Loans, Debt & Credit - View Single Post - I Don't Know What I should do...Please HELP! Loan with Wells Fargo!

Kelly712 · 03-08-2009, 05:17 AM

Here's an update on my situation and I would like to know if this is accurate information my "servicer" is telling me.

I decided to go ahead and proceed with the modification myself. I received an answer and I'm not sure if it's really all they are able to do. I was told that the ONLY thing they can do, since my lender is private and they do not have to follow modification guidelines, is that they can basically make my loan a fixed rate for 40 years at 4.875%. This is if the lender agrees to the terms. (my lender is B of A by the way I discovered...I guess Wells Fargo is only the servicer...) It does not lower my payments or help my hardship situation at all and I was told by Wells that I should go to Help for Homeowners if this does not work with us and in turn make my house HUD.

Is this true information...that they don't have to follow guidelines because my loan is backed by private investors? That this offer is the ONLY thing they can do? That HUD is my only option? Does anyone know about this? Also, I heard that Bank of America might become governed by the feds, so should I wait until that occurs before I proceed with the new terms? If I proceed with the new terms, do I get locked in and then I can't change it in the future if there are new guidelines for B of A? Of course my Wells Fargo "servicer" was not helpful with these questions.

If anyone knows the answer to these questions I would appreciate any information they may have. Thank you!

03-08-2009, 05:17 AM	#7 (permalink)
Kelly712 Member Join Date: Feb 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: I Don't Know What I should do...Please HELP! Loan with Wells Fargo! Here's an update on my situation and I would like to know if this is accurate information my "servicer" is telling me. I decided to go ahead and proceed with the modification myself. I received an answer and I'm not sure if it's really all they are able to do. I was told that the ONLY thing they can do, since my lender is private and they do not have to follow modification guidelines, is that they can basically make my loan a fixed rate for 40 years at 4.875%. This is if the lender agrees to the terms. (my lender is B of A by the way I discovered...I guess Wells Fargo is only the servicer...) It does not lower my payments or help my hardship situation at all and I was told by Wells that I should go to Help for Homeowners if this does not work with us and in turn make my house HUD. Is this true information...that they don't have to follow guidelines because my loan is backed by private investors? That this offer is the ONLY thing they can do? That HUD is my only option? Does anyone know about this? Also, I heard that Bank of America might become governed by the feds, so should I wait until that occurs before I proceed with the new terms? If I proceed with the new terms, do I get locked in and then I can't change it in the future if there are new guidelines for B of A? Of course my Wells Fargo "servicer" was not helpful with these questions. If anyone knows the answer to these questions I would appreciate any information they may have. Thank you!