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Guest

Webbie,

My sister lost her job, went a few months without payments, then hired a loan mod. company, waited a few months for them....before you know it, she went a year, without payments, and had her mortgage payment cut by thirty percent. (Now the year of no payments and fees are on the back of the loan, so eventually it will have to get repaid.)
I'm not an expert, but if you can't afford the payments, I would hire a reliable modification company, and see if they can help; in that time, I would stop making payments and start putting those payments into a savings, just in case. (I wish I would have done this back in January; live and learn.)

saps_2003 · Joined: 12 Aug 2009 Posts: 1 1.42 Dollars($)

Hi All,
Me and my wife we both work and we bought our house last year for 700k. i made 20% down payment and market crashed after that.
i contacted WF for loan modification and they have send me a 4 months trial period. i'm also getting a refinance offer from some other bank.

my int rate is 6.375 and i'm getting 5.375 for refinance but i'll have to pay 40k for that. do u think i should go for trial period. some of my friend as suggesting me against it as me and my wife both are working and there have been no loss in the job salary.

jameshogg · Posted: Wed Aug 12, 2009 8:45 pm Post subject:

Hi saps,

It should be your discretion as to which option you want to chose. You will have to decide whether or not you would be able to pay 40k as closing costs for refinancing the property at a lower rate. If you can afford that, then you should go for refinancing. However, if you cannot afford it, then a loan modification with your current lender would be a good option.

Thanks

Guest

I dont know what to do. I hate calling wf for the simple fact that I end up crying after every time I call them. I just got done sending in my second round of financal worksheets and was told that they stopped my modification because they didnt receive that info in a timely manner. IT WAS 2 DAYS! We finally got through to loss mitigation and was told they got our info but it would be another 60-90 days before we heard anything. I call them every week to know our status and nothing ever changes. It has been almost 7 months and now we are behind. I am sending them what I use to pay before but I dont even know if that is worth it anymore. grrr

jameshogg · Posted: Tue Sep 15, 2009 12:25 am Post subject:

Hi Kimberlee,

You should contact your lender and request them to speed up the process. If they don't do so, it's your credit that would be badly affected. Moreover, the lender may initiate foreclosure procedure even. You can send whatever you can pay to the lender but it would be the lender's discretion whether or not he would accept it.

Thanks

colammyok · Joined: 12 Aug 2009 Posts: 17 6.94 Dollars($)

Kimberlee,

It's a part time job dealing with Wells Fargo but keep your chin up and keep plugging away. Keep sending your financial worksheet, your hardship letter and your supporting documentation (paystubs) every 30 days - even if they haven't asked. They seem to use the smallest excuses to weed through all the files they receive.

If you haven't yet, also call HUD. If the rep at HUD isn't helpful, call another, there are some good reps that will contact the lender on your behalf and that helps strengthen your position.

I personally have worked for nine months trying to get my modification worked through. I was originally denied in May, then in August I received a three month trial at the same payment I was asking help from, so I denied the forbearance, called HUD (who went over my financials with me and called WF on my behalf, once again resubmitted my financials, also called WF's Presidential offices, and in less than 30 days received a new 3 month trial at a much lower payment/interest rate.

Now, I don't know what will happen at the end of my trial period but after nine months, I am finally seeing steps in the right direction. (Sadly I needed to miss a couple of payments in the time period, so I'm sure my credit has been affected but hopefully a long term solution will come and I will have the chance to repair my credit in time.)

I hope this information helps. If you don't think you can go up against them yourself, hire someone that can.

Best of luck.

I was trying to get a loan modification with wells fargo but they did not let me do it becuase i did not qualify for the Obama plan due to the loan is with a private entity. Have any one tried to get a loan modification with wells fargo and get a good result. If so, let me know the steps to follow.

Thanks

gmakerley · Posted: Tue Sep 29, 2009 10:07 am Post subject:

guest, i don't quite get what you're talking about. the only way in which the governmental program works is when you are working with the lender who currently holds your mortgage.

what you truly were seeking, i'm sure, was a refinance and not a modification. wells fargo cannot modify a loan that exists with a private lender, nor can any other mortgage lender do so. if you need to have the existing loan modified, you need to speak to the private lender who granted the loan.

if, on the other hand, you wish to pay off that loan with a new loan, you can speak to any of the lenders here or any other lender, to determine your eligibility to do just that.

Guest

i was plan on a trial payment plan immediately with wells fargo they have been very helpful however i have been all over them calling 2 to 3 times daily. i make note of person i spoke to and employee number.
my biggest fear is getting denied even after the trial payments are completed. what are the chances of getting approved if place on the trial payment plan ?

jameshogg · Posted: Fri Oct 02, 2009 11:42 pm Post subject:

Hi Mena,

If you successfully complete the trial period, then the chances are high that you would qualify for the loan modification. However, if your financial situation changes during the trial period and lender feels that you won't be able to pay the dues, then he may not go ahead in giving you the modification.

Thanks

Guest

have been asked to send in my docs at least three times for the loan mod....has been going on for months....totally frustrated....every rep tells u something else....finally ended up on a repayment plan...now they are tellin me to send updated docs for the "FINAL" loan mod decision.....such a horrific experience for people who are suffering...this is not the treatment we deserve.....if i don't get a mod i will be furious & i don't know what i will do

Guest

have been asked to send in my docs at least three times for the loan mod....has been going on for months....totally frustrated....every rep tells u something else....finally ended up on a repayment plan...now they are tellin me to send updated docs for the "FINAL" loan mod decision.....such a horrific experience for people who are suffering...this is not the treatment we deserve.....if i don't get a mod i will be furious & i don't know what i will do

Posted: Mon Oct 12, 2009 6:03 pm Post subject:

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

frustrated

You have to go through the steps what bansk ask. As of now you do nto have much options excpet to give them what they need. You can get frustrated, but that will not help

Yes it is a long tedious process, but may be the pain is worth the at the end

Guest

I have a mortgage with Wells Fargo.

I was laid off from my job effective October 02, 2009 due to the contract I worked on being won and taken over by a competitior.

I called Wells Fargo on 10/06/09 and spoke with a rep. I told him that I had lost my job and was not able to make my mortgage payments.

He asked me a list of qualifiying questions and told me I prequalified for a loan modification. I would be contacted by one of their agents and my mortgage would be pushed out to where my next due payment would be 01/06/10. I could not believe it, I confirmed it with him twice. Life just got easier.

I did my budget. With the extra money from not having to make my October mortgage I could pay off several medical bills and actually afford to live off unemployment through the rest for the year. I could take the time to find a decent job instead of something to cover the bills. All was well.

Until today...

I received a call stating that my mortgage was late as of 10/16/09 and it needed to be paid ASAP. She looked at the notes, apologizied for me being lied to by one of their agents and said I owed a late payment, needed to pay my mortgage and was in risk of forclosure. I was floored.

I do not have the money to pay this. I was told by a rep of Wells Fargo I was ok until next year and now I'm being told I may lose my house...

I was referred to complete a Financial worksheet and given some counseling services to contact, and will do so but I also wanted to reach out here and see if anyone had experienced something similar and how they handled it.

I feel cheated and feel that Wells Fargo is playing games with people to take their homes away.

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