What to make of the package Wells Fargo just sent us

[we're_still_reviewing]

We began this process in March 2009 just about 10 days ago we were denied for a mod. I emailed someone at the executive offices and recieved a call the very next day from Cathy Brewer. We received a package via UPS. just today..... it asks us for

1. Hardship Letter (this will be the 3rd we've written)
2. Financial worksheet
3. Proof of debt or income for all borrowers
Copies of the last 3 months of bank statements
Copies of bills listed on the financial worksheet
Copies of paystubs (latest 2 )

Annual Insurance premium and property tax statements for the most recent period...if loan is not escrowed.

Escrow Acknoledgement form (enclosed) signed and dated if loan is not currently escrowed.

Proof of Residency such as a utility bill dated within the last 30 days

4506 T Request for Transcipt of Tax Return

HAMP Hardship affidavit


Packaged sent by Karl Majerus
Executive Mortgage Specialist, Office of the President

The things highlighted in red are forms that we have never sent or signed before.

Can this mean they are actually going to help us? Or are we on the road to a trial period here ?

It does say that the HAMP program has no fees.


I also wanted to add that we are Current on our loan. And somewhere in the mess of papers it says that they will report us delinquent during the trial period but that they will only report the loan delinquent if payments are late after they do the mod.

[B Stevens]

I was sent the same exact package. I was told it was every form possibly needed so they (exec office) could submit an offer to the investor without having to contact me for additional paper work. I sent it in on 8-27-09. I called yesterday 9-15-09 and was told my request was sent to the investor and I should hear something by the end of the week. He would not go into detail about the terms of the request due to the investor may decline it.

I didn't bother pointing out the beneficiary on my deed trust is Wells Fargo N.A. I also didn't point out that I wasn't notified of a beneficiary change which is required by contract on the paper work I signed when I bought the house.

Like I said before, if I get denied, I will stop making my payments and delay the forclosure until Wells Fargo can prove the beneficiary is Wells Fargo N.A. Heaven forbid they claim a different beneficiary on the foreclosure paper work. As a catch 22, heaven forbid they tell me Wells Fargo N.A. is the beneficiary after all this paper work is sent to an undisclosed "investor".

EVERYONE should know by signing ANY modification, your right to act on previous fraudulent information is void. If the modification is not good for me, I won't sign it.

[Angels]

We just received a letter from WF asking for information after letting them know we want to do a short sale. This is perhaps a dumb question, but is there a form we need to fill out for the financial worksheet? How should it look and what information should it contain?

[weneedpeace]

This is my personal perspective on it. Please take a little time to consider forwarding additional documents to them. I was told that my 1st loan modification request was *no good as we had a VA loan vs. the other loan types that fall under the main programs.

A rep from the same office, also forwarded me their expanded loan mod package. There was no way I was going to forward to them checking account statements and additional intrusive information (they also wanted a copy of my lease agreement here at our current duty station, lease agreement with my tenant at the home in question).

Personally, I don't feel that the additional details are for the investor to make a better decision for your interests. It is for theirs, and they also then have better documentation of your assets and terms to use against you if you're in a recourse state.

The loan mod package, turns out, that I originally sent was processed.
I've just discovered this morning, that they have made a huge error on our financials. They cited one of the reasons for the denial was our surplus. I spoke with loss mitigation for Wells Fargo and it appears that they have left out something critical like our rent down here at our new duty station!

Now have to fax them ANOTHER hardship letter with udpated dates and new financial worksheet to clarify each line, so they can not say that it was 'me' who made the error.

[whirlingbirdie]

The same thing happened to me with the mistake in financials (on their end) with WF and we had to start all over again. They did not ask for our bank statements but I don't feel comfortable providing them quite honestly. I just sent our HAMP packet back today. I'm pretty exhausted by this whole thing.

[dawnie]

My husband and I have been trying to modify into a fixed rate, we currently have an ARM that we were told could be modified into fixed when it adjusted (we were specifically told if we stayed with WFF they could modify without using a refi)....that was not exactly true.

Anyway all we wanted was a fixed rate (same monthly payment) and they will not modify. They would rather us short sell (we are financed at $260,000; house is comping at $105,000) and loose over a $150,000 than modify into a fixed.

I am ok with them ripping me off as long as it is the same amount every month. We did not ask for any forgiveness of debt, told them we would make up the past due payments (we stopped making our payments 3 months ago as they would not talk to us unless we were past due). Could it be any easier????? I am just baffled at the fact they would rather take that big a loss than let us overpay for this house???

My next step is to submit a QWR (as there are many interesting items re: our mortgage per our attorney) and see what happens....at the same start looking for a rental.

[ultimate4799]

Hey B_Stevens, we're_still_reviewing, were you guys able to submit the HAMP documents requests? If so, what is your latest status? Did you got the approval from Wells yet? Please let me know.

I too got this UPS package just today(overnight) after I moved out from my home(since got the NOS) already. I'm still hoping I can salvage my home and I would like to here your experience. I appreciate it..

[B Stevens]

I wasn't late on my payments. I turned in the HAMP paper work but they did an in house temp modification of my interest rate (3% for 60 months. reduced from 5.25%). I have been trying since 02-09 and was approved for the temp mod on 10-01-09. They haven't changed my rate yet due to "backlog" somy account still says I owe the full payment.

[sammyt74dp]

"Personally, I don't feel that the additional details are for the investor to make a better decision for your interests. It is for theirs, and they also then have better documentation of your assets and terms to use against you if you're in a recourse state. "


I agree with this statement. I got the same request.

[we're_still_reviewing]

Originally Posted by ultimate4799

Hey B_Stevens, we're_still_reviewing, were you guys able to submit the HAMP documents requests? If so, what is your latest status? Did you got the approval from Wells yet? Please let me know.

I too got this UPS package just today(overnight) after I moved out from my home(since got the NOS) already. I'm still hoping I can salvage my home and I would like to here your experience. I appreciate it..

Hi,

We sent all the information they asked for on Sept 20th. UPS overnighted. Got a letter Dated Sept 23rd. DENIED again for a second time. Wow. First time it took the 6 months. This time it took them only
2 days.

If your intent is to keep your home then I guess jump thru whatever hoop they would have you jump. But know that in the end their INTENT is not to help their customers.

We currently are late for the first time. We didn't make our October payment and don't plan on making anymore payments and letting the house go. This is what we have found to be the best for us.

Good Luck to you.

[B Stevens]

Make sure you save your money and don't squander it. Cash will be your best friend if/when you have to get out. Oh yeah, don't put your cash in a bank. Get cashier's checks made out to yourself.

Let us know what happens.