Loans, Debt & Credit - View Single Post - Is ANYONE Policing these Mortgage Companies?

Just_Frustrated · 08-20-2009, 12:43 PM

UPDATE

Just giving everyone an update. Per several suggestions from this site I e-mailed the top executives on July 20, 2009 a very detailed letter explaining how frustrated I was with the entire process. I also called WF on July 31, 2009 and told them that I would not be making any more payments because I simply could not afford to and would like to get more info about a short sale. Well, the short sale request back fired on me because according to them "WF can not consider my loan for modification and send me info about short sale so they closed my loan mod on July 31, 2009. WF could only do one or the other". On August 5, 2009 I immediately requested that they reopen my loan mod and refaxed all the necessary docs. After calling them three days in a row to find out if my loan mod was reopened, I was finally told on August 10, 2009 that my loan mod had been reopened and another appraisal (BPO) had to be done. Well, on August 17, 2009 I get a call from someone in WF executive office. She stated that she received my e-mailed complaint, apologized for the poor customer service and stated that my loan mod was APPROVED. Well sort-of. I was told that I would be receiving some paperwork in the mail and may need to turn in some more documentation, but I was approved for the Mod on a 3 month trial basis. She said this was standard and my loan payment will be reduced from $2211 to $1956.

Now, according to the Home Loan Mod's government site. Loans should be reduced to 31% of your income. I currently bring home $4423 a month (after taxes and deductions), so if my calculations are right - shouldn't my loan payment be reduced to $1371? I'm going to post this question on another forum, but I just wanted to give everyone an update.

E-mail the executives.. E-mail the executives.. E-mail the executives. I got results only after e-mailing the executives.

08-20-2009, 12:43 PM	#10 (permalink)
Just_Frustrated Member Join Date: Jul 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is ANYONE Policing these Mortgage Companies? UPDATE Just giving everyone an update. Per several suggestions from this site I e-mailed the top executives on July 20, 2009 a very detailed letter explaining how frustrated I was with the entire process. I also called WF on July 31, 2009 and told them that I would not be making any more payments because I simply could not afford to and would like to get more info about a short sale. Well, the short sale request back fired on me because according to them "WF can not consider my loan for modification and send me info about short sale so they closed my loan mod on July 31, 2009. WF could only do one or the other". On August 5, 2009 I immediately requested that they reopen my loan mod and refaxed all the necessary docs. After calling them three days in a row to find out if my loan mod was reopened, I was finally told on August 10, 2009 that my loan mod had been reopened and another appraisal (BPO) had to be done. Well, on August 17, 2009 I get a call from someone in WF executive office. She stated that she received my e-mailed complaint, apologized for the poor customer service and stated that my loan mod was APPROVED. Well sort-of. I was told that I would be receiving some paperwork in the mail and may need to turn in some more documentation, but I was approved for the Mod on a 3 month trial basis. She said this was standard and my loan payment will be reduced from $2211 to $1956. Now, according to the Home Loan Mod's government site. Loans should be reduced to 31% of your income. I currently bring home $4423 a month (after taxes and deductions), so if my calculations are right - shouldn't my loan payment be reduced to $1371? I'm going to post this question on another forum, but I just wanted to give everyone an update. E-mail the executives.. E-mail the executives.. E-mail the executives. I got results only after e-mailing the executives.