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Guest

Hi,
I contacted WF in December when my husband received a notice from his employer that his salary would be reduced beginning Jan. 2009. WF said they'd send me a modification packet in the mail, after waiting a month, I called to follow-up, and was told to fax a hardship letter with supporting documentation; so I immediately faxed everything as requested. I called at least twice a month to follow-up and found out a processor was assigned by late March. Since then like clockwork I call, every two weeks and check the status. (They will not let you speak to the processor assigned!). Just today, I am told, when I called to follow-up, that our modification has been denied due to our monthly debit far exceeding our monthly income; but the figures they were giving me were not correct nor what I had faxed them. It ends up that they misunderstood our American Express balance on the credit report as a monthly obligation since it does not show a payment option like most credit cards. Also, this card is used for my husbands business travels, so while the balance is high, it is fully reimbursed through his company. I called WF back to explain and they said I need to send it all over again and start the process from the start!!!!! I'm floored! Once again, I faxed them an updated letter, explained the misunderstanding with supporting documentation showing the payment option and a pay stub from an expense check for my husbands business travels and pretty much begged for them to look at this quickly.
We are not late on our payments, we have been treading water for the past few months getting further in debt with credit cards and wiping out our entire savings. We were hopeful that the Homeowners Affordability and Stability plan would help us, but we can't wait another four months.
I'm furious that Wells Fargo didn't even bother to call us before making the decision to question the credit report and give us an opportunity to explain. I don't know what to do to expedite this very long process!!! Crying or Very sad

adonis · Posted: Thu May 07, 2009 11:49 pm Post subject:

Hi colammy,

You have taken the right step by sending them the detailed explanation. I would suggest you to wait for sometime and check if they accept your request or not. As far as I know, you won't be able to expedite the process. You will have to wait and bear with them.

Guest

I spent most of the day on the phone yesterday with Wells Fargo. One new packet applying specifically for "The Homeowners Affordability and Stability Act", and a new financial worksheet for the original modification. I finally go a good rep on the phone that really worked with me and kept putting me on hold to touch base with her supervisor. No promises, but the supervisor and rep said they would try to expedite the process under the circumstances.
Meanwhile, I found out some very interesting information about loan modifications (both from the rep and also calling a modification attorney), when applying for a loan modification you can not show your monthly expenses are more than your monthly income. I find this interesting! If your financial worksheet submitted shows you are in the red each month, you will definitely get denied. (I wouldn't believe it if the attorney hadn't told me the same thing.) It doesn't make any sense, however under the advice, I tweaked my financial worksheet.
I will now wait patiently once again, while calling often. I am really hoping more for the Homeowners Affordability & Stability Plan as it seems to have the most flexibility, but we'll see. I will be sure to write in with the outcome. (Wish us luck!)

jameshogg · Posted: Fri May 08, 2009 10:38 pm Post subject:

Hi colammy,

I wish you all the best! Hope your lender would be able to give you a loan modification. Do keep the community posted about this.

Thanks

Guest

Thanks Jameshogg. I need all the luck and wishes I can get.

jameshogg · Posted: Sun May 10, 2009 10:27 pm Post subject:

You are most welcome Smile

Hope to hear from you soon about your loan modification.

Guest

I applied for a loan modication through Wells Fargo. I am not late on my house notes, however, I have a high interest rate of 8.25%. I have refinanced my house twice with them. My house has gone down in value to about $347,000 and my balance is $247K. I have a lot of credit card debt. It would help tremendously if my note could be lower. My note is $2200.00. Do you think they will consider me even though I'm not late or should I look at refinancing through someone else.

gmakerley · Posted: Tue May 12, 2009 8:04 am Post subject:

blackberry, modification plans are truly meant for those in deep trouble already. you have a loan to value ratio of about 70%, your payments are current - not exactly problems that your lender will consider worthy of doing a modification.

yes, a refinance makes far more sense in your situation. assuming that your take on the market value is reasonably correct, you could even take some cash out if you wanted to reduce your other debt.

Guest

Should I refinance with Wells Fargo again or with someone else and what about the Homeowner Affordability and Stability Plan?

Niicss · Posted: Wed May 13, 2009 4:31 am Post subject:

Hi Blackberry

It is not mandatory for you to refinance with the same lender. You can refinance with other lenders as well. You can contact other lenders and check out whether their requirements and your requirements match or not. If the requirements match, then you will be able to refinance the mortgage.

You can apply for Home Affordable Refinance program with your lender if you are upside down on your mortgage. However, you will have to meet the eligibility criteria in order to qualify for this program.

Thanks.

Guest

We got denied the loan modification due to we are independent operators of Bimbo Bakeries/Mrs Bairds and have a ton off right offs on taxes. They used our tax docs for proof of income and that is not what we make! Said we have insufficent income.

Niicss · Posted: Fri May 15, 2009 4:54 am Post subject:

Hi San

If the lender feels that you do not make sufficient income to pay the dues, then he may not consider your offer for loan modification. I would suggest you to negotiate with your lender and inform him about your real income.

Thanks.

gmakerley · Posted: Fri May 15, 2009 9:11 am Post subject:

writing off your expenses is legitimate, but lenders are going to see your bottom line, and that's what is used to determine how and what your may qualify for. there's little, if any, wiggle room for someone who's reflecting reduced income due to write-offs.

Guest

Wells Fargo is definitely a piece of work; maybe they all are. I have been calling everyday since last week. Each time I have talk to a new person, explain the situation from the beginning, usually to be transferred and go through the process all over again. This week most days the rep didn't even know what was going on, no new notes; Loss Mitigation still showing it's a closed file, so they send me back to Client Services. I just keep going in circles. Every time I think I've found a good rep, that's making notations and forwarding my file to the appropriate people.... only to find a blank slate the next time I call. I really don't know what to think of any of it. I'm going to keep calling, and calling, and calling.

Guest

Go to loansafe org
A lot of great helpful information there.

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Does Wells Fargo usually deny loan modification?