As I mentioned in a prior posting, I have been denied twice by Wells Fargo. The first was in late 2008 because it was not in the investor's best interest. The second was recently just a couple of weeks ago and this time the denial was because it was outside of the investors guidelines. In both cases, as soon as the denials were issued, I was hounded by phone calls by Wells to short sale my home. Thanks to this forum, I was able to call the Executive office. The kind person on the phone explained to me that the investor would not modify my loan because I could not afford to make the payments because my "negative" or "short fall" was $2,500 a month and that was to far of a bridge to gap. As I saw it that basis was faulty because I have NEVER been late on a mortgage payment. I asked them to provide me with their calculations how they came up with the $2,500 shortfall but they only sent me a copy of my financial worksheet which I completed with HUD's assistance. They did tell me that "something did not match". Their computer screen did not match "something". I don't know what specifically did not match. I also do not know how they calculate a shortfall of $2,500 as I do not calculate a $2,500 monthly shortfall. Does any one have information as to "how" they calculate your debt and income to determine the negative? I also am wondering why the worksheet Wells gives you to complete asks for NET salary and not GROSS salary? When you apply for a loan with them in conventional transactions, the GROSS is considered and not the NET. Wells did send me a new packet to complete but before completing, I need to arm myself a little better. Any suggestions?
