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Guest

u poor people u guys have no idea what u guys are talking about I would sugest u guys use and law firm 3rd party they r cheap a mod costs u about 2000.00 u save ur homes save money and the mortgage co jumps to them cause they know how to qualify u under the federal guide lines u guys dont know how to do it urself and ur rate starts at 2% call one im telling u it will work and u dont have to worry about it. 561-729-6215

gmakerley · Posted: Wed Jan 27, 2010 1:49 pm Post subject:

and an unintelligible post giving us a random phone number tells us that you truly have no clue about this business mandy. sorry, but if you're going to provide "information" please have it be sensible.

Guest

Hi,
We're current on our payments and our home stands @ 90%LTV. We have an adjustable rate which came due last year but the pymts. have stayed similar to before. We want to get it fixed before they go up too high and we can't afford it. What R WFB's criteria's for doing this. In another forum they were talking about back end and front end ratios required by them etc. what does all that mean and what should our ratios stand at. Also should we hire a mortgage broker to do this for us who knows what they're doing or is WFB better in dealing with individula owners.
Thanks

gmakerley · Posted: Mon Feb 01, 2010 3:25 pm Post subject:

terri, you may be able to refinance your current rate to something that would drop your payments, but it's hard to say with what you've provided. you can certainly discuss this with a mortgage broker, and you don't have to use wells fargo to do a refinance of your mortgage. i doubt they'd give any special consideration to existing customers, but i might be wrong there, of course.

what their criteria is we wouldn't know here, unless we have a poster who happens to work for them in their mortgage department. as for ratios, when discussing modifications of loans, your monthly mortgage payment (including tax, insurance, mortgage insurance) cannot exceed 31% of your gross monthly income. however, in a refinance, there is generally more leeway, but that will also depend on your overall credit and what other debts you have, if any.

as for a modification, again, you need not go through a broker for that. you can do that yourself, or you can hire a lawyer, or you can use a hud-approved counselor. the latter will be free while the others will charge you. the fees involved range from little to an enormous amount. and this is not necessarily one of those times when "you get what you pay for." you always need to exercise caution in this type of situation.

Guest

we had to fax everything in to wells fargo three times ! They keep telling us that our financial spending is high their example that a family of four can't spend $160 weekly on groceries, too much. We have no credit cards or any other debt than our home. We owe one million and spouse has great job but took a 25% paycut so we were asking for a 25% mtg payment reduction.....We keep getting denied but maybe if you work on your financial worksheet and show you are on a super budget with no other debt that seems to be what they are searching for to approve....that is what we are trying for!

Niicss · Posted: Thu Feb 04, 2010 3:00 am Post subject:

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/modifyloan-payment.html

Take a look at it. Hope it helps you.

Guest

I red all you guys notes and messages on Wells Fargo. I just got the letter from wells Fargo stating that my second loan modification request got denied. They put me on this 3 months plan (Forbearance Plan) for three months with the monthly payment of 55% of my original payment. From the beginning they asked for a lot of documentation regarding my hardship, bank statements, my pay stubs, home insurance, etc. and when I sent those documents to them through the mail they responded back that they never received my documents and since I missed the dead line they are denying my loan modification !!! BUT they had no idea that I did the registered mail with return receipt, I had to call them up EVERY time to let them know that I have the receipt on my hand (they lie easily, no shame). But with that said they denied my second request again and I just call them up again and requested for the third time. By the way I have not paid my mortgage for 10 months now except those for those 3 months when I was put under that stupid forbearance plan. I am doing my best to keep my house (it is actually bank's house) but it seems that they don't want to help, I don't know ANYBODY who had loan with Wells Fargo and was able to do this loan modification, at least I DON'T KNOW THAT PERSON. If anybody out there was able to finish this battle with success with all mean I am begging for some advise PLEASE.

justinrebarcak · Joined: 05 Feb 2010 Posts: 1 1.15 Dollars($)

I can only echo what most have already said about re-financing as opposed to modifying a current loan. Unless your FICO has taken a dive recently, you're almost always better off refinancing, especially in the current market.

gmakerley · Posted: Sat Feb 06, 2010 8:26 am Post subject:

unfortunately, many who are in need of assistance - whether it's a refinance to reduce rate and payments, or a modification - have a situation that is not conducive to refinancing. loan amounts exceeding property values have put thousands and thousands in jeopardy (not to mention job losses, income reductions, etc.).

to qualify for a refinance is awfully difficult, so modifications are sought. lenders are so overwhelmed with modification requests, and the guidelines they're using are so restrictive, that they cannot approve the permanent modifications in the overwhelming majority of cases.

the government is striving to get the lenders to ease up with hopes that they'll end up with more permanent modifications, but as with all else, ramping up that goal takes time...time that most people are lacking.

it appears we haven't hit on just the right formula to get more people qualified yet.

Guest

when i go back to work what will happen?

Niicss · Posted: Thu Feb 11, 2010 2:23 am Post subject:

Your query is not clear to me. Can you explain your query in details? It will help me in replying your query.

Guest

A whole year, gone, I had to resubmit a few times as they lost my package, lost their own information, and acted like one hand did not know what the other was doing. they gave me a 3 month trial of making payments at a reduced amount which I did. I even sent in suggestions on what could be done as I was once in lending. A whole year has gone by. I finally get a phone call from Wells Fargo stating they have sent out a letter of denial saying there is nothing they can do for me. I have been in that home for 15 years, same job for last 3, and they say there is nothing they can do!!! I dont't believe it for a moment, nor should any of you. Unless you match exactly what they want, whatever that is, they want nothing to do with you.

smithsussane · Posted: Fri Feb 12, 2010 12:05 am Post subject:

Hi Douglas!

Welcome to forums!

You can only negotiate with them and check out if they agree to re-consider your request for a loan modification. If they do not reconsider, then you can contact an attorney and take his help in negotiating with your lender. If the lender still does not negotiate, then you will have to go for either deed in lieu or short sale.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Fri Feb 12, 2010 9:10 am Post subject:

clearly, douglas, you've got to fight with them to achieve your goal. by all means, it seems that retaining a lawyer would be your best bet at this juncture. of course, that's not such a modest expense. bon chance!

Guest

My husband,s name is the only one on the loan . Am I required by law to include my income on the loan modification request?

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Does Wells Fargo usually deny loan modification?