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domsmom44 · Joined: 24 Oct 2007 Posts: 10 11.29 Dollars($)

Wells Fargo denied our loan modification. When I called them they took information AGAIN to do a loan modification. Is this something they typically do, deny you the first time?

banker0679 · Posted: Mon Jan 14, 2008 9:32 am Post subject:

if you havent been late...then i would recommend that you refinance.
the loan modifications are being used for those who are in 'subprime' ARMs

Guest

I am in default. Do they typically work out a repayment plan? They sent us this letter offering all these options, I call them to work out something, like loan mod. and they deny it. I don't want to lose our home. We are in a position now to make payments.

Do you know anyone giving loans to people with bad credit? Would just need like $12000 to bring current.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

A lender may deny you for a loan modification if they feel that you may not be able to make the payments on time. Most lenders have other options such as tacking the balance to the end of the loan or spreading out the defiency amount over 12 to 24 months. I would ask them what other options are available to you at this time.

ckalvesmaki · Posted: Tue Jan 15, 2008 6:40 am Post subject:

What type of loan do you currently have? If it is an ARM and you are late because the rate adjusted and you where not late before.......then FHA rescue may be an option.

sara

Hi Domsmom,

It's a tough situation for you but this is the time when you have to go for the right option so that you can get out fo the mortgage trouble.

Perhaps your Wells Fargo loan modification program was denied because they might have felt that it wouldn't be the right move for them. But you said they have suggested other options too. Let me know what they have suggested, then I'll be able to say whether it will be the right step for you at this moment.

One more thing is, how long have you been in default?

FHA secure program can be an option with which you can refinance the exsiting loan. But do not take a second loan against your home. Managing two loans right at the moment may not be ok for you.

You may discuss with some of the lenders here about possible options for a refinance. Feel free to clarify all your doubts before you proceed further.

Take Care

Guest

I can't figure out what they want for a Wells Fargo loan modication program. When they take your financial info, I did it once after I had a few good months and paystubs to back it up, and they denied me stating that I made too much and could afford the current payment. I tried again a few months later. The wells fargo person gave me advise saying that my numbers need to show that after the loan adjustment (I had a 2 year ARM that adjusted last November) the increased payment would cause financial hardship and that I would come up short at the end of the month. Well I followed this advice but was denied again. When I asked they told me that I did not make enough and would fall short trying to make the new payment. What the ****! I thought the point of the loan mod was to make your monthly payments more affordable. Granted, I do believe the people at Wells I have spoken too over the phone really do want to help, but they either do not know, or are purposely missinformed send us customers chasing our tails. Have others run into this and if so, does anyone know the formula to get a loan mod, and for those who have gotten one approved, how much better was the monthly payment, if at all. Confused

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Ralphher.

It is of no use if after the loan modification the payments don't become affordable. The loan modification is mainly done so that the borrower who is facing hardship ion paying the monthly mortgage payments can afford it. BTW haven't you talked to them about the amount that you will be paying after the loan modification?

Best of luck,
Larry

cliff3 · Posted: Thu Jul 03, 2008 5:47 am Post subject:

Hello ralphher45,

Sorry to hear about your scenario with your lender. This, unfortunately, is a common scenario for many borrowers who are seeking a workout option with their lender.

You may be being told that you are denied for a loan modification for several reasons. Some lenders will not consider a loan modification if your current default amount is over $10,000. If this is the case, they should be able to offer you a temporary repayment plan (usually 3-6 months, sometimes longer depending on the amount). Once they get your "arrears" amount at the $10,000 mark, then they can review you for a loan modification.

You do have to show a surplus to qualify for any type of workout plan. Rather that plan is a repayment plan, loan modification, etc. And ending up with the correct surplus balance can be tricky.

Here are some important steps for you to take to negotiate any workout option for you:
1. Please be sure that you are speaking to the right person in the right department. You want to be speaking to the Loss Mitigation or Workout department. Get the DIRECT phone number to this department.
2. Find out if anyone has been assigned to your file. If so, you need to talk to that person everytime. Get their DIRECT phone number.
3. Be specific about your situation. Tell them if you need a lower rate, a fixed rate, a lower payment, or temporary forbearance to get back on track with your financial situation.
4. Have all your documents available at all times. Make sure that you update your proof of income, and monthly expenses if there are any changes.
5. Be specific about what got you in your situation. This is your hardship letter.
6. Remember, you always have the right to ask to speak to a supervisor/manager.
7. Always keep letting them know that you are trying and willing to do whatever it will take to get back on track.
8. Always follow up. Never rely on them contacting you with information,etc. Don't let too many days go by without contacting them and getting an update on your status.

As far as what your new monthly payment would be, there are many factors that can affect that. When you are initially speaking to the negotiator who is assigned your file, be sure to mention to them what you need. They usually can come up with a plan that is pretty close to what's affordable for you.

I hope that you have enough information now to keep trying. You may go to home-buddies.com and review the free step by step guide that is available there.

Let us know how it works out for you, and if you have anymore questions.
Good Luck.

jnmteal · Joined: 20 May 2008 Posts: 13 5.70 Dollars($)

omg! domsmom44 this kind of sounds like what Im involved in with wf!
please tell me different! I just paid my seccond modification payment and have one more, they are supposed to put what I am behind to the rear of my loan, after my 3rd payment. they seem pretty willing to help. I think it is probably in there best interest to help us desperate homeowners than to take away our homes, especially considering the present mortgage situation! please let me know what happens.

cliff3 · Posted: Mon Jul 14, 2008 8:24 pm Post subject:

Mortgage lenders definitely prefer to help rather than the alternative (i.e. foreclosure). You just have to be persistent and follow up with the “mitigator” who gets assigned to your case. Remember follow up is key don’t assume anything call and make sure they put those payments on the back of your loan.

They will need to send you loan modification documents to sign before they execute the loan modification. If you do not receive them then call the loss mitigation department.

Guest

We are current on our home loan. (adjustable rate) and tried to get a modify loan before the loan got out of hand and went to high for us to pay. We didn't get our modification becasue we our loan value is above 100%. really at 125%..

What can we do before things get out of hand? As of now we are paying the min. payment and paying of the few credit cards that we have to have the extra income. My business income is slowing down and not making as much money as where my husbands is still doing good.

What should I do. I am getting scared. I want to stay in my house.

Niicss · Posted: Thu Feb 26, 2009 2:18 am Post subject:

Hi Denise

As you are current on your home loan, I don't think the lender will consider your request for a loan modification, short sale or a deed in lieu. However, I would still suggest you to speak to the lender and inform him about your hardship. As you want to save your property from getting sold, you should apply for a loan modification.

Thanks.

Guest

Good evening! sorry my english's bad, I have a Q !!!I rent a home in south Florida and the owners are lossing their home, (where we leave) We received a letter from the court, saying final Judgement Of Foreclosure, with a sale date on May. The owner told us in january how they were trying to do a Loan Modification and not to worried, we payed our rent on time, should i worried and moved out or waited to see what happends, oh they haven't pay their mortgage since July 2008 thank you so much for your help.

Niicss · Posted: Mon Mar 16, 2009 3:33 am Post subject:

Hi sandi

When the court has informed you about the sale date, I think you should start searching for another house to live in. There are chances that the lender would foreclose the property. So it's better to try for another house.

Thanks.

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Does Wells Fargo usually deny loan modification?