Loans, Debt & Credit - View Single Post - Help with Loan Modification through Wells Fargo

cahomeowner · 01-05-2009, 06:37 PM

1/5/9 UPDATE: I spoke with Wells Fargo and they said they could not offer me a loan modification at this time because I have a deficit. They offered me a 4 month Forbearance plan in order to give me some breathing room while I sell off my other properties. The investor on my 1st is Goldman Sachs, the 2nd & 3rd is Wells Fargo.

I am currently 3 months behind. the forbearance plan would offer 3 months of reduced payments with the 4th month as a balloon payment which would be added back into my principle. Meanwhile they will continue to report me 3-6 months delinquent.

all sounds reasonable to me. does this sound right to you? should I sign the forbearance agreement?

The Loss Mitigation dept said if I can improve my situation to show a surplus of income instead of deficit that they would approve a loan mod. what I really need is to consolidate my 3 loans into 1 with a principle reduction and to keep my current 4.875% interest rate. the icing on the cake would be if they could offer me a 40 year loan. I don't know if the Hope for Homeowners program is for real but it sure would help me if I could refi at 90% of the current market value.

any advice?

01-05-2009, 06:37 PM	#5 (permalink)
cahomeowner Senior Member Join Date: Oct 2008 Posts: 360 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help with Loan Modification through Wells Fargo 1/5/9 UPDATE: I spoke with Wells Fargo and they said they could not offer me a loan modification at this time because I have a deficit. They offered me a 4 month Forbearance plan in order to give me some breathing room while I sell off my other properties. The investor on my 1st is Goldman Sachs, the 2nd & 3rd is Wells Fargo. I am currently 3 months behind. the forbearance plan would offer 3 months of reduced payments with the 4th month as a balloon payment which would be added back into my principle. Meanwhile they will continue to report me 3-6 months delinquent. all sounds reasonable to me. does this sound right to you? should I sign the forbearance agreement? The Loss Mitigation dept said if I can improve my situation to show a surplus of income instead of deficit that they would approve a loan mod. what I really need is to consolidate my 3 loans into 1 with a principle reduction and to keep my current 4.875% interest rate. the icing on the cake would be if they could offer me a 40 year loan. I don't know if the Hope for Homeowners program is for real but it sure would help me if I could refi at 90% of the current market value. any advice?