My monthly deficit too high to get a mod?

[ZAP09]

Whatnext-
I think it would be best to immediately go to www.naca.com and click on their "homesave" pull down read the overview and get going with the steps. The online paperwork will take you a little bit, but NACA has very high success rates and will likely get your sale date postponed, so you can work with them to save your home! Regarding the part where they ask you to go to a counseling session, just schedule a phone "counseling session" since you have no time to waist. And they definitely have that special button for those that have a "sale date", this will get you priority status. I would reccomend that you do this today! Their help under the "homesave" program is FREE! I am in the midst of the same. Keep us posted.

[nathanb]

Find out if you passed the NPV test. if you passed then it does not matter what your defict is. No one will have a clue what this is except the negotiator. If you passed it, sick your foot in the ground and dont move it til you get the mod.

[terie]

**UPDATE**

OK, finally feeling hopeful!! We went to Consumer Credit Counseling-Las Vegas(totally free to do this) office on Tues. She did our budget, said we were OK though it was tight now, we knew that. She looked at the numbers WF "made up" by adding to our budget and somehow taking income out. She was not sure why they were doing this. She also added my very small part time income, something WF wouldn't. Then she called them.
THEY WERE NICE TO HER!!! They even apologized and said declining us seems to be a MISATKE!!! We have to fax in our income, etc again and call them in 5 days. She went thru a MOD with her Mom and doesn't see how they can decline us again.

They have a very new dept that handles strickly I/0 loans for modification now. But I can't get over how helpful they were with her. I'd urge everyone to call them and get an appt immediately. They are everyplace and they're totally free. The other credt counseling people just sent an email urging them to reconsider and wouldn't call and said there was nothing they could do. CCCS seems to have some respect with WF and they listen to them. If they still say we don't have enough surplus I guess we can put our credit cards on their program that will lower the monthly payments-last resort.
I'm hopeful that in two weeks or so I can report back that I have an approval and I'm waiting for my packet.
I'd urge everyone to talk to CCCS. it sure can't hurt!!

[silverfox]

I really need advice. Can you modify while fillinf bankruptcy?

[ultimate4799]

hey guys, me too with WF and they are really pain in bxxx... got denied with my MHA requests and 1 rep told me i have deficit of $6k and one of my credit card co reported to bureau i pay them min of $4k/ month.. I checked online on my cred report and didn't see this... another rep told me, my defict is $2k...

BTW question, when u said deficit or surplus, do they compare this to your gross or net income? Are there any link or sample of a good format for financial worksheets? ***, help! I have a feeling(based on my conversation with different reps at WF) that they are getting confused on the excel file I sent them about my monthly expenses.. What is weird though is I asked them to tell me specific about the deficit like which credit card co, etc showing i owe $4k/ month and their answer is they are no allowed to disclose such as part of bank rules/regulations...

[B Stevens]

You know they are full of crap. You need to get a hold of the exec team and ask for THEIR financial worksheet as it is different than loss mit's. When you talk to the exec team, ask if you can fax the paperwork directly to them and not the loss mitigation.

Loss mitigation changed several numbers on my worksheet. Even the exec team compared what I sent the loss mit and told me they have no idea how the numbers were "jumbled".

[terie]

We tried the exec team phone number last week and it just sent us to the general customer service number once we put our loan number in. I wonder if they still have a working number for that department or is once they get your loan number it just routes you away from them?? That would be something WF would do!!

WF is using our net income in their calculations. Keep is as basic and simple as you can. They are VERY confused and new at their jobs!

[WHATNEXTforme]

More of the same here! I spoke with Exec team guy this morning who said I would never qualify for HAMP because I am not current. Later my local CCCS contact said there are 2 different HAMPs so exec was right about one but not the other (?). Exec guy also had totally screwy #'s for me - off by thousands from what I submitted, and he transfered me to a nice Loss Mit woman , I explained everthing to her and she said I should redo my worksheets and resend before auction date and then - she said "thats what I'm supposed to say - but honestly they won't review this again , I've sent hundreds to be reviewd a second time and they just never do "

I was pretty floored . I told her I appreciated her telling me and she said that the best I could hope for was to delay the sale a month or two , and that if I resent my #'s, there was a pretty good chance of that. So we talked through what they had and what I had and tweaked them a bit , she said in the end that we did get my #'s looking better enough for them to maybe make me some kind of offer..got my deficit down from $1700 to $200.. So I will stay on them and see if in the next day or so they delay . Also talking with CCCS locally who have said I've already done what they do , but that I should come in if I can't get it postponned.
Just a mess over there (WF) AND while I was talking to Loss mit lady - she said " Oh exec team guy is updating your numbers right now - he entered a second job with an extra $500 income - did you tell him that "?
No, no I didn't .....

[Survivor_in_KY]

Terri,

Try sending a "legal request" by certified mail "Attention Legal Department". Make sure your letter includes loan number, signatures (both spouses) and a notary. Your local bank can notorize for you. Make and keep copies, return receipts, notes. Call to verify it has been notated on your account. Request it if it hasn't been added. You will have violations/servicing penalties to claim later if they continue.

Aside from that, to anyone in this mess, hold on as long as possible and continue living in your property. I think sooner or later, the gov will crack down and these companies will start complying. What I've learned personally, is that if you don't have the "right department" then you will be denied automatically (lost paperwork, bad ratios, up to investor, etc.). I was told by Collections Dept that I "was not eligible." (Bad ratio. I cried.)

Days later, I accidentally got a Customer Service Operator to give me the extension of the "Modification Department" for referal to HAMP program. This person said I was eligible and took slightly different information (Debt payments plus groceries) over the phone and calculated me a "trial payment" on the spot during that conversation. I then recieved gov paperwork 3 days later via overnight mail. (Saxon is now implemented.)

I do believe most of these companies don't have their act together. So it pays to hold on and wait for them (servicer, bank, investor) to agree and "implement" the new program. I have actually applied for a mod four times prior to this trial mod. I started approx. one year ago.

Good luck.

[terie]

If you have a WF Interest Only Loan, here is the number the CCCS person was given to handle ONLY I/O mod requests. Hope it helps someone since I doubt they will give this out to anyone if you just call C/S. 1-866-662-4866

[sammyt74dp]

This is exactly what I dealt with at Wells Fargo Yesterday. We are 6 months behind. We were told we are denied for all Load Mod programs because Freddie Mac won't approve because of our deficit currently, Credit cards. reported 5k a month min Due on our reports(B.S!) When I called Wells I always get a clown on the ohone that has no idea what to tell me. Even got a Clueless clown at the Exec line this time. They said my only option was to Pay in Full, Sell the house short or get foreclosed on. UNBELIEVABLE!

Heres our next step, filing for Chapter 7 Bankruptcy (been working on for a month) to get Unsecured Debt Discharged. Which will put us in the green again for monthly expenses. And then hopefully get an automatic stay on the house while waiting for B.K. to be completed. And then Reapply for Mod after B.K. Anyone know if they will look at a new application again after 3 months and B.K. Discharged?

Any Advice is greaaatly appreciated at this point. This whole loan mod has not gone down even close to how I had hoped.

[ZAP09]

sammyt-
I do know that the banks love to hear that you are willing to default on your c.c. debts. They definitely want to see that they are the priority loan. If you are seriously considering filing BK then you definitely do not want to pay 1 dime as of right now, to any creditors you are seeking relief from, it's pointless. You may even resubmit financial info. to lender showing your monthly payment to those loans (cc's)as 0, then clearly state that you are planning on filing BK on those creditors, they may reconsider you right then! Maybe call exec. office and see what kind of response you get, state that your financial situation has changed and you want to resubmit your financial info., when they ask what has changed, state that you are no longer paying your credit cards, car etc., so the monthly payment is 0. worth a try.

[sammyt74dp]

Just got off the phone with Exec office an Loss Mit 3 way call. All my financials the were entered into the Wells MOD system where completly different than what I had sent. That why I was declined. So I am going to resubmit. Loss mit person I had on the phone this time started telling me they are in the same situation as all of us. Thought that was interesting. So I will start process all over again

[terie]

sammyt-
WF is going to keep jerking you around on your financials. Go to CCCS and have them do them for you, they will give you THEIR form to fax in and I think that will help. CCCS can also put you on a credit card plan. Take my word for it, BK is not really a good choice. I did it years back and I so sorry. 8 years later I still have to keep my name off of things or interest rates are sky high. Do you really want to totally give up your car? Unless you re-confirm the loan they get your car and the payment doest change with BK. Anyone going through this really needs the help of a good debt counselor and CCCS is everywhere and has been at it for many years. I haven't seen anyone WF played fair with. CCCS said they will directly contact Fannie Mae for us if WF keeps messing up. And we all know they will until someone holds them accountable. There are no teeth in the legislation they passed! They are doing what they please. Who's stopping them?

[terie]

Here's another example of the stupidity we deal with at WF. Wonder if anyone else has had this happen?
We were denied for the HAMP (mod) because of a monthly deficiet, which isn't true but they padded our numbers to make it so. We aren't behind on our mortgage and haven't been ever...yet. Theu also billed us $85 for an appraisal, which was 2 yrs old-the one we'd already paid for when we bought the house BTW.
So what do we get in the mail today but a series of letters telling us we should short sell the house and giving us the detailed info on how to do so!!!! ARE THEY INSANE?
So they won't modify a loan that is current, in which they are going to lose no money because of the government plan BUT they urge us to short sell, in VEGAS where houses have dropped in price over 50% since we bought the house in '07?? We owe $274,000 (after our 20% down) and a house in our neighborhood, a larger house than ours, just sold for $160,000. I guess since they have our tax dollars that they can make insane business decisions like this one. If I hadn't put so much money into this house, I'd walk.

[B Stevens]

The stupidest part is they will short sell it to anyone but you for an amount you can qualify for.

[sammyt74dp]

This is the same advise Wells Fargo gave me to Short sell the home and take a 100k plus loss instead of reducing my monthly payment by around $500 for even a short term. This doesn't make any financial sense, but here is their logic in my opinion.

1.The did receive government money from TARP to off set losses from short sales and foreclosures so they are covered for now.

2. Cut the loss and reinvest the money with government backed FHA paper on a new loan with a new buyer, new home.

3. Purposely are changing the financial information they are inputing for the modification so they will have the investor deny the loan modification.

After I called back to see why my Mod was denied I asked what figures the Negotiator entered in and they were completly different than what I had sent in to them. Didn't even enter my wifes income! What would be the reason for this? Either stupidity or a blatent attempt to deny the mod.

I think we are fighting an uphill battle here. I will keep at it. but they sure doing some unethical actions.

[terie]

I sent an email off to my representative, Dina Titus last week. Got one back today from one of her assistants, he's the liason for mortgage problems. Turns out he has a contact at WF and has been able to get them to look over a few they denied mods to and guess what? They were approved! I'd advise everyone to give it a try. I'm sure Dina isn't the only congressperson who has someone doing this, or she shouldn't be!!
We'll see what they can do for us. Can't hurt.

[terie]

IT FINALLTY HAPPENED!!!!
I posted earlier that I was contacting my Congressional Rep Dina Titus. Her asst Cameron was right on it and said he had a "contact' at WF. I would say he did!!

I got a call this AM from Linda in the exec offices telling me that my Mod was approved. I almost fell over. They cut the interest rate to under 3%, that lowered my payment over $400 a month and are following the HAMP program exactly as it was written as far as I can see. She's overnighting the info to confirm our conversation.
I am in total shock!!!! For months we were back and forth with these people.

To recap what I did that seemed to work:
We went to Consumer Credit Counseling Service to get our budget done. We contacted our congresswoman. In about a week they managed to do what we couldn't in months! I don't know if everyone has as wonderful a congress person as I do, but this woman needs our support. It shows she does care because she has employees that actually give a darn and help people!!