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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!!!

Guest

YES----Typically it's very frustrating for a person to recieve a loan
modification through their lender...first of all, u are in a disadvantaged
position with the lender. They have certain ratios and numbers that their programs are geared too. The numbers are not made known to individuals such as yourself. Dosn't make sense to you, but makes great sense to the lender. If they keep you in the dark, you can't play the game!

Write me back if you need help.

YD

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

Good thing Californa passed a law to save borrowers from modification scam companies. The law states that no one, not even attorneys, can charge up-front fees associated with loan modifications. Sounds great right?
Not exactly, called an attorney this week, who has helped people in the past, and she is no longer working with loan modifications due to the new law. It is customary for attorneys to charge retainer fees - under the new law they can't. She also informed me the banks were completely behind the law, saying borrowers can do it themselves (knowing we don't know the formulas). I contacted a few other attorneys and loan modification companies that are working around the law - but I can't trust them because they're not acting within the law and charging anyway, which means they're probably crooks.
We're in a no win situation - but I'm going for honesty, and hope for once it will prevail.

Guest

iv'e been trying to get aloan modufacation it fail. tried for a short sale it fail sale for my property is in one week, i want to keep my house.

jameshogg · Posted: Fri Jan 08, 2010 11:49 pm Post subject:

Hi taylor,

Did the lender give you any reason for the rejecting your modification offer? You should contact your lender and clarify it. If they are unable to give you any reason, then you should contact them and reapply for a loan modification.

Thanks

Guest

I have been dealing with Wells Fargo for almost a year on my so called loan modification. I started the process in October 2008 and I am still going through it in 2010. I took their advice and contacted a "HUD Approved" agency called Acorn Housing...what a joke. Initially they seemed responsive, but later I became just another number. They were of no help so I signed on with NACA (Neighborhood Assistance Corp of America). They have been working with WFB on my behalf. How do I know this, because the status is documented on their website. However, when I call WFB, they tell me they have no record of NACA respresenting me or ever contacting WFB. There is some real funny stuff going on at WFB. When I call them for status, they have no clue what's going on because they "can't see the screen the negotiator sees". It's a bunch of crap! Most times they call me because the computer tells them to and they don't know why they are calling me. They have to put me on hold to "review my file"....shouldn't they have done this before they picked up the phone...HELLO! Like everyone who is dealing with WFB I am in limbo and have been for almost a year. Nothing is priority to them, they claim they want to help but honestely all they are doing is causing stress to families who are already under significant pressure. Oh yes! and I was told that because the type of loan I have, "investor guidelines" will not allow fixing or lowering my interest rate. What kind of BS is that? Well...if that's going to fix the problem, then overlook the investor guidelines and do what makes sense for the homeowner and the bank. Afterall, it was not the homeowner who was out there marketing and selling bad loans!!!! There are a lot of fat cats out there basking in the riches they made from gullable homeowners and now we are left at the bottom of the barrel to fend for ourselves. Thanks Wells Fargo!

Guest

we have been trying to get loan mod with Wells Fargo for almost a year now. At the beginning they pre qualified us over the phone but by the time they sent the paper work, it was too late and they had to start again. Eventually after 9 months they put us on a Forbearance Plan for three months which was higher than our mortgage. We paid an extra month as good faith to show that we want to keep our house. Now they have sent us a letter that they have denied our loan modification. What should we do? Please help.

Niicss · Posted: Mon Jan 18, 2010 3:03 am Post subject:

Did you ask the lender as to why your modification was denied? If not, then you should first ask you lender to clarify the reasons for the denial. I would even suggest you to reapply for the modification once again.

Guest

I have the understanding that loan modifications are not approved if one's debt to income ratio is not between 31% and 38%. So what if your debt to income ratio is like 45%? Are you SOL? Am I misunderstanding this? Is this an optimum range that they can help someone with their options or something? HELP!

Posted: Tue Jan 19, 2010 2:35 am Post subject:

Loan modifications have become quite common due to the severe real estate crisis. In order to get the modification, you should have 31%-38% debt to income ratio. If your dti ratio is greater than the said percentage, then you may not qualify for it.

Guest

So far there have only been postings with questions and no answers. The one supposed answer to do what the bank asks and it might be worth it in the long run....is general and answers no one. Has anyone been successful in acquiring a Wells Fargo loan modification (with a Fanny Mae loan). We have been in the process doing everything by the book and after nine mos. was denied. No formal letter, just found out from them in my last phone call. I had made my 3 mos. trial adjusted pymts...no word...made a 4th pymt on time hoping to hear...I called & they said "denied"! Said I was still in the waiting game and they would work on yet a different modification, but my payment went back to original. Have no hope with Wells Fargo for sure. Any real answers out there!

gmakerley · Posted: Wed Jan 20, 2010 1:44 pm Post subject:

harris, without too much hubbub i'd say that the only real "answers" you're likely to see on here would be from wells fargo people themselves. most of us who have responded on here are not privy to what wells does, nor (for that matter) privy to what the servicing arms of most any company goes through in the modification process.

unfortunately, it appears that the best policy is truly to keep on plugging and complying with their requests with the hope that they'll see fit to grant a modification.

sorry i don't have a better response here, but that's my perspective.

Guest

Colammyok - I relate well to your imput and your struggle with Wells Fargo lack of home modification programs. Have you heard of anyone, I mean anyone, who was successful in total completion of a HAMP or any type of modification with WF? .... no matter if was with or without a forbearance period .... just finally was successful. I am with a Fanny Mae, no ARM or whatever....(had you read from the responses that only ARM would receive a WF modification in completion?

Guest

Sorry to hear about your problems with wells fargo but that unfortunately seems to be the norm. We have been trying to get a loan mod for about 8 months now. at first there was no dept for those who were not late on the monthly payments. We let our loan become 2 months late and then all of a sudden they wanted to talk to us. Then after 5 months we got into a modification trial period where they dropped the monthly payment by less than 300 saying this was a trial and if we completed the 3 months we would be approved and get a lower monthly payment. Well 3 months past, we made the payments on time and nothing. so we started paying what we could afford (around 2000 instead of 2900 a month) well then they sent us a letter saying we had 10 days to resubmit 3 documents (we recieved letter with 3 days left) I called WF and asked for a week extension which they said you could do in the letter-they said ok but then 4 days latter we recieved a letter stating we were denied for not submitting the documents in the time alloted. This really pissed me off b/c they have been dragging their feet for alomost 6 months then they give yoiu 10 days!! and everytime you call you get someone else that says something different-WELLS FARGO SUCKS!!!!HATE THEM and feel sorry for all of us that are having to do so. Still trying to get something done with them

gmakerley · Posted: Wed Jan 27, 2010 9:59 am Post subject:

well it's pretty obvious that wells fargo is pretty inefficient in their handling of these issues, but it's got to be imperative that you who are seeking to obtain or retain modification agreements continue to try to work with them. don't give up, because doing so will only worsen what's already a difficult and often untenable situation.

i feel for you guys - hope that if i am ever put in the same situation that i'll be able to fend for myself as well as most have. keep working on them - it's pretty apparent they can't get any worse at what they do.

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Does Wells Fargo usually deny loan modification?