Asc/wells Fargo second modIfication

[mar639]

Hi, I'm not new to the forum. Thanks to moe and everyones support I recieved on this forum I was able to get my loan modified I'm march 2008.from an adj. Rate I was able to get a fixed rate. From there on all went well till nov. 2008when my husbands hours from work were reduced therefor his pay was reduced. And to make matters worse we also experienced unexpected repairs at home. So I contacted asc a requested a loan modification on our second loan which after 45 days we were denied.
So we contacted a lawyer which started workin on our file and also requested a loan modication for our first loan as well.
In march 09 we were approved for loan modification on
our second loan. Not much of a savings but at least we no longer had a balloon
paymnt. Also in march 09 we were put in a 3 month trial payment (forebearance modification) for our first loan.on June 1st we completed the 3trial payments. In our agreement it showed that once we would complete the third payment our file would go into final review for permanent modification. A few days after making the final payment my lawyer would call every two weeks to check on status and asc would tell them that it is in final review.
Meanwhile on June 30th I make my normal mortgage payment right after completing my third payment in June convinced that the June 30th payment would be for July and it was applied for june and obviously I had money also in suspense acct
meanwhile my tenants one day just move out without notice,plus they damage the apartment and to make thing worst my husband is out of work for 5 weeks. We needed to put in new floors into the apartment,repair the plumbing etc to be able to rent again. Come July still no modification my file is stl in review. On July 31 I make a small payment to
make up the difference I have I. Suspence acct. For them to apply for june payment.
On august 3 my negotiator calls me saying he has submitted the proposal on July 30 and that my file is in quality status and if all goes well I should recieve my papers within 2 or 3 weeks. But nothing is definite.
As of today august 8 I owe July and august payment, I've been charged a fee for property inspection ,and a late fee plus other charges (which asc) couldn't explain) still no tenants and most of all no final modification. My husband did go back to work but as of Monday he will be out of work for another 4 weeks. Yesterday ialso recieve a notice of default from asc for July payment including august payment to be sent by august 18.
I simply don't understand why it is taking so long? it has been 68days since I made my final payment of my trial period and I feel like i'm
with one foot out the door.
Any suggestions would be appreciated.
Thank you,
Lina

[newbaby08]

omg this is so much my story.

i had completed the 3 trial payments.......on 4/28 ( act may09)
on june 16th rec'd the mod paperwork signed and sent back within 24hours.

first payment which was fixed and about 300.00 less than orig payment and due aug1st.

on july 30 called because did not rec monthly statment and wanted to pay over the phone was told............THEY DENIED THE FINAL MOD AFTER PAPERWORK WAS RECEIVED DUE TO AN INTEREST ERROR. they are re-mod as we speak.

Meanwhile i have not made any payments since may ( trial has ended)

They state the paperwork will be mailed within a few days.

If it is more than the first mod that we recd i think i am going to go tomy lawyer and see what can be done becuase i think this is crazy.

[mar639]

I call Wells Fargo direct # everyday and so far they have told me that my file is in " Quality status and my paperwork should be in the mail shortly. When the negotiator called me on August 3 he told me what my new rate and payment would be and if approved I should recieve the paperwork shortly.
I called WF the other day and the rep. told me that my rate and payment was approved by negotitator on August 6th and now it is with the investor, for him to sign and paperwork should be in the mail shortly.

Now the weird thing is that the negotiator told me my new rate would be 5.095% and the rep. told me that my rate was approved for 5%, giving me totally different monthly payments.

I call WF today and the rep. tells me that my file is still in final review, and that I should be recieve my paperwork shortly, and to just call often to check on the status.
I will call again tomorrow , hoping to hear that the paperwork has been mailed or will be mailed. If I get the same answer as usual then I will contact the Executive team.
Tomorrow will 72 days since I made my 3rd and final special forebearance/modification payment and still no permanent modification.

Lina

[mar639]

Well today I called WF again to check on the status and as usual they told me it is in final review but the rep. sent an email to the negotiator for him to contact me within 24 hours.
When I got off the phone I call the executive team and spoke with Jennifer and explained my situation. She had asked me when I made my final payment for the trail modifcation and I replied that it was made on June 1st.
She then put me on hold while she was going through my notes. She noticed that there is a delay and can't explain why my file is still with the investor.
Her doubts are: why my file is stuck with the investor? and she will definetly escalate it. She told me she will get back to me with more information and if I dont hear back from her in a few days I can definetly call her back.
She was very nice and very professional.
I asked her if I was approved or not , because they have given me my rate and payment but to me it sounds really odd that I haven't recieved any paperwork. She told me that she sees that there is no reason for me not be approved.
So I guess now its a waiting game to see who calls me first, the negotiator or the investor?
Lina

[mar639]

Hello,
I just want to update my situation.
This morning I made my usual call to WF direct # to check on the status of my modifcation and the rep as usual told me that my file is still in review and has been assigned to a negotiator on July 24th. This really bothered me. I then told her" just yesterday I was told that it is pending investor approval and I should expect it in the mail very soon". She then replies with a different tone in her voice: That no!... my file is still in review and needs investor approval. Then I replied with a different tone in my voice:"No... I was told yesterday that I should expect a letter soon and I got so upset that I just hung up".

Then I called Jen's direct # at the executive office , the call wasn't successful due to her voice mail. Then I hung up and called the executive team 800# and I spoke with Carrie and explained to her my situation , just like Jen she was con concerned about why I still haven't recieved my permanent modification. Then she told me it was due to the fact that when I had my second loan modified last March their was an error in subordination and she did apologize by stating thet their has been and internal error on their part and that she would immediately send an email to Jen who took over my file. Then she also told me that Jen will get back to me soon on more information about my file. Carrie was very nice and professional and she had also put a hold on my foreclosure becuase I had mentioned to her come Septmber 1st I would be 3 months behind and I wouldn't want to recieve a foreclosure notice.
I thanked her very much for taking my call and clarifying our situation and understanding our hardship. I was on the phone with her for about 20 minuites or so.

This afternoon I was feeling so depressed and concerned so I decided to go for a walk to clear my thoughts. As went out I looked back at my house with tears and thinking to myself;" after 4 years of sacrifice, hard work , worries, always making timely monthly payments, joys , laughter and wonderful neighbors, friends It cant seem that I have come so far for nothing. Then I stopped and I kept saying to myself this can't be possibile, I recieved a modification last year, I recieved a modification on my second loan and now it can't be possibile I'm unable receive another modification on my first loan.
I changed my way of thinking, I started thinking positive and as if I felt a certain courage to fight this. I felt strong.

As I was walking I had realized I didn't bring my cell phone with me so I felt an urge to go back and get my phone. After I did I continued with my walk not even 5 minutes had gone by the phone rang and it was Jen from the Executive offices. She called me to let me know that this afternoon my modification was in the mail and I should expect it within 2 days. ( regular mail)
I felt a sense of relief and I was happy.
I asked her about the terms and when my first payment would be due and she told me that my new rate would be from a 7% to a 5% and my first payment is due Oct. 1st. They capitalized 2 months.

I will be posting about my modifcation on the success baord once I recieve my package.

In my opinion the best thing I ever did was to phone the executive team, its the only way to get things done.
If it weren't for Moe and for this wonderful forum I would have never come across their number.

Thank you!

[RubyLou]

mar639 - what's happening with your ASC modification? You haven't posted since 8/13/09. You were supposed to get your mod in the mail within two days. I'm following your success with ASC because my son has a predatory ARM loan with them.