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Guest

ARE THERE ANY LEGIT LOAN MODIFICATION COMPANIES OUT THERE? I have been called by two of them Mortgage Relief in Scottsdale AZ and Financial Remedies in Wyoming. BOTH say they can get my mortgage down to a 2% interest rate. BOTH will charge me a fee UPFRONT. I am concerned because if they are so good at getting the modification done, why dont they collect their fees AFTER, when the client is happy. I am concerned about these companies but have heard that direct contact with the lender is worthless in most cases! My last resort will be to walk away if I cant get help!

Guest

My lender is WELLS FARGO and I have heard they are impossible to work with and dontt want to help anyone...

jameshogg · Posted: Tue Apr 06, 2010 11:59 pm Post subject:

Hi JERRY,

It is always better to negotiate with your lender on your own. If you let the lender know about your financial hardship, there are high chances that your request for a loan modification will get approved.

As far as the modification companies are concerned, they are not allowed to charge upfront fees from you. If they are doing so, then it's illegal. You may contact an attorney who may help you in negotiating with your lender in order to get a modification approved.

Thanks

Guest

sample hardship letter

jameshogg · Posted: Sat Apr 10, 2010 1:46 am Post subject:

Hi bobby,

You can check out the given page in order to know about the steps to write a hardship letter:
http://www.mortgagefit.com/problems/hardship-letter.html

Thanks

Guest

My husband and I went through months of torment with Wells Fargo and only for them to put us on a 24 month repayment plan of 1195 a month if we couldn't afford our 921 payment how the heck can we afford 1195 they said we showed a surplus of 700 dollars since then we have lost some of that surplus income and my husband is having to work 24/ 7 for us to scrape by and we have a va loan so we don't qualify for the HAMP program does anyone have any ideas what we should do???

Guest

I find it hard to believe that Wells Fargo has helped all the people they claimed to have helped with permanent loan modifications. Afterall, it's been 15 months and I have not received any "permanent" modification.
For all the homeowners who have Wells Fargo please do me a favor and WRITE A LETTER to the Controller of the Currency, Administrator of Banks. Just "google" them on the internet. The site is comprehensive and has loads of information. We need to expose WFB and their practices to the world. It's a shame that all of us have the same complaint about Wells Fargo. Open a case with the Controller, get on a letter writing campaign. Write your senators, councilperson, Wells Fargo and let them know how you feel. Documentation is the key. They claimed to have proposed a solution for me sometime ago which I supposedly denied. It's a bunch of BS, because they don't have any documentation regarding this, they claimed their representative called me. Now we know they are not "calling" anyone because they are too damn busy. Again, file a complaint and EXPOSE WELLS FARGO FOR WHAT THEY ARE....GREEDY, LYING SOBs!

Niicss · Posted: Thu Apr 15, 2010 4:14 am Post subject:

To kmt,

I guess you must have been delinquent on your mortgage payments. Those dues had been added to your payments as a result your modified amount to pay off the loan was increased. You can contact your lender and request him to lower the amount. You can apply for a forbearance as well wherein the lender may suspend your payments for around 6 months. After your financial condition improves, you can start paying off the dues.

Guest

been on modification with wells fargo 9 months just got a letter today it said they are putting my house in forclosure,that was just after me talking to them last week, i a,m a wreck i don,t know what to do next,good luck

Guest

I too went to Wells Fargo, lost my job last July single mom w4 kids. Was not behind so they told me to get behind for the modification. Did what I was suppose to do for months made my "trial" payments on time every month. They then denied me saying I didn't make enought on unemployment to be able to help??? Thought that was the purpose!! So now they have started something called acceleration, a step before foreclosure on my home and want all this money!? Really thought that they were suppose to help people and all they did was SCREW ME!!

Guest

I have been trying to work with WF since Dec 08. They have denied me for a modification 3 times in the last year although we were suposidly pre-approved for a modification. We went into default last July as I was told that we could not get a modification if we were current on our payments. January this year, we were approved for a forebarrance plan. They told us to make our payments on time for 3 months then when the balloon payment came up the 4th month, submit all paperwork again and state that we could not make the payment and they would have a final modification workout plan for us after the trial date was over. We made all payments on time including putting a large payment for the balloon (not the complete amount what they wanted) but much more than our forebarrance amount just to be kicked out of their system 2 days later saying that we broke the contract. We were told that we were denied for a workout plan even though we completed everything to their liking and beyond. We are now currently starting over after a year and a half of back and forth. We have had our house on the selling blocks 3 times that we have been able to postpone. Not sure how much more we can take as we will never be able to catch up on the delinquent payments owed. We will always be behind no matter how much we try to pay. Wells representative state that they would rather help those who are going through foreclosure process vs having the property REO. I don't think that they are telling the truth as now there are 60 REO properties in my community where last month there were only 38. I wish they would work with those people like us that want to stay in their home vs giving us nothing but the run around!

Guest

We started last Sept. faxed all docs. over. I called and called. Finally January 19 I get told after I call them that loan mod. was denied on Jan 9th and to start over. Was told we were too much in the red and they would rather foreclose. Refinanced and payed off 2 vehicles to lower monthly expenses and show good faith in trying to keep the home since I couldn't find a job, used ALL savings to keep current and faxed all doc over again February 10. Today they say it's with a negotiator and that they have no idea it will take.

Guest

Is it legal to rent your home if on a home modification

smithsussane · Posted: Wed Apr 28, 2010 11:52 pm Post subject:

Hi tp!

Welcome to forums!

As far as I know, there is no harm in renting your property though you are in a loan modification. If you are making your loan payments on time, then the lender will not have any objections if you rent the property.

Feel free to ask if you've further queries.

Sussane

Guest

We financed our Town home with Wells Fargo 3 years ago and we are very annoyed by the fact that Town homes in our community are selling at $100,000.00 less than what we paid 36 months ago. It would take us 10 years to get this return at our current mortgage loan/inetrest rate. More importantly, we are sinking financially---our reserves are getting low. What to do?

Currently, we are in good standings with WF, we have never been late with our mortgage payments. How can we use this to our advantage. We did a streamline Refinance about 8 months ago, but there's gotta be another kind of break for those of us who are hanging on by the fingernails.

Can we get this mortgage reduced while in good standing with the mortgage company or do we have to fall off the ledge before we qualify for any consideration for financial assistance (Loan modifications, tax breaks or something).

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Does Wells Fargo usually deny loan modification?