Compare Mortgage Quotes

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

Kirstin,
In my final review I needed to submit copies of all monthly bills on my financial worksheet, so I couldn't tweak much of anything.
Nevertheless, I have been waiting for updates on their website, hoping for good news. They obviously waited until Christmas was over because yesterday the website showed I have once again been approved for yet another forbearance.
Being that it was a Saturday, I called loss mitigation instead of the Presidential offices, to find that this new forbearance is not part of HAMP, the payments are my regular mortgage payment (which is currently interest only and they could not tell me if it will include principal), and they are trying to piggyback my 2nd. ??? I have to call my rep tomorrow for more details but I'm close to giving up entirely. The process has been a year... I'm just sick over all of it.
Here are my loan details if anyone has insight:
6.325% 30yr fixed/15 year interest only option
Original payments: 4685/month - interest only, taxes, insurance (no principal) - currently this is 31% of our gross income.
1st Trial forbearance: 3226/month - Oct, Nov, Dec. all made on time
New forbearance: 4685/month - Jan, Feb, March - and they are trying to piggyback our 2nd which is $165/month adj.

The thing is, if we include principal to our current 1st and 2nd it ends up being 38% of our gross. But we're not obligated to pay principal for another 12 years.

Also, the final paperwork they sent was for the HAMP program, but I was told this new forbearance is not part of HAMP. (Earlier in the year, we were told our investor - who is actually WF - was not participating in HAMP).

Dragging their feet for a year, we are now 56% gross debt based on our credit cards, etc. I need to call my WF rep tomorrow, and am considering giving them two options:
1. Give final modification terms now - and we will file Chapter 7 to make the $4685 affordable (as long as that includes principal and our 2nd; so we are working towards financial recovery).
2. Let the house go into foreclosure, use our mortgage money to pay off our credit card debt.
Our credit scores are already despicable, so either way we don't have much to lose on that end. I don't know if this is a logical conclusion, or if I am just losing my mind in the process. ???

Niicss · Posted: Mon Dec 28, 2009 3:09 am Post subject:

In my opinion, if you plan to get rid of the property, then deed in lieu of foreclosure would be a better option for you compared to a normal foreclosure. Once your deed in lieu sale is over, you will not be responsible for the deficient amount resulting from the sale of the property. Moreover, depending upon your state laws, you will not be liable to pay the taxes on that forgiven amount. However, the credit effects will be same as foreclosure - your credit score will get reduced by 250 points.

Guest

Colammyok and community,

First Thank you so much for your response. 2. How did you get a WF rep I am always told I just have to call random Loss Mitigation representatives, which is usually useless and fruitless. I was even told on Dec 21. that now my case is dismissed from the Presidential offices too. What they were the only people who ever answered anything? I guess there are no life lines for me. Colammyok we are about at the same place you are with 2 basic decisions and losing our minds. We were told that we were denied by HAMP because our current interest only payment is 28% of our gross income. Only thing that sounds different is our house is in Florida and worth so much less than what we paid for it that when we look at long term financial recovery unless they lower our payment and includes principal it makes no financial sense. I want our house but not but not at the expense of our financial future. We have to make an intellect decision fo

Guest

... for our family finally. was the end of that sentence.

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

Hi Kirstin,
I emailed 3 high level people Presidential offices - CEO, President, Vice President? I actually don't remember their titles, as I researched and found their email addresses on the internet back in August. Well, after emailing them directly, they assigned someone in their offices directly to me, so I have a contact. It's better than going through the Loss Mitigation nonsense, but still annoying.
Also, have you tried HUD. My first attempt wasn't great, but one of their offices and people really helped and actually picked up the phone and called WF on our behalf (she made a 3 way conference call). It was through HUD, that I found out that the investor on our loan is WF. (This was a big break through, because they kept using "our investor" as an excuse not to get things done.)
I'd be happy to share the email addresses with you, along with our HUD contact, but not if that is allowed on this website. ??? Any suggestions, or ways I can email you directly, let me know.

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

Hi Kirstin,
I emailed 3 high level people Presidential offices - CEO, President, Vice President? I actually don't remember their titles, as I researched and found their email addresses on the internet back in August. Well, after emailing them directly, they assigned someone in their offices directly to me, so I have a contact. It's better than going through the Loss Mitigation nonsense, but still annoying.
Also, have you tried HUD. My first attempt wasn't great, but one of their offices and people really helped and actually picked up the phone and called WF on our behalf (she made a 3 way conference call). It was through HUD, that I found out that the investor on our loan is WF. (This was a big break through, because they kept using "our investor" as an excuse not to get things done.)
I'd be happy to share the email addresses with you, along with our HUD contact, but not if that is allowed on this website. ??? Any suggestions, or ways I can email you directly, let me know.

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

Sorry, don't know why my last post went through twice...something about writing back before logging on, I think.... ???

For what it is worth - my HUD rep just wrote back and told me the banks don't care about your credit card debit, just mortgage, utilities, and medical bills (things that are essential to living).

I'm still waiting for WF to call me back.... ugh!

Btw, Niicss, thanks for your input but I am in CA, I don't think we'd be responsible for the deficiency amount or obligated to pay taxes on the forgiven amounts. ??? The credit drop is almost the same, then the living without payments until they foreclose might be the best option. ? Also, it may give WF an opportunity to have a change of heart. (Or is that just wishful thinking?)

Guest

I was in the same situation, I went through 4 diferent Wells Fargo representatives looking for a solution after my loan modification process was finally denied. The fifth representative told me that she has NO IDEA WHY HER OTHER CO-WORKERS DID NOT TOLD ME ABOUT THE "MAKING HOME AFFORDABLE" PROGRAM. This is the Goverment program! This is something totally different from your lenders modification loan.

This is something totally different from your lenders modification program.

They immediately asked me if I wanted to be enrolled in this program and all my debt was thrown into the back of the loan and lowered my payments to less than half!! This program also asures your loan will be modified no matter what. Not like Wells Fargo which they make you be delinquent on purpose and then not help you!

ASK FOR THE "MAKING MY HOME AFFORDABLE" program!! It worked fo me!

Posted: Thu Dec 31, 2009 10:04 am Post subject:

Ivandd6

I've been asking for the HAMP program since it came out in March. I was told my "investor" is not participating; later found out Wells Fargo is the investor - which they tried to conceal and use the "investor" as the excuse.

This last go around, they sent me HAMP paperwork - but I am told this new three month forbearance is not part of HAMP. I don't know what the excuse is now, as my rep must be on vacation for the holidays.

I should have hired an attorney or modification company in the beginning. A year later, I am still dealing with all of this and now may have passed the time when I actually qualified for the help.

When is the government going to start providing free therapy to all of us that have become clinically depressed over long term bank abuse.

Guest

Thank for saring your experience in this manner. I made sure to ask all the questions I could've come up with. Specially what happened after the 3 months of these new payments. This rep assured me this has nothing to do with Wells Fargo. I guess I'll find out once the HAMP paperwor arrives. Who told you your ew 3 month payment plan is not part of HAMP?

Guest

Colammy...I can completely relate to your situation. Our WF Mortgage is a fixed rate, but the county taxes made our escrow short, so our mortgage was raised. Both my husband and I started calling in Feb. 2009. We told them we were unsure of how long we would be able to make the payments. My husbands work enforced 1 week off per 3 months furlough, I was not receiving a raise ( again ) and our 15 year old son began having serious medical conditions...they flat out told us that if my husband lost his job then they could help us. We continued to call always getting a different answer. At one point, a customer service rep. told us we could refinance and sent us an e-mail. If we had $2000-$3000 and our payments would end up being higher! It wasn't until we missed June 2009's payment that in July when the collections department called that the nice lady suggested sending me a worksheet. Once we sent that back we recv'd our HUGE packet and the "pretrial payments" were to run Oct./Nov./Dec.-they were only $29.97 lower than the original. Basically, all bills fell behind and the medical bills between my son and myself are impossible for us to dig our way out. We were unable to make Decembers payment because we were about to get our electric cut-off after owing 4-5 months ( still not sure why it was not cut-off a long time before that ), but those months total were $1018.00. We had to make a choice...we paid the electric bill and the ENTIRE time I had called them to notify them and ask if there was anything else I could do. The response was to fill out yet another financial worksheet and write a hardship letter and have it sent in within 2 days or it would break the "pretrial". I fell seriously ill and it could not be done in that time frame. It seems that there's always a different answer, requested forms are said to be mailed and never were, AND found out today...make sure you ask what the previous rep. noted on account. The last person stated he had asked me questions and updated our financial records over the phone...he NEVER even asked a question.

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

Ivand6 - the paperwork for HAMP is different than the paperwork for an in house modification.
Dejavu4me - in August we were offered our first 3 month trial, but like you it was our same payment. They tried to tell us, we needed to make three more payments to see if we can show stability before they would consider a long term solution. We denied that first forbearance. Were then told based on our financials, we can afford our payments. Missed Sept. payment - had a new 3 month trial that was $1400 less than our regular payments. (Not a HAMP trial - so no guarantee but was told it was structured very similar to HAMP and had all necessary signatures to go through at the final review - but no guarantee.)
Speed forward - upon completion of our three months we were sent a whole new list of document requests, including docs for HAMP. (HAMP requires tax returns, bank statements, a copy of every bill listed on our financial worksheet and a signed Affidavit that must be returned with original signature - not faxed, plus the regular playslips, hardship, updated financial worksheet.
Our response as you know from my last post was to receive yet another forbearance program at our same payments, once again nothing guaranteed in the end - which I have officially rejected in a letter and to the rep. (Dejavu4me - do yourself one favor and contact the Executive Offices so you at least get to speak to the same person every time. Can't guarantee your outcome will be any different, but at least the process will be a little easier to digest.)
I was once again told yesterday that the negotiator thinks we can afford our payment. (Mind you our financials show a DTI ratio of 63% gross - for all our monthly expenses.) However, they will take another look at my file and get back to me....they say. ??? Btw, I have kept a detailed log of all my calls & faxes, who I spoke to and what was discussed - even when I got disconnected and had to call back numerous times in the early months, and the conflicting and misleading advise I was given. I faxed them a copy yesterday and with a letter simply saying "I have sent over 42k to WF in '09 while waiting for a modification and made all these calls and attempts to resolve the situation; I cannot send any more money without a final decision." If they decide to take my home - I will write every official and send a copy - think I'll call it "Diary of Borrower Trying to Get a Modification"
Funny little side note - last night I received one of their automatic calls, which got while waiting for a live person, it disconnected me. So I called back (as I always do), and received a bright, upbeat positive rep named Michelle. She said I was probably called to offer a congratulations - they are working on my final modification. I explained my earlier calls of the day and things didn't sound favorable when I spoke to my rep in the executive offices. However Michelle seemed to think my loan was on track for repair. God bless Michelle - I think she was naive but she was so upbeat, she actually gave me a moment of hope myself.
I will keep posting updates as they surface. I hope to keep my home, figure out the secret key and help others.

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

I should also mention, even though we filled out all the HAMP paperwork, this new forbearance was not part of the HAMP program. (I didn't even both to ask 'why' this time around....) But believe me, it's not.

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

Ivandd6 - I just read through your earlier posts. Is your loan a Freddy Mac or Fanny Mae? If so, and if you fall within the guidelines you should have no problem. If not, it becomes an investor decision. This is where all of us share one lender but will have different experiences depending on the investor. I just think it's a kicker that my investor is WF. They are putting up all this PR but when it comes to dealing with their own loans - privately they are denying the government program. (It's within their right but at least own up to it.)
Also, it is also my understanding that a forbearance through the HAMP program guarantees a final modification in the end - so best of luck and hopefully Congratulations Ivandd6!!!

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

Ivandd6 - I just read through your earlier posts. Is your loan a Freddy Mac or Fanny Mae? If so, and if you fall within the guidelines you should have no problem. If not, it becomes an investor decision. This is where all of us share one lender but will have different experiences depending on the investor. I just think it's a kicker that my investor is WF. They are putting up all this PR but when it comes to dealing with their own loans - privately they are denying the government program. (It's within their right but at least own up to it.)
Also, it is also my understanding that a forbearance through the HAMP program guarantees a final modification in the end - so best of luck and hopefully Congratulations Ivandd6!!!

All times are GMT - 7 Hours
Previous 1, 2, 3, ... 8, 9, 10, ... 18, 19, 20 Next
Page 9 of 20

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Does Wells Fargo usually deny loan modification?