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Guest

jphal508 did you have an escrow acount for tax and insurance, be cause that is an obligation of a loan mod, of h.a.m.p. for sure.

Guest

Try nfinit.com for assistance with loan modifications. I am using them for my rental. Or if you need an attorney there is Aidan Butler in LA.

Here is my story on our primary. I may need to take them to court:
After dealing with Wells Fargo for the past 16 months and getting denial after denial Wells Fargo FINALLY came up with their version of a loan modification.

After making my three installments of $1845.17, as requested by Wells Fargo, I was given the Loan Modification Agreement with less than 5 days to go over the terms proposed by the Wells Fargo legal staff. Furthermore I contacted Wells Fargo immediately to get a detail of the terms since my English is not very good. Wells Fargo on February 12 informed me that a letter was sent out to further explain the terms. NO LETTER arrived. And no explanation provided either.

If you look at the records, I spoke to someone at Wells Fargo nearly every day and not once did anyone mention that I had until February 18 to get the papers back or Wells Fargo will foreclose on my home. Now Wells Fargo has taken my money, time has expired and Wells Fargo has a foreclosure sale date of March 4, 2010. Now I am told this process has to start all over again if Wells Fargo does not foreclose first. Why?
Evil or Very Mad

gmakerley · Posted: Tue Feb 23, 2010 9:38 am Post subject:

ja8669 why aren't you using this firm that you touted for your primary residence, also? is it simply too late in the game for them to get involved?

Guest

what is use of mortgage

gmakerley · Posted: Wed Feb 24, 2010 11:37 am Post subject:

simply put - it allows one to purchase a house when lacking funds from other resources.

Guest

Caresias & Colammyuk,
I've been experiencing the same things as you both to include the numerous requests for updated (and sometimes additional) documents every 30 days. Two weeks ago, I was told I would be able to skip one payment (which would help a lot). Called back last week to confirm all as I had not received any formal documentation stating I could skip a payment, and sure enough, there was no record of any approval to do that. I had either been lied to directly, or the approval to actually skip a payment was lost.
Based on the many, many times I've called and had to start over, I'm guessing that the agent directly lied to me. Will NEVER use WF again in any future dealings.
A terrible company!!
I've got

Guest

Commenting on some things i read here...
1. I read a comment saying that someone heard that if your expenses are higher than your income, you will be automatically denied.
This is very much NOT true. you will be denied if your monthly deficit is very high. Wells Fargo cannot do anything if even if they reduced your interest rate to 0%, you would still be under every month. In fact, having a SMALL deficit is a help to getting a modification. Otherwise, they will say that you can afford your monthly payment and you will not likely get modified.
2. The company WILL ask for your hardship letter, financial worksheet, and proof of income every 30 days. They need to know the most current information available, especially because peoples' financial situation can change in a month.
3. Yes, you WILL speak to someone new every time unless you get assigned a communicator. I don't know the situations in which this occurs. But WF has call centers to control their high call volume. Make sure your rep reads you back the notes they left and get there ID NUMBER. Getting the name of the rep you speak with will do nothing, as names are not listed anywhere in the notes. They should give you a 3 digit ID consisting of letters and numbers. This way, the rep you speak to next time knows who you talked to and you can make a complaint if you need to.
4. People at WF are rarely LYING to you. Some people are just misinformed or were not trained very well. People DO get modifications, and trial periods are not a waste. They need them to show your investor that if your payments were lowered, you could make them and make them on time.
5. To the person in collections, loss mitigation is not trying to blame anyone. They often call other places to get help because they can't do as much as everyone thinks as far as viewing docs and applying payments and such. They're trying to help the customer, and customer service, and especially the foreclosure department, always just transfer customers to loss mit if they are in any way involved with them.
5. As much as it sucks, the modification process WILL affect your credit. You are not making the full payment amount agreed upon in your original loan so Wells Fargo is required to report it to the credit bureau. After you are approved for your final mod, they will report it back to the credit bureau and your credit will go back up. True, there will be a discrepancy, but just be happy that your payments were lowered. If you can't risk your score going down, just sell the house.

My sources: I work in the loss mitigation department. I see these accounts every day and I do everything in my power to try to help the borrowers I talk to. That is, if they're not screaming at me and telling me we're lying and cheating them. In those cases, reps are far less likely to WANT to help. So try to be nice when you call. And I HAVE seen these modifications go through. I saw one client's payments go from $1400 to $700 per month. True, it doesn't always work. Investors have guidelines as well as HAMP (the gov't program). But we do what we can.
Call in once a week, check up to see if we need anything. Do everything we ask. We can't escalate your account unless there is a special circumstance, being that there is something time-sensitive to get taken care of that's not happening, or if your account has been sitting idle for months with no activity AND you're sending all required info.
And if you get a rep who is rude or seems to not care, call back. Chances are, you'll get someone who cares. Or maybe even me.

gmakerley · Posted: Wed Mar 03, 2010 10:48 am Post subject:

anonymous, thank you for your reasonable, well-written response to the thread. it's obvious that not everyone who works in a collections department or in loss mitigation or in modifications is a simon legree. you've given hope, i would like to think, to those who've been frustrated in their efforts to seek relief on their mortgages.

i particularly like your last advice of calling back when you get someone who isn't helpful, in that someone else is likely to answer the phone the next time.

i've had to collect on loans in the past, and it's not a fun job. that doesn't make it appropriate to berate people or be downright rude, either. we've seen evidence of that rudeness on these forums, and it's particularly ugly. i hope you can spread some of your good vibes with your coworkers at wf (i presume) and elsewhere.

lynnrgardner · Joined: 16 Mar 2010 Posts: 1 1.11 Dollars($)

You're income might be too high - over 31%

Guest

Last week, WF told me I'm supposed to resubmit the Proof of Income, Financial Worksheet, and Hardship letter Every Month!

Today, they claim they sent me a payment adjustment plan over a month ago: Yeah, sure, like I haven't been looking for any sign that this will actually go through. If they would even adjust my rate down to the current offer, it would be tremendously helpful.

They don't want to help people in financial distress! Why would they? They'd rather have me exhaust my savings and hit bottom, then take the house.

Don't believe the reports that others have gotten this process through. I'm pretty sure they're just saying they gave home modifications & are instead reducing the rates for people who don't even need the help. Case in point: My parents - Retired & on a secure income. THEM WF called & offered to reduce their interest rate by 1.5% in these troubled times to thank them for being such good customers over the years! Sad

WtF, WF!!!

Guest

You have not answered the question of this forum:
Does Wells Fargo usually deny loan modification?
I am about to request a loan modification package. Hopefully they''l work with me. Reading all this things about WF is making me realize that is not going to be easy. Why do we have to struggle so much for only 5 years or a simple modification... is not that we do not want to keep our houses... so sad.

blatown · Joined: 23 Mar 2010 Posts: 1 1.35 Dollars($)

I am a Wells Fargo customer, and this is the worst bank to do a loan modification with, they deny you for stupid reasons, for example, they have different people reviewing your requests all the time, there is no one person that reviews your documents. Some incompetent person there looked at my financial worksheet and under where it says "employers", they mistook the name of the company as an individual person, so when I called in to check on the status, they informed me that the review was closed because I didn't provide them with the income for "the person" nonetheless they have the paystubs from this employer. I completely lost it, I said that what you're looking at is a employer a company, not an individual, mind you I've been faxing Wells Fargo my paystubs and all other relevant requested documentation since November only to wind up with a foreclosure and a scheduled sales date. So I would not recommend anyone to ever get a mortgage with this bank. Lastly, I have other properties in where I have done modifications, and they went smoothly, and I'm making my scheduled repayments, but not with Wells Fargo. I think they should be dissolved as a bank, because they are THE MOST INCOMPETENT FINANCIAL INSTITUTION IN AMERICA.

Guest

I have been working with Wells Fargo for about over year trying to get a loan modification and still waiting. I have now hired lawyer and hope that works.

Guest

What is this new loan plan dated March 26? Principal reduction of
first and second mortgages if your house is upside down and worh
under $700,000 thousand, and you are unemployed? What if you
are the owner of a one person corporation and you have made no profit on your taxes for the last two years. In other words there has been
no money to take home just expenses? The second owner of the home
has been the breadwinner for the last two years.

has been the

Niicss · Posted: Tue Apr 06, 2010 3:54 am Post subject:

As per the expansion of the loan modification program, unemployed homeowners will be able to get temporary help from the lenders provided they should be current on their mortgage payments. You need to contact your lender and check out if he can assist you by giving you this temporary help.

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