Should I accept the first offer(modification) by Wells Fargo?

[magik570]

Wells Fargo finally made a decision on my modification request (I am 5 months behind).
They are asking for $3400 downpayment and $1600 monthly payment.
My previous payment was $1550. I don't understand this. How can they modify my loan with a higher payment?
I haven't got the package yet.
Can I renegotiate or its a "take it or leave" situation?
I initially requested to get a payment close to not more than $1200. And, this is what they came back with.
Any suggestion would be a great help.

[Moe Bedard]

It isn't what they are coming back with versus what you are letting them know that you can afford............it is what the investor on your loan is willing to approve as far as a modfication.

If you are in default...........what they are offering you is a repayment plan to pay the default amount over time instead of having to cure the entire amount at once to keep the property from foreclosure.

You would need to ask Wells if there are other options besides a repayments plan to help you.