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NACA is doing amazing work with people facing foreclosure by intervening and getting interest and principal reduced. If your mortgage company offers a loan modification or forbearance, by the time they tax, title, license and tack on every additional charge known (& unknown) to man, your mortgage payment may (and often does) increase--seriously, what benefit is that if you're already struggling? let me wholeheartedly encourage you to check out NACA.com's home save program-- we're now purchasing a new home through them. sadly, we didn't know this program was available 2 years ago when we went through a pre-foreclosure and were forced to sell our home in a short sale. our lender, wf, was forced to take our phone calls by HUD after we had several near asking price offers to which they did not reply at all for 4 months. my understanding is the banks currently have at least 6-12 months backlog on foreclosure paperwork-- most mortgage lenders offering a loan remod or forbearance are not your friend and they're not your advocate

Guest

be careful with companies offering to assist in saving your home-- many fail to mention when you send in your first payment it doesn't go towards your mortgage, it is their upfront fee--which now puts you one more month behind; they will often ask for the fee prior to your lender accepting any modified plan or discarding it altogether and most do not offer a guarantee they will be successful in assisting you (key word, successful--their phrasing is 'get a loan modification') even one that substantially increases your payment is a loan modification--i've seen people's final approved modifications causing their mortgage payments to increase as much as $600 on homes in Texas in the $150,000 - $180,00 range after tacking on a bizillion fees-- caveat emptor

Guest

how can you tell if you're being lied to: if you hear words coming out of their mouth

thebookcase · Joined: 29 Nov 2009 Posts: 5 2.10 Dollars($)

We applied for a HAMP through Wells Fargo. Both my wife and had been collecting unemployment at the time. They denied us because we had too little income. When my wife got a job, we re-applied and they again denied us, this time because we had too much income. The funny thing is, her new job only paid about $10k more than the unemployment. We went from about $50k to $60k. $ 50k was not enough and $60k was too much. I am not confident they know what they are doing at Wells Fargo. Every time I asked a question, they would say, it’s a government program and we have no say.

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

We've been attempting to get our loan modified with WF since January. We were told our investor is not participating in the HAMP program - later to find out that WF is the INVESTOR.
We were approved for an "in house modification" and just completed our 3 month trial forbearance on Dec. 1. All payments made on time and overnighted at our expense. Today, received a letter that we must come up with 14k (our delinquent amount for paying a reduced payment the last three months, plus two month prior delinquency) by Jan. 5 in certified funds or they will proceed with foreclosure.
I am about to have a heart attack!!! I just left messages for our rep. at WF's Presidential Offices and our HUD rep. Meanwhile, I will attempt to get a hold of any and all state congressmen and the treasury department to report this misconduct. Any other suggestions out there?

gmakerley · Posted: Sat Dec 12, 2009 7:15 pm Post subject:

even though all lenders have a crappy percentage of successful modifications, isn't wells fargo one of the better ones? now i question anyone who could be touted as "better" when percentages are all less than 10% to begin with.

but aren't they all in serious trouble in their modification efforts?

Guest

OK, where do I start. It looks like I am in the same boat as everyone else. I have been trying to modify my home mortgage with Wells Fargo for more than six months. Every time I call to get a progress report, I am told it is still in process. Appearantly every time I call it triggers Wells Fargo to ask me to send in all my financial info. I have faxed this info 5 times!!

BUT HERE IS THE KICKER TO ALL THIS!!! Monday December 14th I received an automated call from my Citibank credit card informing me my available credit on my cards (I have two and both are affected) have been reduced to $0.00 because of a default on my credit report. I called Citibank and explained I have NEVER missed and payment nor have I EVER been late on a payment for any loan I have ever had. She informed me that there is a negitive object on my credit report and this prompted the decrease in my credit. I went online and printed my credit report (I did this in August also, before I started the home Loan Modifacation with WF and it was perfrect). You can imagine my HORROR when I see past due items on my Wells Fargo Home Mortgage since July, when I started the modifacation process. Back in July, Wells Fargo temporaraly reduced my payment from over $1500 per month down to a little over $800 per month and said I MUST make the new payments ON TIME for 6 months. Once I make these payments, Wells Fargo will submit to have my mortgage reduced permanatly. What they did not tell me is that the amount forgiven during this 6 month period WOULD BE REPORTED TO EXPERIAN AS PAST DUE. If I would have known this would happened I would never have requested the modifacation, and Wells Fargo NEVER told me this would affectivly RUIN MY CREDIT!! I find it ironic I did this to save my credit, only to have Wells Fargo ruin it!!

To all you poor people who are going thru loan modifacation, I STRONGLY suggest you get a copy of your credit report, you will NOT like what you see. I am devistated. The perfect credit I spent 25 years to build was DESTROYED by Wells Fargo in six months. Would be interested in hearing if any one else had this happen.

gmakerley · Posted: Thu Dec 17, 2009 11:30 am Post subject:

wow...that's incredible and awful in every negative sense of each of those words. call your attorney general first to see what remedies they may have in mind; call the federal trade commission to see if they can be of assistance. contact some at wells to see if they'll file a correction with the credit agencies.

i know you're fed up with them, but you are also still indebted to them, so trying to work with them, despite obstacles, is paramount.

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

PB4UTEE - Yes, the destroy your credit.

We advised WF of our hardship early in Jan'09, spent six months treading water, using our reserves to stay current until we couldn't anymore. We missed two payments and finally they put us on a 3 month trial. (Our credit scores have dropped nearly 200 points in the process.)

Even worse, we just finished our 3 month trial, and had to resubmit everything. (A month ago our salary was increased, however we are now in debt up to our eye balls!) Our mortgage is a 6.375 30/yr fixed, with a interest only option for the first 15 years. The interest only option happens to be 31% of our income. (If they tack on principal it's 36%) I have little hope that WF will help us under these new circumstances. (Our debt ratio is now 56% of our income due to them dragging their feet. The salary increase can't make up that difference now.)

Does anyone know what happens if your payment is interest only (not to go up anytime soon), hits the target at 31%. Or will we still qualify since that payment does not include principal? (nor our 2nd interest only loan.)

smithsussane · Posted: Fri Dec 18, 2009 11:27 pm Post subject:

Hi colammyok!

Welcome to forums!

I think you will be able to qualify for a permanent loan modification. You've mentioned that you've completed the trial modification successfully. In that case, there are high chances that you would qualify for a modification.

Feel free to ask if you've further queries.

Sussane

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

Thanks Sussane. I hope you're right.

Just this morning I noticed that our status is different on WF's workout website. For the last four months, it was a 4 step process with a overall status "in review", today it is a 10 step process and says the following:

Current Status: Determining available option

A specialist is determining the most suitable loan workout options for your account. As soon as this review is completed, you'll be contacted by phone or email about the options available to you.

Status Overview
Step Name Status
Step 1 Reviewing your account COMPLETED
Step 2 Received financial statement COMPLETED
Step 3 Pay stub received COMPLETED
Step 4 Received hardship letter COMPLETED
Step 5 Determining available options COMPLETED
Step 6 Processing your agreement IN PROCESS
Step 7 Preparing modification agreement NOT STARTED
Step 8 Payment Received NOT STARTED
Step 9 Documents Received NOT STARTED
Step 10 Reviewing your account NOT STARTED

I don't know if they just updated their website to be more detailed, or if the changes reflect our ability or inability to get the modification. ???

I keep trying to make educated predictions on what they will do next, but it's incredibly stressful. Any thoughts?

gmakerley · Posted: Sat Dec 19, 2009 8:06 pm Post subject:

my thought is that it appears that you've made progress. clearly, however, the process of progress is painfully slow (i've got to use that somewhere else, it's obvious).

but seriously, it appears that they are about to "prepare your document" which i would take to mean the modification agreement - being optimistic, of course. don't let up, of course, either.

Guest

I have been dealing with Wells Fargo on a loan modification since May 09. They sent me paperwork stating pay these three trial payments and you will be eligible for a modification. I paid in June, July and August. Then the problems really started. They tell you to keep making the payment until a decision is reached. The payments are requested but not required. Then I had a lady in the Loan Mod department tell me I was approved for the modification and would get paperwork to that effect in 5-7 days. I called the next day and another person told me the same thing. So I waited. When I called a week later I was told I was back in a review process. I escalated the issue to the office of the President who finally got someone to review my information and they came back with a denial and the way he explained it I was never even going to be considered because I don't make enough money. They lie and keep you hanging on for as long as they can. They also told me while I was being reviewed all foreclosure proceedings had stopped. Well that was not true I just found out today that a summary judgment was issued and now the law group doing the foreclosure just needs a sale date and I will be kicked out of the home.

If you are working on a loan modification beware because they tell you one thing all the while doing something underhanded behind the scenes.

The House passed a bill to help homeowners with a Cram Down option back in the Spring but the Senate voted it down. So most people like me will be out on the streets before long.

Guest

Colammyok -

I have a very similar situation with Wells Fargo- just got denied HAMP after fufilling trial period. Can you please advise on how you tweeked your Expense Financial worksheet. Were you advised that you needed to be even or in surplus of income? We are to send in new Financials this week to possibly be reviewed for more investor modification options. Please any help would be appreciated.

Posted: Wed Dec 23, 2009 11:09 pm Post subject:

Did you ask your lender as why you got denied for the HAMP? If not, then you should clarify it with your lender.

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Does Wells Fargo usually deny loan modification?