Loan Modification Forum - LoanSafe.org - View Single Post - Wells Fargo Loan Mod

ltravel · 07-04-2009, 05:52 AM

Hi Shesinks,

I too am on a forbearance plan with ASC/Wells Fargo that is requiring me to make 3 payments 8/01,9/01,10/01 in the amount of my regular mortgage payment, $6127.78 (incl tax escrow), and then on 11/01 a
reduced payment of $1421 (sort of the opposite of a balloon pymnt).
We were not yet late on our loan but would have gone 30 days just
this past week on the June pymt. So I guess the timing was good. We
did not have to make that payment nor the July 1st one, and then start
with August 01. It seems every forbearance plan they offer is different, if you read all the posts on this forum you'd be amazed at the variety of numbers. Mine was the first one I came across though that kept the same payment. And the exec desk really couldn't explain why, nor the reason for the smaller payment at the end.

The sticky part is I was told they would report the loan to the credit bureaus as on a forbearance plan. Not sure how that would affect our credit score. I was told this by a couple of agts in Loss Mitigation and one of the girls in the Exec Office who was very helpful. But then when I called on June 30th in a moment of panic as I wasn't making that pymt
in time and knew I was going 30 days late, the guy I spoke with told me
it would be reported 30days late. His name was Matthew and probably the least helpful at the Exec Office, he was a little on the nasty side. He made me feel like I wanted too much, a modified mortgage but no late marks at the same time. Made me a little nervous, asked if there really was a hardship. We had hoped the mortgage could have rcvd a straight modification just in time, without forbearance, but supposedly our investor, Nomura, doesn't work that way.

I know we have to make those payments not a day late in order to have any chance at the modification in the end, and there's still no guarantee
we will even get it then. I need to resubmit updated financials along the
way. My biggest fear is if it doesn't work out we'll end up being 60days
late when we would have been only 30days, and god knows how we'll
catch up then.

Good luck to you. Please post your progress, I'll be following since your forbearance seems similar. I'll also be updating along the way. My intent is to make each payment a week early to be safe!

07-04-2009, 05:52 AM	#3 (permalink)
ltravel Senior Member Join Date: Mar 2009 Posts: 66 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wells Fargo Loan Mod - so confused....Help. Hi Shesinks, I too am on a forbearance plan with ASC/Wells Fargo that is requiring me to make 3 payments 8/01,9/01,10/01 in the amount of my regular mortgage payment, $6127.78 (incl tax escrow), and then on 11/01 a reduced payment of $1421 (sort of the opposite of a balloon pymnt). We were not yet late on our loan but would have gone 30 days just this past week on the June pymt. So I guess the timing was good. We did not have to make that payment nor the July 1st one, and then start with August 01. It seems every forbearance plan they offer is different, if you read all the posts on this forum you'd be amazed at the variety of numbers. Mine was the first one I came across though that kept the same payment. And the exec desk really couldn't explain why, nor the reason for the smaller payment at the end. The sticky part is I was told they would report the loan to the credit bureaus as on a forbearance plan. Not sure how that would affect our credit score. I was told this by a couple of agts in Loss Mitigation and one of the girls in the Exec Office who was very helpful. But then when I called on June 30th in a moment of panic as I wasn't making that pymt in time and knew I was going 30 days late, the guy I spoke with told me it would be reported 30days late. His name was Matthew and probably the least helpful at the Exec Office, he was a little on the nasty side. He made me feel like I wanted too much, a modified mortgage but no late marks at the same time. Made me a little nervous, asked if there really was a hardship. We had hoped the mortgage could have rcvd a straight modification just in time, without forbearance, but supposedly our investor, Nomura, doesn't work that way. I know we have to make those payments not a day late in order to have any chance at the modification in the end, and there's still no guarantee we will even get it then. I need to resubmit updated financials along the way. My biggest fear is if it doesn't work out we'll end up being 60days late when we would have been only 30days, and god knows how we'll catch up then. Good luck to you. Please post your progress, I'll be following since your forbearance seems similar. I'll also be updating along the way. My intent is to make each payment a week early to be safe!