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Guest

My mother passed away last year & there is a Wells Fargo loan on her property. Payments have not been made on her loan & the house is now in foreclosure with the Trustee's sale scheduled for early next month. The house is now on the market for sale, but no offers have been received. Is there any chance they will do a modification or forebearance? The loan is less than 25% of the property value.

gmakerley · Posted: Tue Jun 02, 2009 8:17 am Post subject:

barbara sue, has anyone from the family been in contact with wells concerning the possibility of a modification, or forbearance? i presume not, inasmuch as you have asked as you did. the only way to determine if they will or will not consider such a request, is that you'll have to contact them. it may not be too late to do so. one way in which you can get free support in your effort is to seek out a hud-approved counselor to assist you in this. you can find one in your area by searching on www.hud.gov.

i wish you well.

Guest

i am in th eprocess right now with wells trying to do a loan modification due to the fact i lost my job. should i have hope that they will follow th egovernment plan and help me or prepare to be let down?

Guest

I was just denied loan mod with GMAC, I was told that my income is sufficient to make payment. This is not the case or I wouldn't be asking for a loan mod. My loan is 7.25 fixed and the payment is very high 3k range. I have only been in my house for two years so not much equity as of yet. I also am current with my payments but it is getting tougher to come up with the payment every month. Any suggestions on what to do or to contact to have a lower payment for I can keep my house. Thanks

adonis · Posted: Thu Jun 04, 2009 11:24 pm Post subject:

Welcome,

To pjb,

There are chances that your lender will consider your request for a loan modification as you are facing a financial crisis. I don't think you'll be let down by your lender.

To richard,

You can try to negotiate with your lender so that he accepts your request for loan modification. You may contact a loss mitigation expert who can negotiate with your lender on your behalf.

gmakerley · Posted: Fri Jun 05, 2009 7:01 am Post subject:

richard, that you are current with payments is terrific - perhaps a refinance would do you some good. rates are lower than what you cited on your current loan.

Guest

adonis - Thank you for the input. I just wish there were another department to get better answers from or even to have communication during the decision process. I hate the fact that Wells is most likely just going to make a decision without confirming I didn’t make a mistake on my application I gave them and hide their head in the sand if it doesn’t work for me.

jameshogg · Posted: Fri Jun 05, 2009 10:08 pm Post subject:

Hi pjb,

Your query has been answered in the given link:
http://www.mortgagefit.com/loss-mitigation-4.html

Please check it out. I hope it'll help you.

Thanks

Guest

Update - My modification was "opened/set-up" (again) on June 9th. I was also told a new processor was assigned the same day! I am hoping that means good news. I used Dana's advise and went on loansafe.org; it's great! I highly recommend it. (Wish I would have started there.) I hadn't sent a proposal with my modification request originally and I used their sample proposal and faxed it along as well.
Nevertheless, we could not make our June payment. This is the first time in 12 years of homeownership that we have missed a payment. I'm treading new territory, so I hope we hear back soon. (Funny, since I missed the payment, the reps are much nicer to me...we'll see.) Also, I received a letter from the tax assessors office saying my home is worth 100k less than what we owe (not to mention the 130k+ down we put in 2006 that has vanished in thin air.) It seems they also have much to lose if they don't at least try to work with us. I'm keeping my fingers crossed!
thanks again Dana!!! Loansafe.org - Definitely worth checking out!!!

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

I searched on loansafe.org .It is one kind of forum but still not that big compared to mortgagefit.Although I can't deny the fact that it had served the purpose of helping people but surely mortgagefit is still a comparatively good choice as against loansafe.org.

keep in touch........

Guest

Wells Fargo has strung us along for six months. We applied in Jan after I had surgery. Now I'm told that our "investor" does not allow any modification. It is an "Alternative Loan Trust Pass-Through Certificate". they said if my loan was Fannie Mae for Freddie Mac I could. I thought the "Making Home Affordable" program" went beyond government-backed securities. How do I know I'm not being given a load of bull.

adonis · Posted: Tue Jul 07, 2009 10:37 pm Post subject:

Hi madashell,

As far as I know, you'll be able to take advantage of the "Making Home Affordable" Program if your loan is backed by Fannie Mae or Freddie Mac.

Guest

From the FAQ

"Can Making Home Affordable help me if my loan is not owned or securitized by Fannie Mae or Freddie Mac?
Yes. Making Home Affordable offers help to borrowers who are struggling to keep their loans current or who are already behind on their mortgage payments. By providing mortgage servicers with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage. "

How do I now Wells Fargo isn't just trying to play hardball?

Guest

Madashell,
What is an "Alternative Loan Trust Pass - through Certificate? I'm still waiting to hear about our modification but expect news any day..... In my six months of working on a getting our loan modified, I have never heard of this Alternative Loan??? Interested in what they are telling you? Does it modify your loan or not???

Posted: Thu Jul 09, 2009 1:22 am Post subject:

Madashell...you can check your loan documents to find out whether or not it's a Fannie Mae or Freddie Mac backed loan. If not, then you won't qualify for Home Affordable Refinance.

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Does Wells Fargo usually deny loan modification?