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Does Wells Fargo usually deny loan modification?

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's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if you havent been late...then i would recommend that you [url=http://www.mortgagefit.com/refinance.html]refinance[/url].
the [url=http://www.mortgagefit.com/know-how/loan-modification.html]loan modifications[/url] are being used for those who are in 'subprime' ARMs

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 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.

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ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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. :?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 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

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cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/loss-mitigation.html]Loss Mitigation[/url] 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.

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jnmteal's picture
jnmteal | Joined: May 20, 2008 09:45 am | Posts: 0 | Location: New Jersey | 00 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.

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cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I apply for a load modification, are they gonna lower the house value, what's really a load modification, cause my loan is (adjustable rate) and it will end on june 2009.
thanks

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi erin,

Loan modification will help you in saving your property if you are on the verge of a foreclosure. The value of the property will not be lowered in this case. However, the lender may reduce the interest rate and increase the term of your loan payment. You should also remember that in this process, the lender may add up the past due payments while giving you the alternative payment plan. This can increase your monthly payments.

Take Care.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

erin, modification of a loan has no impact on the value of your home. value is determined only by what a reasonable person would pay if that person were to purchase the home. lenders have no input concerning value.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I apply for a loan modification based on the fact that my house value now is 30000 lower than when i bought it ??

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Not if you can still make the payments. Why should the bank lose $30k? You are the one who made the investment decision.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

that'll probably be looked at as a little bit harsh, eric. i know what you mean, though. using a declining value as a rationale for seeking a modification is slipshod to me, too. i understand loss of job, illness, and myriad other things that factor into someone's difficulties in making payments, but i find it hard to believe that a drop in value will hamper someone's ability to pay. wait...not hard to believe, but impossible.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am current on my loan which will adj in a few years. Business is down so I'm concerned and wanted to change the loan to a 30 year fixed but keep the amount and the payments. Wouldn't the lender welcome that and would it be classified as a loan modification. I don't want to pay for an apparisel and costs. Thank you

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Berta,

As far as I can understand from your post, you want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the your arm into a 30 year mortgage. In order to refinance the mortgage, the lender will look into your credit report and your income. Apart from that, the lender will also check whether you have equity in the property. Once you refinance, the payments may decrease as the interest rates are quite low these days.

This will not be considered as a loan modification. Loan is modified only when you are delinquent on your payments.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

berta, your lender isn't going to modify your loan, at least based on what you've stated.

as james noted, you're looking at a refinance in order to do what you propose.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Since we bought the home in 2007 it has dropped 30% so we do not have any equity to do a re-fin. Is there any talk of lenders addressing people who are going to end up with a problem once their loans adjust but are still current on their payment? It's sad to think that the only way to hold on to your property is to default on your payments, just seems wrong to me. Any advise would be appreciated. Thanks

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would suggest you to contact you lender once and check out if he can offer you a loan modification. You'll have to explain your situation in details to the lender by writing a hardship letter. But again, it is a fact that most lenders will not offer you a loan modification until you default your payments.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

agreed...as adonis noted, the only way to determine if they'll grant a modification is to ask.

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srleee's picture
srleee | Joined: April 23, 2009 09:55 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think that there is still chance that the house won't be foreclosed. I read in almost all guidelines concerning this crisis that lenders should look at all options before foreclosure. If they started the modification process they have to be denied and all their attempts to get the modification turned down before they actually foreclose. That's at least how i got it...

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srleee's picture
srleee | Joined: April 23, 2009 09:55 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I really don't know how this got here :) I was answering to another post... But anyway... There goes my opinion...

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi srleee

Do your remember the title of the post?

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,
I contacted WF in December when my husband received a notice from his employer that his salary would be reduced beginning Jan. 2009. WF said they'd send me a modification packet in the mail, after waiting a month, I called to follow-up, and was told to fax a hardship letter with supporting documentation; so I immediately faxed everything as requested. I called at least twice a month to follow-up and found out a processor was assigned by late March. Since then like clockwork I call, every two weeks and check the status. (They will not let you speak to the processor assigned!). Just today, I am told, when I called to follow-up, that our modification has been denied due to our monthly debit far exceeding our monthly income; but the figures they were giving me were not correct nor what I had faxed them. It ends up that they misunderstood our American Express balance on the credit report as a monthly obligation since it does not show a payment option like most credit cards. Also, this card is used for my husbands business travels, so while the balance is high, it is fully reimbursed through his company. I called WF back to explain and they said I need to send it all over again and start the process from the start!!!!! I'm floored! Once again, I faxed them an updated letter, explained the misunderstanding with supporting documentation showing the payment option and a pay stub from an expense check for my husbands business travels and pretty much begged for them to look at this quickly.
We are not late on our payments, we have been treading water for the past few months getting further in debt with credit cards and wiping out our entire savings. We were hopeful that the Homeowners Affordability and Stability plan would help us, but we can't wait another four months.
I'm furious that Wells Fargo didn't even bother to call us before making the decision to question the credit report and give us an opportunity to explain. I don't know what to do to expedite this very long process!!! :cry:

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi colammy,

You have taken the right step by sending them the detailed explanation. I would suggest you to wait for sometime and check if they accept your request or not. As far as I know, you won't be able to expedite the process. You will have to wait and bear with them.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I spent most of the day on the phone yesterday with Wells Fargo. One new packet applying specifically for "The Homeowners Affordability and Stability Act", and a new financial worksheet for the original modification. I finally go a good rep on the phone that really worked with me and kept putting me on hold to touch base with her supervisor. No promises, but the supervisor and rep said they would try to expedite the process under the circumstances.
Meanwhile, I found out some very interesting information about [url=http://www.mortgagefit.com/know-how/loan-modification.html]loan modifications[/url] (both from the rep and also calling a modification attorney), when applying for a loan modification you can not show your monthly expenses are more than your monthly income. I find this interesting! If your financial worksheet submitted shows you are in the red each month, you will definitely get denied. (I wouldn't believe it if the attorney hadn't told me the same thing.) It doesn't make any sense, however under the advice, I tweaked my financial worksheet.
I will now wait patiently once again, while calling often. I am really hoping more for the Homeowners Affordability & Stability Plan as it seems to have the most flexibility, but we'll see. I will be sure to write in with the outcome. (Wish us luck!)

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi colammy,

I wish you all the best! Hope your lender would be able to give you a loan modification. Do keep the community posted about this.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Jameshogg. I need all the luck and wishes I can get.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You are most welcome :) Hope to hear from you soon about your loan modification.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I applied for a loan modication through Wells Fargo. I am not late on my house notes, however, I have a high interest rate of 8.25%. I have refinanced my house twice with them. My house has gone down in value to about $347,000 and my balance is $247K. I have a lot of credit card debt. It would help tremendously if my note could be lower. My note is $2200.00. Do you think they will consider me even though I'm not late or should I look at refinancing through someone else.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

blackberry, modification plans are truly meant for those in deep trouble already. you have a loan to value ratio of about 70%, your payments are current - not exactly problems that your lender will consider worthy of doing a modification.

yes, a refinance makes far more sense in your situation. assuming that your take on the market value is reasonably correct, you could even take some cash out if you wanted to reduce your other debt.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Should I refinance with Wells Fargo again or with someone else and what about the Homeowner Affordability and Stability Plan?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Blackberry

It is not mandatory for you to refinance with the same lender. You can refinance with other lenders as well. You can contact other lenders and check out whether their requirements and your requirements match or not. If the requirements match, then you will be able to refinance the mortgage.

You can apply for Home Affordable Refinance program with your lender if you are upside down on your mortgage. However, you will have to meet the eligibility criteria in order to qualify for this program.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We got denied the loan modification due to we are independent operators of Bimbo Bakeries/Mrs Bairds and have a ton off right offs on taxes. They used our tax docs for proof of income and that is not what we make! Said we have insufficent income.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi San

If the lender feels that you do not make sufficient income to pay the dues, then he may not consider your offer for loan modification. I would suggest you to negotiate with your lender and inform him about your real income.

Thanks.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

writing off your expenses is legitimate, but lenders are going to see your bottom line, and that's what is used to determine how and what your may qualify for. there's little, if any, wiggle room for someone who's reflecting reduced income due to write-offs.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Wells Fargo is definitely a piece of work; maybe they all are. I have been calling everyday since last week. Each time I have talk to a new person, explain the situation from the beginning, usually to be transferred and go through the process all over again. This week most days the rep didn't even know what was going on, no new notes; [url=http://www.mortgagefit.com/loss-mitigation.html]Loss Mitigation[/url] still showing it's a closed file, so they send me back to Client Services. I just keep going in circles. Every time I think I've found a good rep, that's making notations and forwarding my file to the appropriate people.... only to find a blank slate the next time I call. I really don't know what to think of any of it. I'm going to keep calling, and calling, and calling.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Go to loansafe org
A lot of great helpful information there.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother passed away last year & there is a Wells Fargo loan on her property. Payments have not been made on her loan & the house is now in foreclosure with the Trustee's sale scheduled for early next month. The house is now on the market for sale, but no offers have been received. Is there any chance they will do a modification or forebearance? The loan is less than 25% of the property value.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

barbara sue, has anyone from the family been in contact with wells concerning the possibility of a modification, or forbearance? i presume not, inasmuch as you have asked as you did. the only way to determine if they will or will not consider such a request, is that you'll have to contact them. it may not be too late to do so. one way in which you can get free support in your effort is to seek out a hud-approved counselor to assist you in this. you can find one in your area by searching on www.hud.gov.

i wish you well.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am in th eprocess right now with wells trying to do a loan modification due to the fact i lost my job. should i have hope that they will follow th egovernment plan and help me or prepare to be let down?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was just denied loan mod with GMAC, I was told that my income is sufficient to make payment. This is not the case or I wouldn't be asking for a loan mod. My loan is 7.25 fixed and the payment is very high 3k range. I have only been in my house for two years so not much equity as of yet. I also am current with my payments but it is getting tougher to come up with the payment every month. Any suggestions on what to do or to contact to have a lower payment for I can keep my house. Thanks

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome,

To pjb,

There are chances that your lender will consider your request for a loan modification as you are facing a financial crisis. I don't think you'll be let down by your lender.

To richard,

You can try to negotiate with your lender so that he accepts your request for loan modification. You may contact a [url=http://www.mortgagefit.com/loss-mitigation.html]loss mitigation[/url] expert who can negotiate with your lender on your behalf.

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gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

richard, that you are current with payments is terrific - perhaps a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] would do you some good. rates are lower than what you cited on your current loan.

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