Rec'vd Permanent Loan Mod through Wells - Too Good to be true? - Loan Modification Forum

KelEdwins · 10-06-2009, 10:33 AM

Well so far looks pretty final. I received my permanent loan modification documents in the mail and have signed and sent back to Wells Fargo. Now I'm just waiting for them to sign and send back to me. Let's hope this is true and they don't rescind the modification. My first payment is due November 1st. My original loan was a 30 year, 6% fixed interest with a payment of $2900 per month (including taxes and insurance). Here are the details of the modification.

Changing term to a 40 year loan
Reducing $159k of the principal (which will be due back to them shall I pay off the modified mortgage or sell the property)
1-5 years interest rate of 2% and a payment of $1200 (includes tax and insurance)
6th year interest rate of 3% (payment adjusted accordingly)
7th year interest rate of 4% (payment adjusted accordingly)
8-40th year interest rate of 4.75% (payment adjusted accordingly)

This is all great if it really is true. We will see. I sent the signed documents via USPS overnight yesterday and am supposed to receive the signed copy from Wells back.

My hardship was that I was laid off for 9 months and had to live off credit cards to keep afloat. I then found a job however, it was significantly less in pay.

cleach · 10-06-2009, 10:39 AM

Sure hope they hold up their end of the bargain & it's true!

Good luck!

whirlingbirdie · 10-06-2009, 12:06 PM

Really hope it's true! Good luck to you!

Amy3265 · 10-06-2009, 12:13 PM

SO HAPPY FOR YOU!!! I hope there are more stories like this. I hope we are one of them

litehouse01 · 10-06-2009, 01:40 PM

This is wonderful news it shows there may be light at the end of the tunnel.....I hope each day we see more and more perm mods being offered...and break this log jam they seem to have going on......Congrats to you and best wishes...I am very happy for you...........

SimonSaysSo · 10-06-2009, 05:21 PM

Good for you. Don't even know you but have a big smile on my face.

Like someone else said, hope to see more and more of these stories.

moosies · 10-06-2009, 05:30 PM

Oh this makes me feel so happy! Congrats to you! Maybe the the wheels are turning...

Liz Medrano · 10-06-2009, 06:14 PM

We just got off the phone with Wells Fargo and were told they just finished ours today and that they are just waiting for the title (whatever that means). We were told our new payment will $1109 including escrow for five years at 2% and then increase 1% each year until year 8 to 4.75%. We have already made 5 trial payments under the HAMP program @ $1529. I am very excited but will believe it when we get the Docs.

Liz Medrano · 10-06-2009, 06:20 PM

kel,

That is AWESOME!!!! I am very happy for you...maybe WF will start shooting them out for everyone.

10-06-2009, 10:33 AM	#1 (permalink)
KelEdwins Member Join Date: Sep 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Rec'vd Permanent Loan Mod through Wells - Too Good to be true? Well so far looks pretty final. I received my permanent loan modification documents in the mail and have signed and sent back to Wells Fargo. Now I'm just waiting for them to sign and send back to me. Let's hope this is true and they don't rescind the modification. My first payment is due November 1st. My original loan was a 30 year, 6% fixed interest with a payment of $2900 per month (including taxes and insurance). Here are the details of the modification. Changing term to a 40 year loan Reducing $159k of the principal (which will be due back to them shall I pay off the modified mortgage or sell the property) 1-5 years interest rate of 2% and a payment of $1200 (includes tax and insurance) 6th year interest rate of 3% (payment adjusted accordingly) 7th year interest rate of 4% (payment adjusted accordingly) 8-40th year interest rate of 4.75% (payment adjusted accordingly) This is all great if it really is true. We will see. I sent the signed documents via USPS overnight yesterday and am supposed to receive the signed copy from Wells back. My hardship was that I was laid off for 9 months and had to live off credit cards to keep afloat. I then found a job however, it was significantly less in pay.

10-06-2009, 10:39 AM	#2 (permalink)
cleach Senior Member Join Date: Sep 2009 Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? Sure hope they hold up their end of the bargain & it's true! Good luck!

10-06-2009, 12:06 PM	#3 (permalink)
whirlingbirdie Senior Member Join Date: Oct 2009 Posts: 56 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? Really hope it's true! Good luck to you!

10-06-2009, 12:13 PM	#4 (permalink)
Amy3265 Senior Member Join Date: Sep 2009 Posts: 37 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? SO HAPPY FOR YOU!!! I hope there are more stories like this. I hope we are one of them

10-06-2009, 01:40 PM	#5 (permalink)
litehouse01 Senior Member Join Date: Sep 2009 Location: Maryland Posts: 544 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? This is wonderful news it shows there may be light at the end of the tunnel.....I hope each day we see more and more perm mods being offered...and break this log jam they seem to have going on......Congrats to you and best wishes...I am very happy for you...........

10-06-2009, 05:21 PM	#6 (permalink)
SimonSaysSo Member Join Date: Oct 2009 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? Good for you. Don't even know you but have a big smile on my face. Like someone else said, hope to see more and more of these stories.

10-06-2009, 05:30 PM	#7 (permalink)
moosies Member Join Date: Jul 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? Oh this makes me feel so happy! Congrats to you! Maybe the the wheels are turning...

10-06-2009, 06:14 PM	#8 (permalink)
Liz Medrano Senior Member Join Date: Jul 2009 Location: Fort Myers, FL Posts: 226 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? We just got off the phone with Wells Fargo and were told they just finished ours today and that they are just waiting for the title (whatever that means). We were told our new payment will $1109 including escrow for five years at 2% and then increase 1% each year until year 8 to 4.75%. We have already made 5 trial payments under the HAMP program @ $1529. I am very excited but will believe it when we get the Docs.

10-06-2009, 06:20 PM	#9 (permalink)
Liz Medrano Senior Member Join Date: Jul 2009 Location: Fort Myers, FL Posts: 226 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Rec'vd Permanent Loan Mod through Wells - Too Good to be true? kel, That is AWESOME!!!! I am very happy for you...maybe WF will start shooting them out for everyone.

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