Loan Modification Forum - LoanSafe.org - View Single Post

kalbo · 07-02-2009, 01:14 AM

Hello folks,

I'm a homeowner in California with a 1st mortgage with Wells Fargo. I received a loan modification in October 2008 that increased my payment by over $300.00 because they reduced the term from 40 to 30 years and placed my 2 months of payments at the back of the loan. I wasn't enthusiastic about it, but I accepted it.

I have been paying on this modified loan since December 2008, but I decided to go for a 2nd loan modification, thinking I had nothing to lose. The worst they can say is no.

In April 2009, I sent in my paperwork, which included a QWR. In May 2009, I received approval for a 2nd loan modification that reduced my payments by over $500 p/month! I received the loan modification paperwork in the mail, signed it after careful review and waited until my new terms started August 2008.

Two weeks later in mid-June, I received word from Wells Fargo that my 2nd loan modification was denied. After various phone calls, loss mitigation confirmed it was denied after initial approval. I sat back, thinking about how frustrating it was to get denied after they had approved me. How could they deny the loan mod after they sent me the paperwork? After 15 minutes of depression, I got back on the phone and spoke with The Executive Team. Thirty minutes later, they had confirmed they had re-opened my file for another review, since the denial was based off of automated calculations that could not be verified (or so they say).

I received word this week that I was approved (again) for the 2nd loan modification. I have the loan modification paperwork in my hand ready to send in, hoping I don't get denied after sending this to them (again).

I'll keep everyone posted on what happens from here. I found it interesting how the bank can deny a loan mod after they submitted an offer to a homeowner. It didn't make sense, but thankfully, I'm getting a 2nd chance on the 2nd loan mod.

07-02-2009, 01:14 AM	#1 (permalink)
kalbo Junior Member Join Date: Apr 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Wells Fargo loan modification Hello folks, I'm a homeowner in California with a 1st mortgage with Wells Fargo. I received a loan modification in October 2008 that increased my payment by over $300.00 because they reduced the term from 40 to 30 years and placed my 2 months of payments at the back of the loan. I wasn't enthusiastic about it, but I accepted it. I have been paying on this modified loan since December 2008, but I decided to go for a 2nd loan modification, thinking I had nothing to lose. The worst they can say is no. In April 2009, I sent in my paperwork, which included a QWR. In May 2009, I received approval for a 2nd loan modification that reduced my payments by over $500 p/month! I received the loan modification paperwork in the mail, signed it after careful review and waited until my new terms started August 2008. Two weeks later in mid-June, I received word from Wells Fargo that my 2nd loan modification was denied. After various phone calls, loss mitigation confirmed it was denied after initial approval. I sat back, thinking about how frustrating it was to get denied after they had approved me. How could they deny the loan mod after they sent me the paperwork? After 15 minutes of depression, I got back on the phone and spoke with The Executive Team. Thirty minutes later, they had confirmed they had re-opened my file for another review, since the denial was based off of automated calculations that could not be verified (or so they say). I received word this week that I was approved (again) for the 2nd loan modification. I have the loan modification paperwork in my hand ready to send in, hoping I don't get denied after sending this to them (again). I'll keep everyone posted on what happens from here. I found it interesting how the bank can deny a loan mod after they submitted an offer to a homeowner. It didn't make sense, but thankfully, I'm getting a 2nd chance on the 2nd loan mod.