Breakthrough in Wells Fargo Modification

[brapier]

I have been going through the same rigors as the rest of you guys. My sale date was approaching and I only had one day to get it postponed while they are reviewing my modification. Well I sent the following email and within 45 min I received a call from an executive team member saying he was taking over my review, my sale date was postponed and he had notified their foreclosure attorney that the sale date was postponed while in review. He also gave me his direct line and has called twice since last night to ensure he had all the correct information. He also told me the negotiated would be going through him and he would be drawing up the paperwork for the modification and I will have the new terms within the next two weeks. Wow I mean I was calling everyday 2 to 3 times a day and getting the same old, I will tell my supervisor to email the negotiator to postpone the sale date blah, blah, blah. Below is the email I sent and the people I sent it to. It got things done let me tell you.

To: jerald.banwart@wellsfargo.com; mary.coffin@wellsfargo.com; sharon.cecil@wellsfargo.com; Debra.Walsh@wellsfargo.com; rick.kelphart2@wellsfargo.com


Hello,
I am writing you today in hopes of clarification, swift action and peace of mind. It is now July 1, 2009 and I have been involved with the loan modification process since April. The reason I am writing is that the sale date of the home is set for July 6, 2009. There is only one day left to have the sale date postponed due to the lawyers (Rogers & Townsend) that are representing Wells Fargo are going to be closed Friday July 3, 2009 as well as the Sumter County Court house. I have been requesting a postponement of the sale date for approximately two weeks and have not made any head way. There is only one day left to have the postponement accomplished so that my modification case can be properly reviewed. I have received the same answer from the mitigation workers as they brief my case and verify my information when I call, they will have their supervisor send an email to request the postponement of the sale date. I do not fault the workers for doing their jobs, I just want someone to notice the timeframe that is before us and not just give the canned answer. I just want the chance to have my case reviewed before the sale of the home. I am sure that we can come to terms and work an agreement out through the modification process if I am given the time. Please I implore you to look into this matter and help me find some resolution. As I said I have only one day left due to the closing of the offices on 3 July, 2009. Thank you for your time and consideration, below is my contact and account information. I have also attached my hardship letter and all required paperwork from the modification process.

[Evan Bedard]

Hi brapier,


Welcome and thank you for joining..



Thank you very much for posting your story and this info along with emails.

[tomser]

hi
which email address,( executive team wells fargo), did you send did you send all of them or just one of them
and who is the number one guy you can send email for results ??
tomser

[brapier]

I sent it to all of them, I am not sure which exec lit the fire but it was quick. I guess going right to the top is the way to go. I was trying since April to get something done.

[rockraider3]

Originally Posted by brapier

I sent it to all of them, I am not sure which exec lit the fire but it was quick. I guess going right to the top is the way to go. I was trying since April to get something done.

How did you come up with the names who you sent the email to? Were they listed somewhere on the website, people you've come across in your dealings with Wells, or some other place? Thanks!

[brapier]

They were on a website, They are execs with inthe mortgage firm of Wells Fargo

[mickerhawk]

Thank you for the email addresses. I just sent an email to all of them describing our situation and the lack of attention to our impending sale and the cancellation that should have already taken place as we are now under a special forebearance. Hope this gets some results now that we are only two weeks away from the sale. Stress!

[madresmustang]

Way to go and being a proactive voice. I haven't blamed the workers to a point the basic ground level worker answering the customer service only has the notes on the computer to help them. But the people handling the reviews (loan reps/officers) are not handling the process well. My first request to set up payment plan, (from their site) never received, no request for financial docs or hardship letter until pressing exec. office for 3wks. where I requested sending these daily in phone conversations. This has been a crazy ride and I still don't know where the mod stands.

Thankfully they have kept the foreclosure sale on hold. I just don't like the fact I will have to pay the legal fees for a problem WF had with loss of paperwork and lack of communication with someone who knows whats going on.

[Lorybz]

Hi, this is my first time on this forum. I would really appreciate any advise.This is my story: My husband and I bought a house on July 2008 for $375,000 and our mortgage with Wells Fargo is for $300,000 and the vallue of the house now is about $325,000. Our monthly payment is $1590, (without excrows, just interest) 30 y, interest only the first 10 y. then int & principal. By the time of the closing we had an income of about $125,000 annualy. In October my husband's salary was reduced by 15% , and 2 weeks ago I was laid off . So now our income is about 60% less from what we used to do. We are on time w/ our payments and have never been late, we still can make the payments, but it's so hard, we have cut o lot of spends, but are afraid how long are we going to be able to do it. Would it be better to do the modification through one of these firms that do modification? Would it be faster than if we did it? How much do we need to show that we our short from our income. or do I have to show that i can cover all the expenses. How it works?
Thanks in advance for your advise.

[smcali]

hi brapier:

Great... congrats.

I want to discuss my situation... applied to wells fargo for loan modification. called today and was told that file is with the negotiatot. escrow is set up... and negotiator is still trying to work out the mod...

what does all this mean? Should i be hopeful and how long will it take given my situation?

[madresmustang]

Originally Posted by Lorybz

Hi, this is my first time on this forum. I would really appreciate any advise.This is my story: My husband and I bought a house on July 2008 for $375,000 and our mortgage with Wells Fargo is for $300,000 and the vallue of the house now is about $325,000. Our monthly payment is $1590, (without excrows, just interest) 30 y, interest only the first 10 y. then int & principal. By the time of the closing we had an income of about $125,000 annualy. In October my husband's salary was reduced by 15% , and 2 weeks ago I was laid off . So now our income is about 60% less from what we used to do. We are on time w/ our payments and have never been late, we still can make the payments, but it's so hard, we have cut o lot of spends, but are afraid how long are we going to be able to do it. Would it be better to do the modification through one of these firms that do modification? Would it be faster than if we did it? How much do we need to show that we our short from our income. or do I have to show that i can cover all the expenses. How it works?
Thanks in advance for your advise.

Welcome to the forum and I'm sorry your having to join like the rest of us. It would be nice if we all met under different circumstances.

First with the other companies check out what their fees are and what they are really doing. Second was your home insurance backed by Fanni or Freddie Mac? I have heard from others that their mortgages weren't so modification was denied. Do you have a 10yr interest only loan and then a into a standard 30 yr. fixed rate?

I am in the process of them reviewing my mortgage for modification due to loss of income and yes you will have to write a "Hardship Letter" and you will be giving them your budget, tax return, pay stubs the standard loan documentation. Know that this is a long process and if they tell you to stop making payments tell them NO and send in payments for as long as you can. Read more on these forums you will find wonderful advice.

Now on a personal note go to www.daveramsey.com and find where his radio broadcast can be found in your area or listen to some of his past shows online. Then be prepared to join, it has made a world of difference in my viewpoint of money. His books Financial Peace, Total Money Makeover show you how to get money under control during times like this and how to pay off debts so if this economy happens again or goes on longer than expected we can survive. He teaches this from the practices he and his wife live by and how they over came after losing everything. He also has forms to use to design a budget, notify creditors and how to handle the negative calls we get from the creditors we owe money to.

I am fervently praying for all of us who are hit by the economy and circumstances we weren't completely prepared for. I am speaking from what I'm going through and what I read from others.

Keep up Hope it's the one thing no one can take away and helps us get through each day with a smile.

[Lorybz]

Hi,
Thanks for your answer and advise. My mortgage is with Freddie Mac, and 30 years , interest only the first 10 years and the rest 20 years, int & principal.

[madresmustang]

Originally Posted by Lorybz

Hi,
Thanks for your answer and advise. My mortgage is with Freddie Mac, and 30 years , interest only the first 10 years and the rest 20 years, int & principal.

It sounds like you fit in the guidelines that the White House and Treasurery Dept. said about the stimulus money that went to the banks to help fight off foreclosure.

But heed my previous warnings, it's not slow and in a lot of cases I read they don't want to start working with you until you miss 1 payment. But call WF Customer Service or if possible go into a local branch and talk to a loan officer face to face. This may help fight any confusion that the customer service has put a lot of us through.

I hope it all works out for us all. Try to get rid of the interest only, I'm scared of those because look at whats happened with the housing values and the bond rates for housing has been on a yo-yo ride I fear they will go up soon. See if they won't atleast refi and fix rate it at the low rates now and see if it will lower you payment.

[Alexis]

Hi all - we, too, have been going round & round w/Wells F since 12/08. At first were told we had too much @end of month, then told not enough! Total games! A person we do business w/ had also been working w/his bank & no luck w/loan mod. He stopped paying mortgage, they are now working out a mod w/him by reducing monthly payment plus they reduced his principle by $230,000 (not sure who his bank is). This is in CA so our principles are sky high! Anyway we will attempt one more time w/Wells then will probably throw in the towel - also thinking of not making mortgage as this seems the only way to get any attention or help. Good luck to all - will keep you posted if we should have any luck w/Wells. Alexis