Special forbearabce with Well Fargo - Loan Modification Forum

deanna · 03-16-2009, 04:50 PM

It had been a long journey for me - and still is a very painful/long one

Back of last year in Oct - my husband lost his job - we lost half of his income - so we had initiated the process with LOSS MITT of Wells - not until this year Feb 23rd - they finally decided to send it to the negotiator - well - from Noc 2008 to now - We manage to keep the mortgage current ... bc we want to save our home...

we contacted the office of executive team - but we still do not have any results -

anyhow - so every day I called in to check the status - so today they decided to tell me that there is another mortgage on the credit report - ironically I have told them that was my invenstment property and it is currently doing the shortsale ...

We are still current at our mortgage - and we are struggled to meet other obligation -

I am not sure what can I do from here?

I called about the new Home Affordable plan - they said - hadn't been implemented yet ... so with that plan we have to stay current ...and that is the catch 22 of this program ...

I am not sure what to do - anyone can help us out?

oh - i have contact other firm with loan modification - they asked for a lot of money up front - and there is not a garantee for anything -

so need advice and encouragement

Moe Bedard · 03-16-2009, 05:25 PM

deanna,

Welcome to the forum and thank you for joining............

Your file is with the executive team so it has already been escalated.......the new program was just announced on March 4th.........it is going to take some time for them to get the guidelines in their system.

Wells Fargo has the information about the program and what to expect here...........
https://www.wellsfargo.com/mortgage/.../stabilityplan

Keep contact with them to find out when you can be considered for this modification program..........

rx2man · 03-16-2009, 06:06 PM

Watch out for the companies asking for alot upfront for the loan mod, in desperation I looked into it and got close, wife was dragging her feet. The rep said if you are not happy and paying with a CC just dispute the charge, looking through the paperwork that you sign with them you are not allowed to do that. Response, the owner is really nice if your not happy he'll take care of you. But they never would agree to try to get the deal done and then let us pay when its all good. Keep looking, there are poeple out there doing it as part of a refi.

deanna · 03-18-2009, 09:03 AM

hi - this morning I got a phone call from the Executive Team from Well Fargo -

They had advice me that since my loan is fairly new to their system - only 10 months - Therefore, the investor only consider the loan if they are 12 months - with that said They had consider a forbearance of payment for 2 months - which is half of the payment in May and half of the payment in June -
after that we have resubmit the paper again to the Executive Team - and we will waiting for 2 weeks for the second stage of the review

Does this sound right ?

Moe Bedard · 03-18-2009, 10:57 AM

most will require that the loan be seasoned if it is under a year old..........so that is a requirement of your investor.

deanna · 03-18-2009, 01:31 PM

what does it mean that the loan need to be seasoned?

Moe Bedard · 03-18-2009, 02:01 PM

meaning you would need to have made 12 payments

drraz · 03-19-2009, 09:36 PM

today they decided to tell me that there is another mortgage on the credit report - ironically I have told them that was my invenstment property and it is currently doing the shortsale ...

So what did they decide about your investment property? I have a rental home too, that is occupied and the rent is almost covering the mortgage (after tax benefits, it does). So I hope the other house won't hold up my loan mod, after all it is my primary home I am trying to modify, not the rental.

deanna · 03-20-2009, 03:44 PM

hello ***,

today We got the repayment from Well -
it had it will split my mortgage into 2 payments and then a giant total is due on the third payment - which is in June

from there - if we are unable to make the ballon payment we need to call back to do the another loan modification ...

Does this sound right to you ? i thought they said my loan is not 12 months yet - only 10 months - now with this - I am afraid they are setting me up for the shortsale -

and this information comes from the executive team - in regarding the 10 months and they are waiting for the new plan to be implemented ...from the President ...

please help

Moe Bedard · 03-20-2009, 04:15 PM

you would need to clarify this plan with the executive team..........it would seem that they are lowering the payment for the last two to help you out and then working on the modification.....but I am not sure.......

deanna · 03-20-2009, 04:19 PM

i was on the phone with them - and that is what they said -

so do you think i would continue making the repayment plan or make the regular payment?

deanna · 03-20-2009, 04:35 PM

I am doing the prep for the next modification letter - can you help me with it ? i need to have this letter to be turn in as the home affordable program

Moe Bedard · 03-20-2009, 05:10 PM

The best way to set up a hardship letter..........

* First, describe the hardship and the circumstances that caused it
* Explain what steps have been taken to correct the situation
* Provide the lender with your plan to get back on track and stay there
* Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home.

here are some examples to help you..........
Examples of a Hardship Letter

deanna · 03-20-2009, 06:01 PM

We are writing this letter as of today May 1^st 2009, after the two months forbearance has comes to an end. Based on our conversation Wednesday March 18^th, 2009 we have completed qualification of being seasoned on this loan – with this said, we have established the 12 months payment history. Based on the agreement, we are not able to meet the balloon payment of this repayment plan as it is due on June 1^st 2009 that is why we are requesting for a review of the permanent loan modification at this point. We have done everything in our power to make ends meet; unfortunately, we are still suffering the loss of my husband income. My husband and I had already invested 20% of the down payment of this property since it was originally at the price of 650,000, and that is why our number goal is to keep our home and we want the opportunity to do that. My husband is still actively seeking out for employment opportunity daily, however at this point, we can always hope for the best outcome. With that said, our family has shift our focus on rely on only a single source of income. Currently, without any modification assistance, 85% of my income has been allocated to the mortgage expense, which makes it extremely difficult to maintain a normal living. We are hopeful that now that our payment history has been established, we are seeking the assistance of help in the Homeowners Affordability Plan from our President, which will help to reduce the mortgage payment monthly to 31%. This plan will definitely put our family back on track and continue to establish the payment. We appreciate your time for helping us during these two month forbearance period, however we are seeking for a more permanent loan modification so that we can keep making the payment and keep our home. We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.

deanna · 03-20-2009, 06:03 PM

hi *** -
can you help me to revise the letter?

Moe Bedard · 03-20-2009, 06:37 PM

You shouldn't change anything on it.............it is good like it is.

deanna · 03-20-2009, 10:49 PM

***,

I have read some previous response from you in regarding the repayment with Well fargo - As what I have understand from the posting that we do not have to be late to qualify for the home affordability program . But with the repayment program that would force us to be delinquent at 60 days since only half of the payment is due .

I have spoke to various people on the Executive Team - It seemed to them - that there is no guarantee that I will be qualify for the modification after the forberance is over .

What are your advice ? We have never been late - and we do not want to be late - so I don't know what WF is doing to us -

The person that I need to talk to has been out of office - with that said, Should I call them and denied the repayment plan and keep making the full payment until they have reach the solution for the new stimulus plan ?

It seemed like they want us to improve the fiancial - meaning to have a surplus at the end of the month - but with the new stimulus plan I don't think it played any role in to it .

I have the letter in my hands - in such - these repayment plan is a setting up for failure from WF - and there are so many posts outther that would outtline what they are trying to do to us ..

If I choice to send in the full amount - How do I send back the letter stating that I am not intrested in the Repayment plan?

Thank you for your help

Moe Bedard · 03-21-2009, 09:27 AM

This is a discussion that you would have to have with Wells Fargo............the repayment plan may be a part of the new modification terms.................

The modification is still up to the investor and the servicers have to utilize the guidelines to fit the agreements they have with the investors............yes, with this program you do not have to be late in order to apply for the modification..........but that is just one of the criteria...................the forbearance/trial modification is a part of the new program as well................
so you would need to clarify that this is the program you are being considered for.............

In summary, participating servicers will (in order):

• Determine that a loan meets the minimum eligibility criteria (owner occupied, originated before January 1, 2009, UPB equal to or less than $729,750). If yes:

• Obtain sufficient income information to determine if the borrower has a front-end debt-to-income (DTI) ratio of 31% or greater (verbal income may be accepted for initial evaluation subject to verification prior to final approval). If yes:

• Capitalize (add to the loan amount) accrued interest, past due taxes and insurance, delinquency charges paid to third parties (e.g., for inspecting the property), and escrow advances by the servicer – but not late fees or other default fees charged by the servicer;

• Determine how much of an interest rate reduction is required to get the borrower's mortgage payment to 31% DTI, and if the DTI still exceeds 31% at the rate floor of 2%, modify the loan in other respects specified in the Guidelines;

• Apply a Net Present Value (NPV) test to determine if modification (including the incentive payments) provides the investor with a better financial outcome than foreclosure. If yes:

• Put the borrower on a trial modification at the new interest rate and payment for three months.

• If the borrower is current at the end of the trial modification period, the servicer will execute a modification agreement that includes escrows for taxes and insurance even if the prior loan was not escrowed.

deanna · 03-25-2009, 05:55 PM

hi All,

My situation was like this - We applied to WF LOSSMITT since Nov of last year - until now March 18th - they stated that they will put us on the Special Montarium period for 2 months " ...then will consider for MOD - ...
so I called back and talked to Rep - and Asked why - they said it was their routine ..so I asked to remove from the repayment plan -

I called the Executive Team - they said there is no grantee that i will qualify for the MOD even after this period -

So right now - I finally received the forebearance letter - but since I am already initiate the cancellation - so I need to follow up with them - to see if it will still effective ...

have any1 has the same siatuaion ? our mortgage payment is current since we experience the hardship ...

We are at the breaking point of stress and do not kiknow what to do ....no1 will give you a straight answer ....

LauraM1 · 03-26-2009, 08:01 AM

I so understand what you are going through. It is EXTREMELY FRUSTRATING. We are in a similiar situation. Thank God my Husband is working . I 've been home for a very long time ( 4 kids and daycare is just not worth it $ ) anyway, same thing as you said , was current and asked specifically for a refi or loan mod. and instead was given this stupid 4 month forbearance. cut the payment in half which is great for now but what happens after the forbearance ? are they gonna look for the whole past due amount because we won't have it. Others on the forum have said they will work either to put whats owed on the back of the loan or put you on a affordable repayment plan. seems pointless. but I have been told that investors such as mine -fannie mae is requireing this " test period " for all. so I am in this forbearance and nervous. I am trying to get in touch with the neg. assigned to our file. The reps at the mortgage co. stink. totally avoid them. go right to the neg. or exec. office . I am trying to get a hold of this neg. first before going over his head to exec's. I also understand what you mentioned about the financials and resubmitting. I just found out from others that they want you to have some $ left over at the end of the month. LOL. good luck to everyone on that one.
stay positive and keep posting your updates as I will.

deanna · 03-26-2009, 02:21 PM

*** - would you please verify if we need to have a surplus for the new program - home affordability stability

Moe Bedard · 03-26-2009, 02:26 PM

I have outlined the steps that the servicer will take according to the guidelines for this program above..............your mortgage payment on the first would need to be more than 31% of the gross income.....

you can check your eligibility here...........
Making Home Affordable - Home Affordable Modifications

deanna · 03-26-2009, 02:57 PM

hi ***,
thank you for your response -

I jsut got off the phone with Executive Team of WF - the special forbearance was put in place because this home affordatable modification is not availble...on top of that - we weren't qualify for the steamline program bc we are current - by accepting this forbearabce will put our account as delinquent - which is one for the requirement from Fannie Mae - so at this point - we are going to take the risk of doing the special forbearance ...

that is the update for today - and by the way - in May for the second payment - we have to call in to make the payment bc our account is now in delinquent and the bank will not take anything ...

intersting ...*** , please offer your insight on this

RAMD05 · 03-27-2009, 12:06 PM

I got the same from Chase. They said the same thing and sent me a forebearance plan for 3 months withj regular monthly payments to bring it up to 12 months mortgage. There is no guarantee they'll do loan mod after, but think I'll go for it. Let me know how yours is going. Thanks.

tonyfloresii · 03-27-2009, 01:54 PM

Deanna,

I was on the same boat as you but with IndyMac. And IndyMac is notorious for not working with the borrowers. I was put in a forebearance plan that put me in a NOD status, did this for the 6month period and when it came to pay them the 18k I said I can not afford that. This then trigger a review of my loan. Needless to say I was paying 4504.00 a month (9% rate). And just yesterday I received in the mail my new rate is %5.875 my new mortgage payment is 3235.00. I believe you have to stick it out and show them that you mean business and you will do whatever it is you have to do to keep the house. But by the same token you have to prepare yourself mentally to walk away from your house just in case it does not work out. They took me out of the NOD status and my new payment is due on May 1st. Thank you *** and others for helping me.

03-16-2009, 04:50 PM	#1 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Special forbearabce with Well Fargo It had been a long journey for me - and still is a very painful/long one Back of last year in Oct - my husband lost his job - we lost half of his income - so we had initiated the process with LOSS MITT of Wells - not until this year Feb 23rd - they finally decided to send it to the negotiator - well - from Noc 2008 to now - We manage to keep the mortgage current ... bc we want to save our home... we contacted the office of executive team - but we still do not have any results - anyhow - so every day I called in to check the status - so today they decided to tell me that there is another mortgage on the credit report - ironically I have told them that was my invenstment property and it is currently doing the shortsale ... We are still current at our mortgage - and we are struggled to meet other obligation - I am not sure what can I do from here? I called about the new Home Affordable plan - they said - hadn't been implemented yet ... so with that plan we have to stay current ...and that is the catch 22 of this program ... I am not sure what to do - anyone can help us out? oh - i have contact other firm with loan modification - they asked for a lot of money up front - and there is not a garantee for anything - so need advice and encouragement

03-16-2009, 05:25 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process deanna, Welcome to the forum and thank you for joining............ Your file is with the executive team so it has already been escalated.......the new program was just announced on March 4th.........it is going to take some time for them to get the guidelines in their system. Wells Fargo has the information about the program and what to expect here........... https://www.wellsfargo.com/mortgage/.../stabilityplan Keep contact with them to find out when you can be considered for this modification program.......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-16-2009, 06:06 PM	#3 (permalink)
rx2man Junior Member Join Date: Nov 2008 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process Watch out for the companies asking for alot upfront for the loan mod, in desperation I looked into it and got close, wife was dragging her feet. The rep said if you are not happy and paying with a CC just dispute the charge, looking through the paperwork that you sign with them you are not allowed to do that. Response, the owner is really nice if your not happy he'll take care of you. But they never would agree to try to get the deal done and then let us pay when its all good. Keep looking, there are poeple out there doing it as part of a refi.

03-18-2009, 09:03 AM	#4 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Well Fargo LOss Mit RESPONSE - NEED ADVICE hi - this morning I got a phone call from the Executive Team from Well Fargo - They had advice me that since my loan is fairly new to their system - only 10 months - Therefore, the investor only consider the loan if they are 12 months - with that said They had consider a forbearance of payment for 2 months - which is half of the payment in May and half of the payment in June - after that we have resubmit the paper again to the Executive Team - and we will waiting for 2 weeks for the second stage of the review Does this sound right ?

03-18-2009, 10:57 AM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process most will require that the loan be seasoned if it is under a year old..........so that is a requirement of your investor. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-18-2009, 01:31 PM	#6 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process what does it mean that the loan need to be seasoned?

03-18-2009, 02:01 PM	#7 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process meaning you would need to have made 12 payments __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-19-2009, 09:36 PM	#8 (permalink)
drraz Senior Member Join Date: Mar 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process today they decided to tell me that there is another mortgage on the credit report - ironically I have told them that was my invenstment property and it is currently doing the shortsale ... So what did they decide about your investment property? I have a rental home too, that is occupied and the rent is almost covering the mortgage (after tax benefits, it does). So I hope the other house won't hold up my loan mod, after all it is my primary home I am trying to modify, not the rental.

03-20-2009, 03:44 PM	#9 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Receive the repaymnet plan from Well Fargo Loss Mitigation process hello ***, today We got the repayment from Well - it had it will split my mortgage into 2 payments and then a giant total is due on the third payment - which is in June from there - if we are unable to make the ballon payment we need to call back to do the another loan modification ... Does this sound right to you ? i thought they said my loan is not 12 months yet - only 10 months - now with this - I am afraid they are setting me up for the shortsale - and this information comes from the executive team - in regarding the 10 months and they are waiting for the new plan to be implemented ...from the President ... please help

03-20-2009, 04:15 PM	#10 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process you would need to clarify this plan with the executive team..........it would seem that they are lowering the payment for the last two to help you out and then working on the modification.....but I am not sure....... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-20-2009, 04:19 PM	#11 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process i was on the phone with them - and that is what they said - so do you think i would continue making the repayment plan or make the regular payment?

03-20-2009, 04:35 PM	#12 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process I am doing the prep for the next modification letter - can you help me with it ? i need to have this letter to be turn in as the home affordable program

03-20-2009, 05:10 PM	#13 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process The best way to set up a hardship letter.......... * First, describe the hardship and the circumstances that caused it * Explain what steps have been taken to correct the situation * Provide the lender with your plan to get back on track and stay there * Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home. here are some examples to help you.......... Examples of a Hardship Letter __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-20-2009, 06:01 PM	#14 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process We are writing this letter as of today May 1^st 2009, after the two months forbearance has comes to an end. Based on our conversation Wednesday March 18^th, 2009 we have completed qualification of being seasoned on this loan – with this said, we have established the 12 months payment history. Based on the agreement, we are not able to meet the balloon payment of this repayment plan as it is due on June 1^st 2009 that is why we are requesting for a review of the permanent loan modification at this point. We have done everything in our power to make ends meet; unfortunately, we are still suffering the loss of my husband income. My husband and I had already invested 20% of the down payment of this property since it was originally at the price of 650,000, and that is why our number goal is to keep our home and we want the opportunity to do that. My husband is still actively seeking out for employment opportunity daily, however at this point, we can always hope for the best outcome. With that said, our family has shift our focus on rely on only a single source of income. Currently, without any modification assistance, 85% of my income has been allocated to the mortgage expense, which makes it extremely difficult to maintain a normal living. We are hopeful that now that our payment history has been established, we are seeking the assistance of help in the Homeowners Affordability Plan from our President, which will help to reduce the mortgage payment monthly to 31%. This plan will definitely put our family back on track and continue to establish the payment. We appreciate your time for helping us during these two month forbearance period, however we are seeking for a more permanent loan modification so that we can keep making the payment and keep our home. We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.

03-20-2009, 06:03 PM	#15 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process hi *** - can you help me to revise the letter?

03-20-2009, 06:37 PM	#16 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process You shouldn't change anything on it.............it is good like it is. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-20-2009, 10:49 PM	#17 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Well Fargo - Repayment Plan advice ***, I have read some previous response from you in regarding the repayment with Well fargo - As what I have understand from the posting that we do not have to be late to qualify for the home affordability program . But with the repayment program that would force us to be delinquent at 60 days since only half of the payment is due . I have spoke to various people on the Executive Team - It seemed to them - that there is no guarantee that I will be qualify for the modification after the forberance is over . What are your advice ? We have never been late - and we do not want to be late - so I don't know what WF is doing to us - The person that I need to talk to has been out of office - with that said, Should I call them and denied the repayment plan and keep making the full payment until they have reach the solution for the new stimulus plan ? It seemed like they want us to improve the fiancial - meaning to have a surplus at the end of the month - but with the new stimulus plan I don't think it played any role in to it . I have the letter in my hands - in such - these repayment plan is a setting up for failure from WF - and there are so many posts outther that would outtline what they are trying to do to us .. If I choice to send in the full amount - How do I send back the letter stating that I am not intrested in the Repayment plan? Thank you for your help

03-21-2009, 09:27 AM	#18 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo Loss Mitigation process This is a discussion that you would have to have with Wells Fargo............the repayment plan may be a part of the new modification terms................. The modification is still up to the investor and the servicers have to utilize the guidelines to fit the agreements they have with the investors............yes, with this program you do not have to be late in order to apply for the modification..........but that is just one of the criteria...................the forbearance/trial modification is a part of the new program as well................ so you would need to clarify that this is the program you are being considered for............. In summary, participating servicers will (in order): • Determine that a loan meets the minimum eligibility criteria (owner occupied, originated before January 1, 2009, UPB equal to or less than $729,750). If yes: • Obtain sufficient income information to determine if the borrower has a front-end debt-to-income (DTI) ratio of 31% or greater (verbal income may be accepted for initial evaluation subject to verification prior to final approval). If yes: • Capitalize (add to the loan amount) accrued interest, past due taxes and insurance, delinquency charges paid to third parties (e.g., for inspecting the property), and escrow advances by the servicer – but not late fees or other default fees charged by the servicer; • Determine how much of an interest rate reduction is required to get the borrower's mortgage payment to 31% DTI, and if the DTI still exceeds 31% at the rate floor of 2%, modify the loan in other respects specified in the Guidelines; • Apply a Net Present Value (NPV) test to determine if modification (including the incentive payments) provides the investor with a better financial outcome than foreclosure. If yes: • Put the borrower on a trial modification at the new interest rate and payment for three months. • If the borrower is current at the end of the trial modification period, the servicer will execute a modification agreement that includes escrows for taxes and insurance even if the prior loan was not escrowed. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-25-2009, 05:55 PM	#19 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Special forbearabce with Well Fargo hi All, My situation was like this - We applied to WF LOSSMITT since Nov of last year - until now March 18th - they stated that they will put us on the Special Montarium period for 2 months " ...then will consider for MOD - ... so I called back and talked to Rep - and Asked why - they said it was their routine ..so I asked to remove from the repayment plan - I called the Executive Team - they said there is no grantee that i will qualify for the MOD even after this period - So right now - I finally received the forebearance letter - but since I am already initiate the cancellation - so I need to follow up with them - to see if it will still effective ... have any1 has the same siatuaion ? our mortgage payment is current since we experience the hardship ... We are at the breaking point of stress and do not kiknow what to do ....no1 will give you a straight answer ....

03-26-2009, 08:01 AM	#20 (permalink)
LauraM1 Member Join Date: Mar 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Special forbearabce with Well Fargo I so understand what you are going through. It is EXTREMELY FRUSTRATING. We are in a similiar situation. Thank God my Husband is working . I 've been home for a very long time ( 4 kids and daycare is just not worth it $ ) anyway, same thing as you said , was current and asked specifically for a refi or loan mod. and instead was given this stupid 4 month forbearance. cut the payment in half which is great for now but what happens after the forbearance ? are they gonna look for the whole past due amount because we won't have it. Others on the forum have said they will work either to put whats owed on the back of the loan or put you on a affordable repayment plan. seems pointless. but I have been told that investors such as mine -fannie mae is requireing this " test period " for all. so I am in this forbearance and nervous. I am trying to get in touch with the neg. assigned to our file. The reps at the mortgage co. stink. totally avoid them. go right to the neg. or exec. office . I am trying to get a hold of this neg. first before going over his head to exec's. I also understand what you mentioned about the financials and resubmitting. I just found out from others that they want you to have some $ left over at the end of the month. LOL. good luck to everyone on that one. stay positive and keep posting your updates as I will.

03-26-2009, 02:21 PM	#21 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Special forbearabce with Well Fargo *** - would you please verify if we need to have a surplus for the new program - home affordability stability

03-26-2009, 02:26 PM	#22 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Special forbearabce with Well Fargo I have outlined the steps that the servicer will take according to the guidelines for this program above..............your mortgage payment on the first would need to be more than 31% of the gross income..... you can check your eligibility here........... Making Home Affordable - Home Affordable Modifications __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-26-2009, 02:57 PM	#23 (permalink)
deanna Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Special forbearabce with Well Fargo hi *, thank you for your response - I jsut got off the phone with Executive Team of WF - the special forbearance was put in place because this home affordatable modification is not availble...on top of that - we weren't qualify for the steamline program bc we are current - by accepting this forbearabce will put our account as delinquent - which is one for the requirement from Fannie Mae - so at this point - we are going to take the risk of doing the special forbearance ... that is the update for today - and by the way - in May for the second payment - we have to call in to make the payment bc our account is now in delinquent and the bank will not take anything ... intersting ...* , please offer your insight on this

03-27-2009, 12:06 PM	#24 (permalink)
RAMD05 Senior Member Join Date: Jan 2009 Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Well Fargo LOss Mit RESPONSE - NEED ADVICE I got the same from Chase. They said the same thing and sent me a forebearance plan for 3 months withj regular monthly payments to bring it up to 12 months mortgage. There is no guarantee they'll do loan mod after, but think I'll go for it. Let me know how yours is going. Thanks.

03-27-2009, 01:54 PM	#25 (permalink)
tonyfloresii Member Join Date: Jan 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Special forbearabce with Well Fargo Deanna, I was on the same boat as you but with IndyMac. And IndyMac is notorious for not working with the borrowers. I was put in a forebearance plan that put me in a NOD status, did this for the 6month period and when it came to pay them the 18k I said I can not afford that. This then trigger a review of my loan. Needless to say I was paying 4504.00 a month (9% rate). And just yesterday I received in the mail my new rate is %5.875 my new mortgage payment is 3235.00. I believe you have to stick it out and show them that you mean business and you will do whatever it is you have to do to keep the house. But by the same token you have to prepare yourself mentally to walk away from your house just in case it does not work out. They took me out of the NOD status and my new payment is due on May 1st. Thank you *** and others for helping me.

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