Loan Modification Forum - LoanSafe.org - View Single Post - My monthly deficit too high to get a mod?

terie · 07-02-2009, 03:43 PM

Ok, I went to a conference sponsored by HUD with reps from Fannie Mae, CCCS and others. I used their formula, sames as online, and guess what? We are well within the limits of the programs guidelines.
Yesterday we got a letter from WF turning us down flat. They added things into our income statement that we don't spend that makes us look like we are negative each month.They won't let us use my part time income either. They use our CURRENT mortgage payment to qualify NOT what 31% would be. WTF?? If they lower our rate to 3.2%, not even to the 2% they can use, we have a surplus each month even without my income!!!!!!!!
We were using a credit counseling company that Hope for Homeowners sent us to that is located in MN. USELESS!!! We have an appointment with the local Consumer Credit Counseling Service office Tuesday. They will not just "suggest" to WF but will take this directly to Fannie Mae!!
BTW. Wells Fargo charged $85 for an appraisal of the property, and sent us a copy when we requested it. It was 2 yrs old, the original from when we bought the house! If my house is worth $343,000 then I want a home equity loan NOW to get my 20% down back and then I'm giving them the keys! I want to know what kind of drugs they put in the water in the WF offices?? These people are out of touch with reality. AND they said we qualify for one of their refi's again...with $8000 closing costs. HMMM something isn't right here.

07-02-2009, 03:43 PM	#44 (permalink)
terie Member Join Date: Jun 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Ok, I went to a conference sponsored by HUD with reps from Fannie Mae, CCCS and others. I used their formula, sames as online, and guess what? We are well within the limits of the programs guidelines. Yesterday we got a letter from WF turning us down flat. They added things into our income statement that we don't spend that makes us look like we are negative each month.They won't let us use my part time income either. They use our CURRENT mortgage payment to qualify NOT what 31% would be. WTF?? If they lower our rate to 3.2%, not even to the 2% they can use, we have a surplus each month even without my income!!!!!!!! We were using a credit counseling company that Hope for Homeowners sent us to that is located in MN. USELESS!!! We have an appointment with the local Consumer Credit Counseling Service office Tuesday. They will not just "suggest" to WF but will take this directly to Fannie Mae!! BTW. Wells Fargo charged $85 for an appraisal of the property, and sent us a copy when we requested it. It was 2 yrs old, the original from when we bought the house! If my house is worth $343,000 then I want a home equity loan NOW to get my 20% down back and then I'm giving them the keys! I want to know what kind of drugs they put in the water in the WF offices?? These people are out of touch with reality. AND they said we qualify for one of their refi's again...with $8000 closing costs. HMMM something isn't right here.