Interesting Response from Wells Fargo

[Liz Medrano]

I sent an e-mail to an exec that I am dealing with.

The e-mail is as follows:

Please see the attached HAMP update PDF article- I have a question regarding the extra trial payments that we have been told to make. According to an updated article from -

Critical Home Affordable Modification Program Waiver Granted to Participating Servicers

The "Temporary HAMP waiver for Extension of the Trial Period..." states....

"The servicer must send written notification to the borrower regarding the Trial Period Extension. The notification must be sent by the servicer within five business days following the end of the trial period and include the following statements/information:"



Can you please explain to me why we have to make additional payments, eventhough we provided all required documents, within the required time? Also, why haven't we received a letter from Wells fargo explaining the extension, as described in this update?

Thank you very much.


This was her response:

You are not being told that you have to make the trial period payments to qualify. Please understand that your loan is in the final review for HAMP. This does not mean that your trial period has been extended.

You are being encouraged to pay this amount as it is less than the normal payment, while your request is being finalized. We have received the documentation that you sent in and it is being reviewed to ensure that we provide you with the modification that will suit you.

If you do not want to pay the trail payment amount at this time, that is your decision. If you choose to continue paying the trial payment amount, that is fine as well. But please be aware that not making a payment will put the account further behind and will increase collection activity, while paying the trial payment amount can only help you.

Please let me know if you have any further questions. Thanks!


Thoughts anyone????? Is this good or bad...I don't want to make another trial payment; my husbands says we will until we have an approval or denial.

[Moe Bedard]

Sorry about the forum issues. My tech guys is out to the doctor and I cant fix it

OK, this seems like the typical shell game that has been played since day one by servicers. Imagine multiplying this one or tow payments by hundreds of thousands of mortgages, the numbers add up and are HUGE. This is my theory.

This seems like the new trend, the never ending trial period or the extended stay trial loan modification.

If you don't make the payment, they may say you broke the trial modification agreement and deny you. I dunno, you are all the lab homeowners in this experiment and have to make a choice and or stand.

[ms4187]

Hello all

I want to say that I think it is time that us honest people here start holding these companies accountable. I have used the contact numbers with better results but still no word. I think I am going to file a suit for false advertising and not following the treasury guidelines. They send you the package, tell you to make trial payments and then.it's always something...I see no other alternative. They are playing a game with peoples lives and they should be held accountable. Would like to know your thoughts

[Moe Bedard]

I think we should form groups of homeowners that stand as one in reporting monthly to the media and the Treasury. Our own watch dog group that you all are in charge of. It would have to run like a grass roots campaign with leaders etc.

[ms4187]

I agree....I think if everyone would report their grief to the treasury dept every time they encounter these challenges with their mortgage companies about HAMP then at the least they might do an inquiry. Also file the same complaint to their State banking dept.

I did just that and on Aug 11 the banking dept opened an inquiry with AHMSI. I just called the other day and AHMSI never even responded to them. Amazing. Anyway the agent told me to give him all documents for the hamp that I sent to AHMSI and they will personally fax them from their office and this way AHMSI cannot say they didn't receive them. It is a small step but if everyone complains and starts flooding these agencies with emails and phone calls we might get some attention.

I called the contact numbers for AHMSI that were on this site and they connected me with someone who atually was able to find my package in 1/2 hour. What is interesting is that he told me that unfortunately AHMSI has outsourced all HAMP modifications to India and that it will take a while before I hear anything. I encourage ALL AHMSI customers to just forget the 800 number and just use the contact numbers. These people will eventually get sick of hearing from you and help.

[Liz Medrano]

I have filed complaints with both the Treasury and the White House, regarding my situation in general, and have not had a response from either of them... I submitted the complaints over two weeks ago.

[Liz Medrano]

I also wrote on the Wells Fargo blog....that is how I got a direct contact with the executive office. I don't know if it has helped me, but the bank did respond to my questions fast. However, I didn't like the answers I got.

[ultimate4799]

Hey Liz,
Can you help tell me the contact info(email+phone#) of the exec office your dealing with for Wells Fargo? Just like to send them email and see how they respond on the run around their reps are doing on my loan mod request. I appreciate it.

[Liz Medrano]

Ultimate...

This is my connection-Good Luck!

Angie Olson
Executive Mortgage Specialist / Office of the President / Congressional Support
Affiliate Relations Hotline
Wells Fargo Home Mortgage
MAC X2302-02X
1 Home Campus
Des Moines, IA 50328-0001
Phone:1-800-377-1112, ext. 42331
Fax: (515) 324-2476 or (866) 968-9563
angie.olson@wellsfargo.com

[sagers]

My question is...has anyone not continued to pay the trial payments? I have completed mine, and they told me to still pay. I don't have anything in writing from them, and I keep getting mixed messages from person to person. But they all say...just keep paying the trial amount. I'm wondering if I don't what will happen. It's my understanding they can't foreclose until they decide whether or not I qualify for the mod. Any input?

[JS1scuba]

Originally Posted by sagers

My question is...has anyone not continued to pay the trial payments? I have completed mine, and they told me to still pay. I don't have anything in writing from them, and I keep getting mixed messages from person to person. But they all say...just keep paying the trial amount. I'm wondering if I don't what will happen. It's my understanding they can't foreclose until they decide whether or not I qualify for the mod. Any input?

When I was told the end of July that my modification was approved and that they were preparing paperwork I asked If i needed to make a payment. My loan Mit officer said that I could make payments if I wanted to but that the paperwork would not require a payment due until October. The August payment went unpaid, the September payment went unpaid. I recieved all the loan mod agreements last Saturday - Monday I issued a bank check and returned it all to WF. They have my Executed Loan Modification Agreement, the Title Company has the agreement in their system, and i'm just waiting for the recording. I've already sent copies to the Title Company so they have it as well.

I did may payments on the mortgage up until we cut our deal. Then waited on paperwork.

Lock yourself down to working with ONE person. Call them every 2 days. Document your calls, keep records, Don't wait for them to make an offer, discuss with them what YOU would like.

FACT they just dropped my rate from 6.75% on a 30 yr Fixed to 3% 36 mos then 5% thereafter. It's a new step rate modification they have. It cut my payment back by more than $600 and I did NOT do trial payments, etc. It did take me 5 mos to do it but keep at it. Don't Get Emotional......

Cheers
JDS

[litehouse01]

Its a personal decision of coarse whether you decide to continue paying but if it were me I would continue to pay....as I will be making my 4th trial payment in a few weeks... I will pay....I feel like they have us over a barrel and while It would be great to stand up and fight and yell and all that jazz..while my house is on the line I am going to walk the straight and narrow path in hopes I can get approved. I am certainly not denying the banks are playing games its like a line in the sand and they are always stepping over the line and they know we are at their mercy all of our homes are on the line..we are just a number to them and I know that..but I want to keep my home so everyone has to decide what they are willing to do..if another payment makes me look any better in their eyes then so be it thats a small price to pay to keep my house and NOT stand on principle. I know from what I have read on here alot of folks want to take a stand on princple and thats great whatever you are comfortable with is what you should do. Just my 2 cents worth.................................

[fixed]

JSIscuba - how do you find just one person to lock into? Everytime I call WF I get someone new - I have asked for extension and was told that any one could help me.

[patrick0]

So they say that payments are not required during the trial period for a loan modification to be approved. But, what about oppostite case when one needs a loan modification but elects to not enter the trial plan? Or if one decides at some point after the 90 days to simply payoff the delinquency caused by the trial program (by borrowing money from elsewhere). What would happen? Would the loan modification approval process come to a halt?