My monthly deficit too high to get a mod? - Loan Modification Forum

ZAP09 · 05-08-2009, 11:44 AM

Background: 2 incomes (1 reduced by approximately $3000 a month due to economy) behind 4/5 mort. payments, began app. for mod. 6mos ago (thanks for exec.office # helped get us answers)

I have just received word that I need to work on my numbers regarding my expense/income sheet for Wells Fargo. She wouldn't commit to it exactly, but my exec. office rep. definitely got the message across to me that my $3000.00 a month deficit ( incl. my $4500 Wells 1st mort.) was just too high to do anything with. I am, in this economy, to go increase my income and get all of my other debts modified and reapply for help in 3 months. In the interim, they are offering me a reduced payment of $1300/month for that 3 months, w/ a horrific balloon on the end. What is this? After spending most of my morning reading this fabulous site, I am still wondering what the magic number is? So, you are to be at a certain percent DTI then they offer you a 31% DTI payment if you are fortunate enough. I am understanding my jump was just too much for them to make, anyone know what the deficit should around each month to be considered, so I can go attempt a miracle in the next couple of months?

jennifer123 · 05-11-2009, 03:07 PM

hi there,

i am currently with wells fargo and was put on a 3 month forebearance plan
which reduces my payment from 2,600.00 to 1,800.00. the balloon amount is the amount they put in the back of the loan. you dont have to pay that. as long as you make those 3 payments on time not a day late they will modify your loan. they want to see a good faith. this is my seccond loan mod with them. my first one in july 2008 and now. hope this helps

ZAP09 · 05-11-2009, 09:10 PM

Jennifer 123-
thank you for your comments, they were encouraging to me. I am planning on paying my payments on time as well as reducing a bit of my debt (through c.card modifications, my second mortgage is being modified, etc.) so hopefully Wells will consider a modification at that point.
Thanks again for taking the time to post a response to my thread...
Zap09

mriegs · 05-27-2009, 10:10 AM

Jennifer 123:

Thank you as well; as I was just put on the same program and was concerned that I would not get the modification after making the payments. In fact, I have set-up automatic payments for these payments to be taken out of of our account so that there is no chance that the payments are late. Did you have to provide addtional information after your third payment or have to call in regards to your modification or was it automatic?

saeta78 · 05-27-2009, 02:16 PM

My loan is with GMAC but this is what i used. I originally had a $600 + deficit but the rep told me it was too high and he "helped" me lower it to $230 ish. Then he told me that would be accepted for a modification.

So, its true, you can't have a large deficit. I have seen people who are at 0 or at $100 on the plus side.

PERSISTENT32 · 05-28-2009, 05:39 AM

I thought you had to have a surplus of 100-200 at the end of the month for a successful modification. Ask *** and Moe they would know based on their experiences with loan modifications.

Its crazy because the banks want to see you can afford the loan but you only have a small amount of money left over at the end of the month ...if an emergency happens you will have a deficit.

ZAP09 · 05-28-2009, 05:51 AM

Jennifer123-
I was told to send certified funds for our first forbearance agreement payment and after that use a different method. I have only made a first payment, so I will have to keep you posted on if there will be a modification at the end. However, I did receive a funky call last night from a mortgage dept. rep., he asked me to go over/update my numbers/expenses with him. It was shocking (although I am a lot less shocked now adays than in the beginning) to hear that 3/4 of the info. they had in their computer was incorrect. The numbers were off by hundreds of dollars, in one case 400 dollars. We corrected them and I asked where did they get those other dollar amounts as those were not even close to what I provided, he simply stated "they sometimes get entered incorrectly". They didn't even have my second mortgage on the form. what I am referring to is the form they have you fill out regarding your expenses to apply for a modification. No wonder my application was denied and I was offered a forebearance. I will keep you posted.

dcguy · 06-03-2009, 11:56 AM

Hi Zap09-

I am also in a similar kind of situation or may be even worse

....

I have sent all the paper work including monthly expenses ....
We were doing fine till couple of months back when my husband lost his job and our household income went down drastically

..... so after 4-5 updates on monthly expense (to and fro with WF) .. currently our monthly deficit is around $2000 ....

Do you think whether they will consider me for loan mod?

I have been calling them since coupld of months but no good response yet ....

Thanks,

ZAP09 · 06-05-2009, 06:48 AM

dcguy-

From what I am gathering, as crazy as it sounds, WF wants to see that you have a small ($200-300) surplus each month according to your "income/expenses". After your credit card modifications,2nd mortgage modification, cancellation of gym memberships, food budget drops, gas prices have gone down, car payment modifications, your new border moves in, etc... perhaps your expenses will be reduced enough to be reconsidered for modification. Make sure the rep. also reads to you what currently is in the computer for each expense, as I earlier stated, my numbers were "entered" incorrectly by someone on their end. The investors don't want to see you as too great a risk, the thinking here really something- but definitely try again to get your numbers where they need to be. By the way, all of my other creditors were fairly easy to get a modification with- right over the phone- every one of them. Keep us posted...

ZAP09 · 06-09-2009, 09:50 PM

Dear ***-
I am not sure how to contact you directly within this forum, so I am interjecting here. You seem so very knowledgable about the modification processes, do you by chance work at the law office affiliated with this site, as I am definitely leaning toward seeking professional/legal help at this point. I was about to make my 2nd (of 3)"repayment agreement" payment with Wells and I got a letter today stating I am "denied" a modification. I called and they said guidelines for the investor are not met. I am currently showing a $272.00 surplus each month. the rep I spoke to led me to believe my "expenses are too high". Where do these numbers need to be? I can go to my employer and beg for help perhaps. The rep also said that I am no longer in the "repayment plan/3month trial period" and moving toward foreclosure. I checked out your link on another thread detailing the government requirements, I have to admit this went over my head. I am feeling pretty hopeless at this point. I will call the exec. offices in the morning to confirm my dire straits, but I don't know where to turn. The rep did mention resubmitting my financials but I am clueless as to what would create the likelyhood of a modification. Could it be that my investor doesn't even offer modifications? Why would they want this upside down property, instead of a reasonable new payment from dual income home? I am missing something...please advise, but *** can you please keep it simple-I am new at this.

waitingpatiently · 06-09-2009, 10:17 PM

ZAP09

Just out of curiosity how did you get your cc's modified? I have one cc with a fairly large balance and if it's worth a try I'll call them otherwise I'll just keep paying them and finally pay it off...thanks for any info. you have on modifying other debts.

Moe Bedard · 06-09-2009, 10:22 PM

I do not work for the attorneys office............. just here on the forum helping members...........before hiring the attorney, see why the modification was denied first and then go from there..............

Try calling the Executive Team in the morning and see if they can help ...............they have been able to help other members even after a denial.......
1-800-853-8516

Also, If this is the only property that you own...............you may want to see if NACA can help.............they are a HUD certified counseling agency and the services for their Home Save modification are free..............here is the link for that information.......
https://www.naca.com/refinance/refinanceTenStep.jsp

Keep us posted on what you find out from the executive team...........

ZAP09 · 06-10-2009, 08:43 AM

Thanks ***, will do...

ZAP09 · 06-10-2009, 08:48 AM

In response to "waiting patiently"-
I called my credit card companies and stated that due to the economy we are experiencing a financial hardship and I absolutely need some help with my credit card payment. All three of my cc's were very accomodating, took a bit of info. over the phone and presented me with options. I chose the option that was best for us and that was it. All of my payments were significantly reduced to a fixed low rate and cards closed. I just needed lower monthly payments and got them right over the phone. Hope this helps.

ZAP09 · 06-10-2009, 01:09 PM

Thanks ***. I did talk to a exec.office rep this morning. She did confirm that my modification had been denied because it did not meet investors guidelines. She stated that I can resubmit my financials if they have changed. So, I am going over them fine tooth and comb, to get those expenses lowered. Things like I am getting a new health insurance plan to take off $88/mos., I am calling car ins. to take a look at that. At a $272.00 surplus ea. month I don't know what I am aiming for, but will take a swing at it. It sounds like the investor goes off of a credit bureau report (which doesn't reflect the latest modifications on credit cards, HELOC, etc.) So I am supplying documents for each expense I can to show the true picture of where we are at. I also have an e-mail out to NACA as you suggested, all their workshops are full at this time so I am waiting to hear what my next step will be with them. The amount of info. on there website is quite a lot. I am thinking I have actually done some of the steps they do, but I would love some help.

Moe Bedard · 06-10-2009, 01:16 PM

With NACA you do not need to go to the workshop at this time..............you should be able to go through the online process and set up the phone counseling appts. instead.....

https://www.naca.com/refinance/refinanceTenStep.jsp

waitingpatiently · 06-10-2009, 01:42 PM

ZAP09

Thanks for getting back to you about the cc's...I will try that as well!

I wish you luck with your Wells Fargo Modification.

terie · 06-10-2009, 04:40 PM

We applied to WF under the HAMP mod program(hardship). Payments are current, but we have run though our savings now. We were denied because our "our debt to income was too high and the investor didn't aprrove of that." We showed about $100 on the plus side, but then we found out they had added in $275 a month for gas?? We are always under $100 on that expense so it kind of outraged me they took the liberty to do that.
My question: We have a Fannie Mae loan. Isn't our "investor" Fannie Mae and isn't the object of the program to get your payment down to 31%? We've never missed a payment or been late. Is that part of our problem? We also put down 20%, maybe that was wrong too?? Sure our $345,000 Las Vegas house is worth about $200,000 now, but isn't this program supposed to help the home become afforable because my husband lost so much income? Can we go to another lender that is also a Fannie Mae lender and try to get them to work with us? At this point, Wells Fargo has NO incentive to modify our 5/1 IO ARM. Oh yes, they did offer one of their refi programs...with $8000 in closing costs!!!! Wells Fargo is scandalous in they way they treat people. What do we do now?? My neighbor has started to miss mortgage payments. I hope we don't have to ruin our credit rating just to get a mod. When it resets, we won't be able to afford the house. Help! I need ideas.

ugh_2009 · 06-10-2009, 05:18 PM

Hey terie,

Sorry to hear that you did not get approved. Don't give up, keep pushing for a solution that will work for you -

Did you call the executive team? Try and get a some numbers on where your DTI needs to be. They say its "too high", let them know that you would like to work on it and reapply but need to know a target number.

How come they are able to offer you a refi when you are underwater?

waitingpatiently · 06-10-2009, 07:03 PM

Terie,

I can feel your frustration...I'd be livid if WF took the liberty to add in expenses that we didn't really have. Did you call them to check all the numbers in their system? Maybe they miss entered the amount for gas and maybe they will reconsider.

The Obama (HAMP) program guidelines on available here: http://www.treas.gov/press/releases/...es_summary.pdf

Do you meet the DTI ratios? If so then you should point that out to WF. I know it's been suggested before but I'd call WF executive team first thing in the morning.

Do you have your story posted on another thread? I don't want to ask a bunch of questions that have already been answered.

Good Luck...Keep us posted!

terie · 06-10-2009, 07:13 PM

This is the only thread we have been on so far. I appreciate any advice offered. My husband is the only one on the loan, because my ex ruined my credit, and WF keeps saying they don't get the letters on file allowing me to handle things. That is a big problem since my husband is clueless talking to people (he's an engineer and "talks" to electronics) and I handle all the finances. I plan to walk the letter into the local branch. WF did the numbers over with him, but when it's all verbal, you never know if they are actually fixing things. They still said it was wrong for their program. They told us we won't get a letter from them "until all the other plans that they have to offer through WF ourself are explored and offered." Bunch of BS. They're just trying to find a way to keep it like it is. They also offered a one year moratorium on payments, with a balloon payment at the end of the year???? How does that help anyone?

nbtapia1 · 06-10-2009, 07:53 PM

Quote:

Originally Posted by *** Damiano

With NACA you do not need to go to the workshop at this time..............you should be able to go through the online process and set up the phone counseling appts. instead.....

https://www.naca.com/refinance/refinanceTenStep.jsp

*** Do you not is W/F would work in a modif if it's for a rental property..... our rental property pays P&I., but not enought for Taxes & Ins... Will they work in Mod rental property?
please advice

nbtapia1 · 06-10-2009, 07:58 PM

waitingpatiently
Do you if W/F works on loan Mod for rental properties., ours pays P&I., but not enought to pay taxes & Ins. And my income only is enought to pay primary home which I'm trying to do modif with BofA.

Moe Bedard · 06-10-2009, 09:32 PM

nbtapia1,

You would need to contact Wells and ask.............it will depend on the investor and if they are modifying rentals or just owner occupied...............some will modify rentals............but you would have to check with Wells on that.

nbtapia1 · 06-10-2009, 10:53 PM

Quote:

Originally Posted by *** Damiano

nbtapia1,

You would need to contact Wells and ask.............it will depend on the investor and if they are modifying rentals or just owner occupied...............some will modify rentals............but you would have to check with Wells on that.

Thanks ***.

The investor for the loan of the rental property with W/F is Fredie Mac... Dos anyone have heard Fredie Mac willing to negotiate loan modf on rental property... income of rental property is paying P&I but not escrow.
wanted some advice from anyone who has tried a loan modification for rental property.

Any advice is appreciated!

05-08-2009, 11:44 AM	#1 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	My monthly deficit too high to get a mod? Background: 2 incomes (1 reduced by approximately $3000 a month due to economy) behind 4/5 mort. payments, began app. for mod. 6mos ago (thanks for exec.office # helped get us answers) I have just received word that I need to work on my numbers regarding my expense/income sheet for Wells Fargo. She wouldn't commit to it exactly, but my exec. office rep. definitely got the message across to me that my $3000.00 a month deficit ( incl. my $4500 Wells 1st mort.) was just too high to do anything with. I am, in this economy, to go increase my income and get all of my other debts modified and reapply for help in 3 months. In the interim, they are offering me a reduced payment of $1300/month for that 3 months, w/ a horrific balloon on the end. What is this? After spending most of my morning reading this fabulous site, I am still wondering what the magic number is? So, you are to be at a certain percent DTI then they offer you a 31% DTI payment if you are fortunate enough. I am understanding my jump was just too much for them to make, anyone know what the deficit should around each month to be considered, so I can go attempt a miracle in the next couple of months?

05-11-2009, 03:07 PM	#2 (permalink)
jennifer123 Senior Member Join Date: Feb 2008 Posts: 97 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? hi there, i am currently with wells fargo and was put on a 3 month forebearance plan which reduces my payment from 2,600.00 to 1,800.00. the balloon amount is the amount they put in the back of the loan. you dont have to pay that. as long as you make those 3 payments on time not a day late they will modify your loan. they want to see a good faith. this is my seccond loan mod with them. my first one in july 2008 and now. hope this helps

05-11-2009, 09:10 PM	#3 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Jennifer 123- thank you for your comments, they were encouraging to me. I am planning on paying my payments on time as well as reducing a bit of my debt (through c.card modifications, my second mortgage is being modified, etc.) so hopefully Wells will consider a modification at that point. Thanks again for taking the time to post a response to my thread... Zap09

05-27-2009, 10:10 AM	#4 (permalink)
mriegs Member Join Date: Apr 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Jennifer 123: Thank you as well; as I was just put on the same program and was concerned that I would not get the modification after making the payments. In fact, I have set-up automatic payments for these payments to be taken out of of our account so that there is no chance that the payments are late. Did you have to provide addtional information after your third payment or have to call in regards to your modification or was it automatic?

05-27-2009, 02:16 PM	#5 (permalink)
saeta78 Senior Member Join Date: Jan 2009 Posts: 38 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? My loan is with GMAC but this is what i used. I originally had a $600 + deficit but the rep told me it was too high and he "helped" me lower it to $230 ish. Then he told me that would be accepted for a modification. So, its true, you can't have a large deficit. I have seen people who are at 0 or at $100 on the plus side.

05-28-2009, 05:39 AM	#6 (permalink)
PERSISTENT32 Senior Member Join Date: May 2009 Posts: 103 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? I thought you had to have a surplus of 100-200 at the end of the month for a successful modification. Ask *** and Moe they would know based on their experiences with loan modifications. Its crazy because the banks want to see you can afford the loan but you only have a small amount of money left over at the end of the month ...if an emergency happens you will have a deficit.

05-28-2009, 05:51 AM	#7 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Jennifer123- I was told to send certified funds for our first forbearance agreement payment and after that use a different method. I have only made a first payment, so I will have to keep you posted on if there will be a modification at the end. However, I did receive a funky call last night from a mortgage dept. rep., he asked me to go over/update my numbers/expenses with him. It was shocking (although I am a lot less shocked now adays than in the beginning) to hear that 3/4 of the info. they had in their computer was incorrect. The numbers were off by hundreds of dollars, in one case 400 dollars. We corrected them and I asked where did they get those other dollar amounts as those were not even close to what I provided, he simply stated "they sometimes get entered incorrectly". They didn't even have my second mortgage on the form. what I am referring to is the form they have you fill out regarding your expenses to apply for a modification. No wonder my application was denied and I was offered a forebearance. I will keep you posted.

06-03-2009, 11:56 AM	#8 (permalink)
dcguy Senior Member Join Date: Jun 2009 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Hi Zap09- I am also in a similar kind of situation or may be even worse .... I have sent all the paper work including monthly expenses .... We were doing fine till couple of months back when my husband lost his job and our household income went down drastically ..... so after 4-5 updates on monthly expense (to and fro with WF) .. currently our monthly deficit is around $2000 .... Do you think whether they will consider me for loan mod? I have been calling them since coupld of months but no good response yet .... Thanks,

06-05-2009, 06:48 AM	#9 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? dcguy- From what I am gathering, as crazy as it sounds, WF wants to see that you have a small ($200-300) surplus each month according to your "income/expenses". After your credit card modifications,2nd mortgage modification, cancellation of gym memberships, food budget drops, gas prices have gone down, car payment modifications, your new border moves in, etc... perhaps your expenses will be reduced enough to be reconsidered for modification. Make sure the rep. also reads to you what currently is in the computer for each expense, as I earlier stated, my numbers were "entered" incorrectly by someone on their end. The investors don't want to see you as too great a risk, the thinking here really something- but definitely try again to get your numbers where they need to be. By the way, all of my other creditors were fairly easy to get a modification with- right over the phone- every one of them. Keep us posted...

06-09-2009, 09:50 PM	#10 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wells Fargo Success....maybe?? Dear *- I am not sure how to contact you directly within this forum, so I am interjecting here. You seem so very knowledgable about the modification processes, do you by chance work at the law office affiliated with this site, as I am definitely leaning toward seeking professional/legal help at this point. I was about to make my 2nd (of 3)"repayment agreement" payment with Wells and I got a letter today stating I am "denied" a modification. I called and they said guidelines for the investor are not met. I am currently showing a $272.00 surplus each month. the rep I spoke to led me to believe my "expenses are too high". Where do these numbers need to be? I can go to my employer and beg for help perhaps. The rep also said that I am no longer in the "repayment plan/3month trial period" and moving toward foreclosure. I checked out your link on another thread detailing the government requirements, I have to admit this went over my head. I am feeling pretty hopeless at this point. I will call the exec. offices in the morning to confirm my dire straits, but I don't know where to turn. The rep did mention resubmitting my financials but I am clueless as to what would create the likelyhood of a modification. Could it be that my investor doesn't even offer modifications? Why would they want this upside down property, instead of a reasonable new payment from dual income home? I am missing something...please advise, but * can you please keep it simple-I am new at this.

06-09-2009, 10:17 PM	#11 (permalink)
waitingpatiently Senior Member Join Date: May 2009 Posts: 91 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? ZAP09 Just out of curiosity how did you get your cc's modified? I have one cc with a fairly large balance and if it's worth a try I'll call them otherwise I'll just keep paying them and finally pay it off...thanks for any info. you have on modifying other debts.

06-09-2009, 10:22 PM	#12 (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: My monthly deficit too high to get a mod? I do not work for the attorneys office............. just here on the forum helping members...........before hiring the attorney, see why the modification was denied first and then go from there.............. Try calling the Executive Team in the morning and see if they can help ...............they have been able to help other members even after a denial....... 1-800-853-8516 Also, If this is the only property that you own...............you may want to see if NACA can help.............they are a HUD certified counseling agency and the services for their Home Save modification are free..............here is the link for that information....... https://www.naca.com/refinance/refinanceTenStep.jsp Keep us posted on what you find out from the executive team........... __________________ 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.

06-10-2009, 08:43 AM	#13 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Thanks ***, will do...

06-10-2009, 08:48 AM	#14 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? In response to "waiting patiently"- I called my credit card companies and stated that due to the economy we are experiencing a financial hardship and I absolutely need some help with my credit card payment. All three of my cc's were very accomodating, took a bit of info. over the phone and presented me with options. I chose the option that was best for us and that was it. All of my payments were significantly reduced to a fixed low rate and cards closed. I just needed lower monthly payments and got them right over the phone. Hope this helps.

06-10-2009, 01:09 PM	#15 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Thanks ***. I did talk to a exec.office rep this morning. She did confirm that my modification had been denied because it did not meet investors guidelines. She stated that I can resubmit my financials if they have changed. So, I am going over them fine tooth and comb, to get those expenses lowered. Things like I am getting a new health insurance plan to take off $88/mos., I am calling car ins. to take a look at that. At a $272.00 surplus ea. month I don't know what I am aiming for, but will take a swing at it. It sounds like the investor goes off of a credit bureau report (which doesn't reflect the latest modifications on credit cards, HELOC, etc.) So I am supplying documents for each expense I can to show the true picture of where we are at. I also have an e-mail out to NACA as you suggested, all their workshops are full at this time so I am waiting to hear what my next step will be with them. The amount of info. on there website is quite a lot. I am thinking I have actually done some of the steps they do, but I would love some help.

06-10-2009, 01:16 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: My monthly deficit too high to get a mod? With NACA you do not need to go to the workshop at this time..............you should be able to go through the online process and set up the phone counseling appts. instead..... https://www.naca.com/refinance/refinanceTenStep.jsp __________________ 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.

06-10-2009, 01:42 PM	#17 (permalink)
waitingpatiently Senior Member Join Date: May 2009 Posts: 91 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? ZAP09 Thanks for getting back to you about the cc's...I will try that as well! I wish you luck with your Wells Fargo Modification.

06-10-2009, 04:40 PM	#18 (permalink)
terie Member Join Date: Jun 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? We applied to WF under the HAMP mod program(hardship). Payments are current, but we have run though our savings now. We were denied because our "our debt to income was too high and the investor didn't aprrove of that." We showed about $100 on the plus side, but then we found out they had added in $275 a month for gas?? We are always under $100 on that expense so it kind of outraged me they took the liberty to do that. My question: We have a Fannie Mae loan. Isn't our "investor" Fannie Mae and isn't the object of the program to get your payment down to 31%? We've never missed a payment or been late. Is that part of our problem? We also put down 20%, maybe that was wrong too?? Sure our $345,000 Las Vegas house is worth about $200,000 now, but isn't this program supposed to help the home become afforable because my husband lost so much income? Can we go to another lender that is also a Fannie Mae lender and try to get them to work with us? At this point, Wells Fargo has NO incentive to modify our 5/1 IO ARM. Oh yes, they did offer one of their refi programs...with $8000 in closing costs!!!! Wells Fargo is scandalous in they way they treat people. What do we do now?? My neighbor has started to miss mortgage payments. I hope we don't have to ruin our credit rating just to get a mod. When it resets, we won't be able to afford the house. Help! I need ideas.

06-10-2009, 05:18 PM	#19 (permalink)
ugh_2009 Senior Member Join Date: Jun 2009 Posts: 126 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Hey terie, Sorry to hear that you did not get approved. Don't give up, keep pushing for a solution that will work for you - Did you call the executive team? Try and get a some numbers on where your DTI needs to be. They say its "too high", let them know that you would like to work on it and reapply but need to know a target number. How come they are able to offer you a refi when you are underwater?

06-10-2009, 07:03 PM	#20 (permalink)
waitingpatiently Senior Member Join Date: May 2009 Posts: 91 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Terie, I can feel your frustration...I'd be livid if WF took the liberty to add in expenses that we didn't really have. Did you call them to check all the numbers in their system? Maybe they miss entered the amount for gas and maybe they will reconsider. The Obama (HAMP) program guidelines on available here: http://www.treas.gov/press/releases/...es_summary.pdf Do you meet the DTI ratios? If so then you should point that out to WF. I know it's been suggested before but I'd call WF executive team first thing in the morning. Do you have your story posted on another thread? I don't want to ask a bunch of questions that have already been answered. Good Luck...Keep us posted!

06-10-2009, 07:13 PM	#21 (permalink)
terie Member Join Date: Jun 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? This is the only thread we have been on so far. I appreciate any advice offered. My husband is the only one on the loan, because my ex ruined my credit, and WF keeps saying they don't get the letters on file allowing me to handle things. That is a big problem since my husband is clueless talking to people (he's an engineer and "talks" to electronics) and I handle all the finances. I plan to walk the letter into the local branch. WF did the numbers over with him, but when it's all verbal, you never know if they are actually fixing things. They still said it was wrong for their program. They told us we won't get a letter from them "until all the other plans that they have to offer through WF ourself are explored and offered." Bunch of BS. They're just trying to find a way to keep it like it is. They also offered a one year moratorium on payments, with a balloon payment at the end of the year???? How does that help anyone?

06-10-2009, 07:58 PM	#23 (permalink)
nbtapia1 Senior Member Join Date: Jun 2009 Location: USA Posts: 43 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? waitingpatiently Do you if W/F works on loan Mod for rental properties., ours pays P&I., but not enought to pay taxes & Ins. And my income only is enought to pay primary home which I'm trying to do modif with BofA.

06-10-2009, 09:32 PM	#24 (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: My monthly deficit too high to get a mod? nbtapia1, You would need to contact Wells and ask.............it will depend on the investor and if they are modifying rentals or just owner occupied...............some will modify rentals............but you would have to check with Wells on that. __________________ 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.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode