Obama HAMP denied by WF because I “may” qualify for Refi?

[nathanb]

Hello,

Forgive me if my situation has been answered in a previous post. I just found this. I am trying to figure out which of the new Obama plans I will qualify for or if they are even available yet. I understand the refi plan is not available yet, but the loan mod is? I am pending a call back from someone at Wells Fargo, but I am wondering if they will even take me seriously since I am current on my payments and what i should say. Here is a quick run down of my situation:

-Bought my house in July 2008
-6% 5 year IO
-I thought things were at the bottom and I would be able to refi at a later date which is why we did the IO.
-My mortgage payment including tax is 53% of my income
-I don’t think I can afford a 30 fixed P&I, even with the lower rate because I can hardly pay my IO payment
-Value of my home is right about my loan amount (100K less what I paid for it!!!)
-Loan amount is 388K
-My income is only about 5K less annually then when we purchased
-My wife can not work because we have a special needs daughter. Her medical costs are paid for, but she needs to go to appointments, special school, and therapy daily, which makes it impossible for her to work. However she did not work when we go the loan either.
-As of now our insurance/local aid coverers her medical expenses. but the additional aid will stop when she is 3 (2 months away) and we will have to start paying for various equipment and hearing devices.
-I did that math and in order to get to 31% my payment would have to be 1.65% with a 40 yr loan. I would be elated with 2% but is this something they are automatically going to?
-My loan is backed by Fannie Mae


I could go on, but I will spare you the details. Let me know if anyone needs more info to help figure out if I would qualify for the loan mod


Thanks for you timeJ

[Moe Bedard]

Hi nathanb,


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

The information regarding the plan and Wells Fargo can be found here
https://www.wellsfargo.com/mortgage/.../stabilityplan


the guidelines to the modification to see if you fit the criteria are here
http://www.treas.gov/press/releases/...guidelines.pdf


you do not have to be in default to apply for the modification..........

contact Wells from the Homeowner's Assistance page to find out if they have the guidelines implemented yet............

[nathanb]

thank you *** for the reply. I looked over the guidlines and it looks good

[nathanb]

Hi, ffice:office" />

My bank is Wells Fargo. I faxed the hardship letter, paystubs, tax return etc. They told me I should get a response in 30 days?

I am sure they just say that to error on the side of caution, but does anyone know how long it should take for a reply? I was thinking i will follow up early next week.

Thanks:)

[e!!wald]

It has been my experience and the experience of others regarding this forum that you can do no wong in putting your voice in their head every other day or so...

[Moe Bedard]

You should call them at least once or twice per week to check on updates for the modification...........and if you have not done so already, also check to make sure that they in fact did receive all of the information that you sent in.

[nathanb]

I will call them now. I will make sure i stay on them! thank you!

[nathanb]

Hi, ffice:office" />
In one of my conversations with WF they told me to call a HUD approved Credit councilor. I set up an appointment and spoke to them for about 45 min. They just sent me a summary of that conversation with a budget/expense breakdown as well as some recommendations to decrease my expense so that I do not have the $51 deficit they are coming up with (only 2 that are really possible). Also it says to pursue loan modification and if I cant do that to pursue a short sale. Is this something i should send to WF? I would think it would be a positive thing showing i am trying to fix the situation and explore all possible ways to reduce debt...but then again I don’t know if it will backfire in some way. One thing it does say is my home value per zillow is 485K (this is my purchase price in 7/08) this is not correct...my neighbor (bigger and new roof) just sold for 345,000! I noted that next to that part, but i am wondering if i should not send it because of that.

Any input would be great, thanks!

[nathanb]

The last two weeks has really been nothing new, only thing i hear is pending, pending, pending..... I have my negotiators name but no one will ever let me talk to him. i was thinking of trying to email him. does anyone know the format for wells fargo emails???

Thanks,

[5in1arm]

Nathanb, Have you tried the executive office. I called a number posted by *** for the executive office and it was the best thing I ever did. I either call the executive office or they call me and tell me updates. Loss mitigation is a joke.
After a month of this process my negotiator called me this past week. I was able to call her back and faxed her some information she needed. She said if they decide to do the mod. then it will be signed off by the Vice President then I will be notified with a few options and it would be effective June 1st. My situation is very simular to yours but my house is upside down 200k. My loan is 5 in 1 and I have interest only.
Keep trying thru the Executive office and it will work.
Good luck.

[nathanb]

Thanks 5in1arm. Yeah I have talked to Executive offices before they are the only ones that seem to know what they are doing. I guess I don’t want to cross the line-being persistent vs just pissing them off so they just don’t want to help me. Plus it seemed like for a while I was making good progress, but lately it has been nothing. I will call them tomorrow and be more adamant they take it over.

I will let you know how it goes.

[5in1arm]

Nathanb,
When I called my executive team member I left a message with my negotiators name and a few days later the negotiator called me. We played phone tag for a bit but after about 10 calls she answered her phone. Persistance pays because there are so many people they are processing.
Once again good luck and keep me posted. And I will do the same for you.

[kat10]

Nathan,
Calling the exec level was all about letting them push the envelope w/loss mit. They become your liason.
You most likely won't be able to talk to your negotiator until later in the process. Until then, your contact at the exec level is where you need to focus. Most of us that have contacted the ERT, thanks to *** posting that for us, have had positive results once we focused on that contact person.
Be patient and persistant. Try this....next time you speak w/ your ERT rep, ask him for a phone appt say maybe 1 wk out and request he be ready to go over your file and give you the updates at that time. You also be ready w/ all notes and required documentation to submit immediately if requested...even if you have already sent them in.
Without going back to all your previous posts, you 've been going through this for awhile, haven't you? You've followed multiple postings, you've seen what we've all gone through, so now it is time for you to GETrDUN!
ciao for now
k

[timothy1]

Hi,

I am in a similar situation, I have a first with WF for 276,000 a second with WF for 79,000 and a third with a credit union for 58,000. my house is only worth 302,000 according to Zillow. I am on time with all but barely. I am requesting a modification on the first. WF modified my second, but it only saves me 80.00 a month for 12 months. I hope I have better luck on the first. Good Luck!

[nathanb]

Thanks everyone for your replies!

I called the exec offices and asked them to take it over and gave them my issues. They said that they did not see a problem with Loss Mit. The issue is just the processing time and that is out of their control. She did tell me that what the so frequently used "pending" actually means. She said that WF review was complete and they have submitted to my investor (Freddie Mac) for a decision. She said they have been told not to push the investors and the do not have control on how long it takes the investor to reply. I guess i am reading into this but it seems like a good sign that it has been submitted to Freddie, if they say yes i cant imagine many more reasons it will get drug out!?!?!?! Also, If it was not looking like i would qualify I would not think they would have submitted to the investor. Anyway, whether they know it or not i am done calling loss mitigation...i will just call Executive offices from here on out. Thanks for your input and support:)

[kat10]

Nathan,
Glad to hear about your progress. I would continue to call ERT at least once a week.
k

[nathanb]

Just an update: I finally got a really nice lady in executive offices last week. Apparently my BPO request slipped through the cracks…was requested on 4/10, then again on 5/13. She was going to investigate the hold up. Talked to her again today and still nothing from loss mit, but she said that she checked around and a BPO should only take 1 week from start to finish. She is escalating up to her supervisor to get involved. Plus I got her direct line!!!!! Wahoo!!!!!! This does not sound like much, but I have been at a stand still for weeks and weeks, this is the first news that sounds like someone is actually going to make something happen.

Thanks!!!!!!

[5in1arm]

Nathanb,
Keep after them. The executive team really kept things going for me. Hopefully you will get good news like I did soon. Take care.

[kat10]

Nathan,
Cool deal. Once your BPO is complete you shouuld be able to complete fairly quickly.
Glad to read you are finding some of the peace you need. Hey grab the good stuff while you can. Anytime you (me,we,us..) get ahold of a live body that can actually give us any reasurance that the process is really moving is freaking fantastic!!
Looks like you and 5in1 are lucky ones and are moving forward.

later,
k

[5in1arm]

Nathanb,
Any updates on your MOD? Take care.

[nathanb]

Thanks! yeah, the BPO came in on 5/15 and the value is in line with what i was thinking (low). Per the NPV Excel sheet test posted in another thread i pass easily. My person in executive offices told me it should only take another week at this point (that was 5/19) she was going to escalate it to her supervisor to make sure the rest goes smoothly. I called today and my person was out. so i will call her again tomorrow. I am praying for an answer this week. I will let you all know! fficeffice" />>>

[5in1arm]

Nathanb,
Good deal! I'll keep you in my prayer's as well. Sounds like things are going smoothly. Take care and keep in touch.

[nathanb]

Ok so thought I was in the home streach They were reviewing me for HAMP program since 4/10. I just got a decidion and it was NO! the only reason she could give me is I may qualify for the Obama Refi plan. I did not see ANYTHING in the guidelines that says this. I can not refi, but cause I do not have money for closing cost and I am in an IO so 30 yr fixed even with the lower rates will be at least 300 more than my current paymentper month that I can not afford!?!! They said they would review for other Mod options, which makes no sense if they will not put me through the HAMP because they feel I should refi! My rep in executive office is going to go over my case with her supervisor today. This does not sound right does anyone know of some sort of governing body for the HAMP program that I can contact for banks not complying with the terms of the program?

I can not believe this happened!!!!!!!!!!!!!!!!!!!!!!!!!!

[waitingpatiently]

nathanb,

Do you know what your BPO appraisal came in at? I'm just curious because looks like we are in the same situation. My BPO was done 5/21, so I'm thinking I'll hear something from WF soon.

My BPO came in at $360K and we owe $417 on 1st thru WF and $45 on 2nd also thru WF. Paid $520K in 2006.

When I called last week the guy told me they are trying to get me approved for the Obama Plan, but then he also said something about HAMP - Do you know what HAMP stands for? I was under the assumption that Obama program and HAMP were the same...

waitingpatiently

[nathanb]

HAMP is the obama plan. Home affordability Mod Plan. My loan is 388K and BPO is 385...since i am under 105%LTV they obviously want me to do that because it is better for THEM. but it defeats the purpose of helping with my payment, my payment will go UP $200 per month. You wont have this problem because your value so much less than the loan. I just dont get where they came up with this...per the guidelines if i meet all the criteria for the mod, hardship, imminent default, pass NPV test..they the must modify. Apparently not. Now i have been sent to be reviewed for the Refi, if that is not approved then they will consider me again for the HAMP. I cant see how they would approve me for the refi, my DTI is out of controll now and it would go up with the higher payment.

Good luck! fficeffice" />>>