: Wed May 06, 2009 9:31 pm Post subject:

Hi nooniepie,

I think this is a good offer that they are reducing your payments by $700 for the next 6 months. As your mortgage payments are reduced, I would suggest you to start saving that $700 so that in case after 6 months, if your loan is not modified you would be able to pay them $6900 from it. And if your Wells Fargo loan modification program is accepted, then you won't have to bother about paying the $6900.

Thanks

Guest

I have a "sheriff's sale" scheduled on my property for May 20,2009. I have faxed all necessary paperwork to my negotiator at Wells Fargo to start the modification process. I am now very much concerned that Wells Fargo will not get the "sheriff's sale" postponed in a timely manner and the sale will take place. What can I do?

smithsussane · Posted: Thu May 07, 2009 11:07 pm Post subject:

Hi Mike!

Welcome to forums!

You can contact your negotiator at Wells Fargo and check out whether your loan modification request has been accepted by the lender or not. If your lender has already accepted your request, then you will not have to worry about the sale.

Feel free to ask if you have further queries.

Sussane

Guest

I have a request for modification that is "being reviewed by a negotiator" I have called many times looking to understand the potential outcome of this request, where it is in the process, how the best option is identified what options will be considered. . . . To date Wells Fargo has been unable to provide me with any information and will not put me in touch with my negotiator. How can I reach someone who can help me understand my options and ensure that I get the best possible outcome from this?

jameshogg · Posted: Mon Jun 29, 2009 9:35 pm Post subject:

Hi Tom,

It is Wells Fargo who would be able to help you in this regard. They are the best persons to let you know what is the best possible outcome of your request. I would suggest you to contact the customer care department of your lender and ask them to speed up the process so that you would be able to know about the result of your request.

Thanks

tmtc · Joined: 30 Jun 2009 Posts: 6 3.68 Dollars($)

Tom

Your story is typical for Do-it-yourselfers and those of you who believe the bank is your friend. 1) the bank is out to screw you anyway they can, it's their job. 2) From our comments, you apparently don't have anything in writting from WFB 3) banks lie and know you dont know what you are doing.

If you hired a professional loan modification company--you pay for the services--you are hiring an advocate who fights for you and your rights.
This whole rope-a-dope you are getting wouldn't be happening.

You apparently had a 6mo trial plan, that was to be reviewed upon completion...a typical type plan. With a professional loan mod company, at the end of the 6-mos that company would be back in contact with WFB to secure a more permenant plan.

Get all of their answers in writting.

Gregg

Guest

A very good recommendation would be to have an audit done on your mortgage documents and allow an attorney to work a full restructuring of your mortgage for you. 6 Months is not a very long time and truly a band aid, when many others are achieving newly restructured mortgages based on the homeowners comfort level. A Forensic Loan Audit is being utilized everyday to assist homeowners in getting the very best outcomes of a modification/restructuring and it is typically a permanant , not temporary fix. This may be a good option to look into first and determine from the what is best for your situation.

Best of Luck to You

Kerri Josephic

[Phone number and e-mail address deleted as per forum rules. Thanks.]

Guest

I been trying to get a loan mod from Wells Fargo since May 2009. I truly feel that they dont want to give me this modification. I always paid on time and sometimes even early if I had extra money. Now I got laid off and truly need this modification. I just got the letter that reduces my payment for five months then I got to pay back $4000. When I called them and said if I'm having trouble paying now what makes you think I can pay that balloon payment back? All they said was that they didnt expect me to pay the balloon back and to call them to try to get another modification. Can anyone please recommend a non-profit organization than can help me get a permanent modification.

smithsussane · Posted: Tue Oct 20, 2009 12:07 am Post subject:

Hi Mokdakid!

Welcome to forums!

It is always better to negotiate with your lender and get approved for a loan modification rather than taking help of a loan modification company. Lots of people have been scammed by these companies. As the lender have given you a payment plan, you can accept it and then apply for another modification after 6 months.

Feel free to ask if you've further queries.

Sussane

Guest

sussana thanks for you comment. Do you know what are the requirements to get approved for the HAMP Mod?

jameshogg · Posted: Tue Oct 20, 2009 11:18 pm Post subject:

Hi mokdakid,

Your can check out the given page in order to know about the requirements of HAMP:
http://www.mortgagefit.com/problems/homeaffordable-modification.html

Thanks

thewretched022 · Joined: 21 Oct 2009 Posts: 18 3.29 Dollars($)

the internet is a wonderful thing indedd - it's not just for pron anymore you know!

christinehynes · Posted: Wed Nov 04, 2009 3:19 pm Post subject:

As Gregg said, this response from the bank is sadly the usual. The banks are, as you know, a business. It is in their best interest to get as much money from their clients as possible, not to deal in compassion. From what you've said, they put you into a trial loan modification program while they review your file. This can negatively affect your credit score as it is still recorded that you are not making your full payments, not to mention at the end of the trial they might refuse to modify anyways.

There is so much misinformation out there about loan mods that the only realistic way to go about it is to hire an attorney that specializes in loan modification litigation. This will insure that proper paperwork is recorded and recieved by the bank and that they aren't just doing their usual shennanigans they pull when dealing face to face with borrowers. If you are looking for more information on loan modifications, programs and the effects it can have on your credit score visit our blog and feel free to ask questions!

Guest

I applied for a loan modification with wells fargo and they were only willing to lower our payment $60.00 which don't help us at all so we are now losing our house and if you don't file charpter 7 you will owe them for the rest of your life thank god we have a great lawyer

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