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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?

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

Do you have to be in arrears for them to offer an in-house loan mod?

Like | Dislike | Share | Posted: Mon, 07/04/2011 - 08:50 | Post subject:

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

A whole year, gone, I had to resubmit a few times as they lost my package, lost their own information, and acted like one hand did not know what the other was doing. they gave me a 3 month trial of making payments at a reduced amount which I did. I even sent in suggestions on what could be done as I was once in lending. A whole year has gone by. I finally get a phone call from Wells Fargo stating they have sent out a letter of denial saying there is nothing they can do for me. I have been in that home for 15 years, same job for last 3, and they say there is nothing they can do!!! I dont't believe it for a moment, nor should any of you. Unless you match exactly what they want, whatever that is, they want nothing to do with you.

Like | Dislike | Share | Posted: Thu, 02/11/2010 - 14:38 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tp!

Welcome to forums!

As far as I know, there is no harm in renting your property though you are in a loan modification. If you are making your loan payments on time, then the lender will not have any objections if you rent the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 04/28/2010 - 23:52

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

I don't think a lender would approve your loan modification so after you've refinanced the loan. Though you were staying in the property for 4 years, the mortgage was refinanced in August, 09. Thus the mortgage is just 3 months old.

Like | Dislike | Share | Posted: Thu, 11/05/2009 - 23:08

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

Hi Rospiersk,

I can understand what you must be going through and how frustrated you must be feeling. The next time when you call Wells, make sure that you get in touch with a supervisor. He/she may assist you better in resolving the matter.

Like | Dislike | Share | Posted: Fri, 10/26/2012 - 23:18

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

I have been trying to work with WF since Dec 08. They have denied me for a modification 3 times in the last year although we were suposidly pre-approved for a modification. We went into default last July as I was told that we could not get a modification if we were current on our payments. January this year, we were approved for a forebarrance plan. They told us to make our payments on time for 3 months then when the balloon payment came up the 4th month, submit all paperwork again and state that we could not make the payment and they would have a final modification workout plan for us after the trial date was over. We made all payments on time including putting a large payment for the balloon (not the complete amount what they wanted) but much more than our forebarrance amount just to be kicked out of their system 2 days later saying that we broke the contract. We were told that we were denied for a workout plan even though we completed everything to their liking and beyond. We are now currently starting over after a year and a half of back and forth. We have had our house on the selling blocks 3 times that we have been able to postpone. Not sure how much more we can take as we will never be able to catch up on the delinquent payments owed. We will always be behind no matter how much we try to pay. Wells representative state that they would rather help those who are going through foreclosure process vs having the property REO. I don't think that they are telling the truth as now there are 60 REO properties in my community where last month there were only 38. I wish they would work with those people like us that want to stay in their home vs giving us nothing but the run around!

Like | Dislike | Share | Posted: Fri, 04/23/2010 - 14:21 | Post subject:

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

ARE THERE ANY LEGIT LOAN MODIFICATION COMPANIES OUT THERE? I have been called by two of them Mortgage Relief in Scottsdale AZ and Financial Remedies in Wyoming. BOTH say they can get my mortgage down to a 2% interest rate. BOTH will charge me a fee UPFRONT. I am concerned because if they are so good at getting the modification done, why dont they collect their fees AFTER, when the client is happy. I am concerned about these companies but have heard that direct contact with the lender is worthless in most cases! My last resort will be to walk away if I cant get help!

Like | Dislike | Share | Posted: Tue, 04/06/2010 - 19:26 | Post subject:

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

HI Guest,

You can contact the lender and inform him about your financial situation and negotiate for a principle reduction through loan modification. If the lender agrees to it, then you would be able to reduce your principle balance on the mortgage.

Like | Dislike | Share | Posted: Mon, 05/03/2010 - 01:42

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

I feel like I'm swimming upstream sometimes with no arms. Probably no legs, either.

Where do these thoughts emanate from?

Like | Dislike | Share | Posted: Wed, 07/13/2011 - 09:20

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

u poor people u guys have no idea what u guys are talking about I would sugest u guys use and law firm 3rd party they r cheap a mod costs u about 2000.00 u save ur homes save money and the mortgage co jumps to them cause they know how to qualify u under the federal guide lines u guys dont know how to do it urself and ur rate starts at 2% call one im telling u it will work and u dont have to worry about it. 561-729-6215

Like | Dislike | Share | Posted: Wed, 01/27/2010 - 11:43 | Post subject:

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

My lender is WELLS FARGO and I have heard they are impossible to work with and dontt want to help anyone...

Like | Dislike | Share | Posted: Tue, 04/06/2010 - 19:27 | Post subject:

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

Hi -
I have applied for a modification through Wells Fargo.

Actually - I was given an amount to pay as a down payment by April 3, 2011. I did send it that money. I thought that was for a forebearance plan, but they are telling me my loan is in the process of modification reviewal.

I call twice a week - once at the beginning and once at the end. Each time I speak with someone different and always document my findings. I have also faxed in updated forms and information every 30 days.

As of Tuesday, I was told something new. That my loan was just waiting approval by Fannie Mac. Anyone know how this works or how long that part usually takes?
I'm concerned because we have a foreclosure suit. Although during this last call, it was the first time the rep did not purposely state that we are in "active foreclosure". I am assuming this is because the HAMP site states they must all be postponed while awaiting decission. If you reference and search the case online, though, it is still present.Any thoughts on how long it might take to hear anything from them?

Like | Dislike | Share | Posted: Fri, 04/22/2011 - 12:46 | Post subject:

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

Micheal J, loan person is a very Big Ass Hole to work with, loose papers time after time he think he doing you help. he full of shit, in his head, i when too the local Wellsfargo Bank show all they want me to cal Micheal J, sup, nobody will contcat me with is mane i nweed it,

Like | Dislike | Share | Posted: Fri, 10/26/2012 - 15:54 | Post subject:

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

and an unintelligible post giving us a random phone number tells us that you truly have no clue about this business mandy. sorry, but if you're going to provide "information" please have it be sensible.

Like | Dislike | Share | Posted: Wed, 01/27/2010 - 12:49

colammyok's picture
colammyok | Joined: August 12, 2009 08:56 pm | Posts: 0 | Location: New Jersey | 00 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.

Like | Dislike | Share | Posted: Mon, 12/28/2009 - 07:46

colammyok's picture
colammyok | Joined: August 12, 2009 08:56 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Kimberlee,

It's a part time job dealing with Wells Fargo but keep your chin up and keep plugging away. Keep sending your financial worksheet, your hardship letter and your supporting documentation (paystubs) every 30 days - even if they haven't asked. They seem to use the smallest excuses to weed through all the files they receive.

If you haven't yet, also call HUD. If the rep at HUD isn't helpful, call another, there are some good reps that will contact the lender on your behalf and that helps strengthen your position.

I personally have worked for nine months trying to get my modification worked through. I was originally denied in May, then in August I received a three month trial at the same payment I was asking help from, so I denied the forbearance, called HUD (who went over my financials with me and called WF on my behalf, once again resubmitted my financials, also called WF's Presidential offices, and in less than 30 days received a new 3 month trial at a much lower payment/interest rate.

Now, I don't know what will happen at the end of my trial period but after nine months, I am finally seeing steps in the right direction. (Sadly I needed to miss a couple of payments in the time period, so I'm sure my credit has been affected but hopefully a long term solution will come and I will have the chance to repair my credit in time.)

I hope this information helps. If you don't think you can go up against them yourself, hire someone that can.

Best of luck.

Like | Dislike | Share | Posted: Fri, 09/18/2009 - 21:55 | Post subject:

colammyok's picture
colammyok | Joined: August 12, 2009 08:56 pm | Posts: 0 | Location: New Jersey | 00 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.

Like | Dislike | Share | Posted: Mon, 12/28/2009 - 08:10

thebookcase's picture
thebookcase | Joined: November 29, 2009 08:47 am | Posts: 0 | Location: New Jersey | 00 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.

Like | Dislike | Share | Posted: Sun, 11/29/2009 - 09:17 | Post subject:

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

I red all you guys notes and messages on Wells Fargo. I just got the letter from wells Fargo stating that my second loan modification request got denied. They put me on this 3 months plan (Forbearance Plan) for three months with the monthly payment of 55% of my original payment. From the beginning they asked for a lot of documentation regarding my hardship, bank statements, my pay stubs, home insurance, etc. and when I sent those documents to them through the mail they responded back that they never received my documents and since I missed the dead line they are denying my loan modification !!! BUT they had no idea that I did the registered mail with return receipt, I had to call them up EVERY time to let them know that I have the receipt on my hand (they lie easily, no shame). But with that said they denied my second request again and I just call them up again and requested for the third time. By the way I have not paid my mortgage for 10 months now except those for those 3 months when I was put under that stupid forbearance plan. I am doing my best to keep my house (it is actually bank's house) but it seems that they don't want to help, I don't know ANYBODY who had loan with Wells Fargo and was able to do this loan modification, at least I DON'T KNOW THAT PERSON. If anybody out there was able to finish this battle with success with all mean I am begging for some advise PLEASE.

Like | Dislike | Share | Posted: Fri, 02/05/2010 - 21:57 | Post subject:

justinrebarcak's picture
justinrebarcak | Joined: February 5, 2010 10:19 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I can only echo what most have already said about re-financing as opposed to modifying a current loan. Unless your FICO has taken a dive recently, you're almost always better off refinancing, especially in the current market.

Like | Dislike | Share | Posted: Fri, 02/05/2010 - 22:23

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi linz!

Welcome to forums!

I can understand how you're feeling. You should once again try and negotiate with your lender so that he allows you to pay off the delinquent amount in full and lets you keep the normal mortgage.

Sussane

Like | Dislike | Share | Posted: Fri, 12/10/2010 - 01:39

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

Colammy, I have been going through the same things you are with Wells Fargo since December. They are very hard to work with I am on my second repayment trail period. My payments now are more than my payments before. My 3 months are up on 8/11/10 hoping this is the last one. Remember you can always ask for another chance to qualify for a repayment plan if they don't approve this one. I will let you know how I did when its over

Like | Dislike | Share | Posted: Mon, 08/09/2010 - 21:06 | Post subject:

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

Hi Jen,

Your query has been answered in the given page:
http://www.mortgagefit.com/problems/modification-savehome.html

Please take a look at it. I hope it'll help you.

Like | Dislike | Share | Posted: Sun, 11/22/2009 - 20:43

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

when i go back to work what will happen?

Like | Dislike | Share | Posted: Wed, 02/10/2010 - 03:40 | Post subject:

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

Hi Mena,

If you successfully complete the trial period, then the chances are high that you would qualify for the loan modification. However, if your financial situation changes during the trial period and lender feels that you won't be able to pay the dues, then he may not go ahead in giving you the modification.

Thanks

Like | Dislike | Share | Posted: Fri, 10/02/2009 - 23:42

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

Your query is not clear to me. Can you explain your query in details? It will help me in replying your query.

Like | Dislike | Share | Posted: Thu, 02/11/2010 - 01:23

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

what is use of mortgage

Like | Dislike | Share | Posted: Wed, 02/24/2010 - 01:00 | Post subject:

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

Welcome andrew,

You can apply for a loan modification from your lender. As you're facing hardship, you should inform your lender about the same. However, if you're presently unemployed, then the lender will not consider your request. This is because you won't be able to pay the mortgage dues though your loan is modified.

Like | Dislike | Share | Posted: Sun, 05/16/2010 - 22:40

colammyok's picture
colammyok | Joined: August 12, 2009 08:56 pm | Posts: 0 | Location: New Jersey | 00 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?)

Like | Dislike | Share | Posted: Mon, 12/28/2009 - 12:24

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

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

Like | Dislike | Share | Posted: Wed, 12/23/2009 - 22:09

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi john!

Welcome to forums!

You need to contact the customer service department of Wells Fargo and they would be able to help you in a better way in this matter. You can check out the given page in order to contact the customer service department of Wells Fargo:
"https://www.wellsfargo.com/help/"

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 08/12/2010 - 00:36

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

I have just been informed by wells fargo that my loan mod has been denied by the investor because the loan is less than 12 months old. I have been in the house for over 4 years, and have refinanced twice, once to go from an ARM to a fixed, and the last time in August 09 to drop my interest from 6% to 5%. Is there any appeal process directly to the investor that I can do? I really want to keep the house....Todd

Like | Dislike | Share | Posted: Thu, 11/05/2009 - 17:59 | Post subject:

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

unfortunately, many who are in need of assistance - whether it's a refinance to reduce rate and payments, or a modification - have a situation that is not conducive to refinancing. loan amounts exceeding property values have put thousands and thousands in jeopardy (not to mention job losses, income reductions, etc.).

to qualify for a refinance is awfully difficult, so modifications are sought. lenders are so overwhelmed with modification requests, and the guidelines they're using are so restrictive, that they cannot approve the permanent modifications in the overwhelming majority of cases.

the government is striving to get the lenders to ease up with hopes that they'll end up with more permanent modifications, but as with all else, ramping up that goal takes time...time that most people are lacking.

it appears we haven't hit on just the right formula to get more people qualified yet.

Like | Dislike | Share | Posted: Sat, 02/06/2010 - 07:26

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

Hi JERRY,

It is always better to negotiate with your lender on your own. If you let the lender know about your financial hardship, there are high chances that your request for a loan modification will get approved.

As far as the modification companies are concerned, they are not allowed to charge upfront fees from you. If they are doing so, then it's illegal. You may contact an attorney who may help you in negotiating with your lender in order to get a modification approved.

Thanks

Like | Dislike | Share | Posted: Tue, 04/06/2010 - 23:59

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

Hi,
We're current on our payments and our home stands @ 90%LTV. We have an adjustable rate which came due last year but the pymts. have stayed similar to before. We want to get it fixed before they go up too high and we can't afford it. What R WFB's criteria's for doing this. In another forum they were talking about back end and front end ratios required by them etc. what does all that mean and what should our ratios stand at. Also should we hire a mortgage broker to do this for us who knows what they're doing or is WFB better in dealing with individula owners.
Thanks

Like | Dislike | Share | Posted: Mon, 02/01/2010 - 14:08 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Douglas!

Welcome to forums!

You can only negotiate with them and check out if they agree to re-consider your request for a loan modification. If they do not reconsider, then you can contact an attorney and take his help in negotiating with your lender. If the lender still does not negotiate, then you will have to go for either deed in lieu or short sale.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 02/11/2010 - 23:05

mazeltovmortgage's picture
mazeltovmortgage | Joined: June 27, 2010 10:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

No.

Like | Dislike | Share | Posted: Mon, 06/28/2010 - 00:01 | Post subject:

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

I have know started working I'm able to start making reg payments but cant make up the back but at maybe 50.00 a month extra can i get what we owe added to back of note from wells fargo and how to do that

Like | Dislike | Share | Posted: Mon, 05/06/2013 - 14:34 | Post subject:

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

Has anyone had any success with a third party loan modification specialist? I've known people who've tried ProCity Mortgage but got ripped off. I've talked to people at US Financial Advantage who say they know the secret to breaking through the loan modification process.

Like | Dislike | Share | Posted: Wed, 07/14/2010 - 17:20 | Post subject:

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

I AM UNEMPLOYED SINCE JANUARY 2009. MY UNEMPLOYMENT CHECKS ENDED APRIL 2010. MY HUSBAND IS 76 YEARS OLD AND A PART TIME CASHIER IN THE SUPERMARKET. I AM 61 YEARS OLD AND CANNOT FIND EMPLOYMENT. MY MORTGAGE PAYMENT IS $1,019 A MONTH. I PAID $500 FOR AUGUST, SEPTEMBER AND OCTOBER. THEY APPLIED MY PAYMENTS TO THE INTEREST AND NOT TO THE MORTGAGE PAYMENT!! ON PAPER IT LOOKS LIKE I AM IN DEFAULT!!! WHAT IS THEIR PROBLEMS. THE LEFT HAND DOES NOT KNOW WHAT THE RIGHT HAND IS DOING. THEY SAY THAT DEFAULT IS NOT IMMINENT. THEY SAY I HAVE THE ABILITY TO PAY MY CURRENT MORGAGE PAYMENT USING CASH RESERVES OR OTHER ASSETS. I DO NOT HAVE THESE RESERVES AND ASSETS. WHAT ARE THEY TALKING ABOUT. THIS IS A HORROR STORY AND WE ARE LIVING IT!! WE ARE VERY STRESSED AND NOW WE ARE SERIOUSLY CONSIDERING NOT PAYING OUR NOVEMBER MORTGAGE (NOT EVEN A PORTION) YOU'RE DAMNED IF YOU DO AND DAMNED IF YOU DO NOT!!! THEY HAVE ALL OF OUR PAPERWORK AND OUR HARDSHIP LETTER. MY HUSBANDS INCOME DROPPED FROM $40,000, TO 27,000 AND THEN TO $20,000! THIS YEAR IT WILL PROABLY BE $15,000!! IF THAT IS NOT A FINANCIAL HARDSHIP, I DO NOT KNOW WHAT IS AT THIS POINT. EVEN IF I GET EMPLOYMENT, IT WILL BE FOR MINIMUM WAGE AT THIS POINT. I WILL STILL HAVE A HARD TIME PAYING MY MORTGAGE AT 7%. CONSIDERING HIRING A LAWYER.
SUSAN AND LEIGHTON MICHAEL, BOCA RATON, FL

Like | Dislike | Share | Posted: Sun, 10/17/2010 - 12:24 | Post subject:

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

terri, you may be able to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] your current rate to something that would drop your payments, but it's hard to say with what you've provided. you can certainly discuss this with a mortgage broker, and you don't have to use wells fargo to do a refinance of your mortgage. i doubt they'd give any special consideration to existing customers, but i might be wrong there, of course.

what their criteria is we wouldn't know here, unless we have a poster who happens to work for them in their mortgage department. as for ratios, when discussing modifications of loans, your monthly mortgage payment (including tax, insurance, mortgage insurance) cannot exceed 31% of your gross monthly income. however, in a refinance, there is generally more leeway, but that will also depend on your overall credit and what other debts you have, if any.

as for a modification, again, you need not go through a broker for that. you can do that yourself, or you can hire a lawyer, or you can use a hud-approved counselor. the latter will be free while the others will charge you. the fees involved range from little to an enormous amount. and this is not necessarily one of those times when "you get what you pay for." you always need to exercise caution in this type of situation.

Like | Dislike | Share | Posted: Mon, 02/01/2010 - 14:25

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Drak!

Welcome to forums!

You should contact your lender and check out what happened with your loan modification application and request them to reconsider their decision.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 10/21/2010 - 01:26

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

You have not answered the question of this forum:
Does Wells Fargo usually deny loan modification?
I am about to request a loan modification package. Hopefully they''l work with me. Reading all this things about WF is making me realize that is not going to be easy. Why do we have to struggle so much for only 5 years or a simple modification... is not that we do not want to keep our houses... so sad.

Like | Dislike | Share | Posted: Fri, 03/19/2010 - 11:39 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mary!

Welcome to forums!

If you cannot afford the property, then it's better to sell it off. You can accept the short sale that your lender is offering you and get rid of the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 05/13/2010 - 23:08

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

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 [url=http://www.mortgagefit.com/refinance.html]refinance[/url] 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.

Like | Dislike | Share | Posted: Mon, 01/04/2010 - 14:59 | Post subject:

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

Hi nan,

As your loan modification request is being considered by the lender, they can't send you the foreclosure notices. You should contact your lender and ask him to stop sending those notices to you. You can even ask the lender to look into your request for loan modification and take a decision asap.

Thanks

Like | Dislike | Share | Posted: Fri, 06/04/2010 - 22:08

colammyok's picture
colammyok | Joined: August 12, 2009 08:56 pm | Posts: 0 | Location: New Jersey | 00 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?

Like | Dislike | Share | Posted: Fri, 12/11/2009 - 09:57 | Post subject:

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

hey colammy, join the club!! wells fargo has been running me in circles for nine months. i send them all the information that they required. only to be denied the next week because documents were not submitted on time. i just talked to a W. F. rep minutes ago. the rep was asking for certain documents and i said i just sent these papers to you! it took him a few minutes and then came back reading the document to me. this scenario has happened so many times, its not funny. THEY DON'T KNOW WHAT INFORMATION THEY HAVE. very frustrating and depressing. the right hand doesn't know what the left hand is doing, or that it even has another hand. i am different than a lot of homeowners, in that i have a lot of equity in the home.

Like | Dislike | Share | Posted: Wed, 05/19/2010 - 11:46 | Post subject:

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

You should keep in touch with the lender and ask him/her to take a decision asap in regards to your loan modification. Taking the help of an attorney is a good option but you will have to pay the fees of the attorney as well. If you can afford to pay the fees of an attorney, you can take his/her help in modifying your loan.

Like | Dislike | Share | Posted: Mon, 01/31/2011 - 02:17

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

I fell behind on my wells fargo mortgage in September 2011. I managed to bring my mortgage current in December. I applied for forebearance in both Sept and December. I received no response from the bank. I applied again in January and finally they called to say they received my paperwork and will send to underwriters. Now I am behind again for January. Why did they wait so long to submit my paperwork and will being behind on my payment block my modification. I am on Unemployment.

Like | Dislike | Share | Posted: Thu, 01/26/2012 - 21:39 | Post subject:

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