Wells Fargo Home Mod - Hopeful?

[seebs]

Hello,

I am new to this forum.

I applied for a home mod through wells fargo, faxed in paperwork at the beginning of June. Wasn't sure if I would have a chance, but figured why not.

my Mortgage, including taxes is over 50% of my income, due to changing jobs, loss of income from wife, and property taxes shooting up.

anyways, I get this letter that tells me that I should hear back from them within 30 days, and send me to this website wellsfargo.com/assist

I go to it, and it gives me this:

Current Status: Reviewing your account

We're currently reviewing your account to evaluate any opportunity for a workout agreement. If we need any additional information during the review process, we'll contact you.

Status Overview

	Step Name	Status
Step 1	Reviewing your account	COMPLETED
Step 2	Preparing modification agreement	IN PROCESS
Step 4	Payment Received	NOT STARTED
Step 5	Documents Received	NOT STARTED
Step 6	Reviewing your account	NOT STARTED

It almost looks like I would be approved, since Step 2 says In Process for preparing mod agreement?

Should I even be hopeful?

It is hard to know what is going on over there, called and said they are still lookingn into it, and hard to know since the process just started.

but it's hard not to be anxious right now.

Anyone familiar with the Home Mod Process at wells fargo? what should I expect? Experiences with them?

any help would be appreciated

[newbaby08]

that is exactly what i got prior to the mod.
i hope that is correct for you, just is very soon... mine actually took since dec 08 to get approved.

good luck with all.

[ltravel]

Seebs...

My mod request was given to a negotiator on May 12th and at that point showed what your "assist" screen does. Step 2 in Process. On June 12th
I was told by the exec line that a computer program had been run that
morning to determine the options, that was exactly 30days and it is very
possible they hadn't even worked on it until then. On June 16th the screen moved on to to the next step and said a Forbearance agreement
was being mailed to me. At that point I was able to get the terms of
the agreement over the phone. So still not a done deal, but there is hope
for a good resolution in the end, we just have to wait until the end of
the forbearance period in November.

I think the timeline is pretty similar if you are still current on your mortgage but going thru a hardship that is going to cause you to be
late very soon. From reading many of the forum threads with WF that
seems to be the case. I think it's the more complicated situations that
are dragging on a bit. My servicer is actually ASC though but Wells Fargo
still seems to be doing all the handling of it, and my investor is Nomura,
not WF or any other known bank.

Hope this helps. Don't make yourself crazy hoping it will happen sooner,
30 days from assignment seems to be the norm.

[ugh_2009]

Seebs,

Are you current on your payments? What is the loan amount on the 1st mortgage compared to the value of your house?

[seebs]

hello,

sorry for extremely late response.

i am still at the same step, though the steps have changed:

Status Overview

	Step Name	Status
Step 1	Reviewing your account	COMPLETED
Step 2	Determine available options	IN PROCESS
Step 3	Processing your agreement	NOT STARTED
Step 4	Completed loan modification	NOT STARTED

looks like it changed within the past couple days. Yes, I am still current on my mortgage. i had to take that 7500 loan from the govt (that buying a home credit loan) and i had other money that i borrowed from my family so far to get me through

right now, I owe 188k, on a house that is probably worth around 130k (optimistic worth?)

it has been 2 months now. i did get a call on july 15 (1 month after faxing paperwork in) saying they are still looking into it and that it's not lost in some paperwork. I called last week, and they said they are still trying to work with the investors.

[seebs]

so we got our papers in the mail. we have to fill out a bunch of paperwork (big stack my wife says).

looks like we go on the 3 month trial period?

i am extremely happy right now.

anything to watch out for from here on out? i just need to make sure i make the 3 payments and i should be good from there?

my heart has been lifted so much now!