Wells Fargo Modification-Got a job now what?

[smcculloch]

I was turned down for a HAMP modification in May 2009 for my Manhattan coop because my only income at the time was unemployment. They gave me a six month forbearance which has just ended and roughly $15,000 is now due. Luckily a temp job I started in mid-August became (to my surprise) permanent last week. It was only supposed to be a 6 week assignment but they extended it twice and have now offered me a permanent job. The salary however is 20% less than at my last position but in this market, no complaints.

I called WF Friday to let them know that I had been offered a permanent position and they told me to submit my last pay stub, an updated hardship letter and an updated monthly bill statement. I did not tell them the job has started as a temp spot. My pay stub notes the date of hire as 8/17. I plan to explain what happened in my hardship letter. I, of course, did not want to start a second loan modification process unless I had a "real" job and this job was supposed to be temporary.


I'm currently claiming married on my withholdings which is also reflected on my pay stub. My husband and I have been separated since March and he is not listed on the WF loan or on the deed. I did not mention him or that I was married when trying for the first modification because our separation has already taken place. Will this be a problem? He does not help me financially, the only reason I choose the married category for withholdings now is because I need the extra $ to catch up with my bills. Should I change my witholdings?


My gross pay is $7000 per month but my net is only $5065 at married, 2 deductions. My monthly bills are $6,000. The amount of $6,000 monthly includes my Wells Fargo mortgage of $1945 and a coop fee of $1160 (both maintenance and taxes are included in this fee) bringing my monthly mortgage total to $3105 I also have a second small mortgage which is $102 per month. I did not include it in the mortgage total but it is in the monthly bill total. I have gone through all my savings and what comes into my checking account goes right back out. I could not get much cash togehter if asked to come up with some sort of advanced payment to make up for the 6 months of non payment. My coop maintainence payments are current.

Can anyone give me advice? Last week before the job came through I was about to give up and consider a short sale or Deed in Lieu. Now there’s some hope, I really want to try and save my apartment. Will I qualify for HAMP or anything at this point???
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[heidi79]

you should be able to apply for the hamp modification, they are supposed to bring your payment down to 31% of your gross income, so supposedly (if things were by the book) your mortgage, association, and taxes should come out to $2,170 per month. If that type of reduction is going to help you keep the house, you should definitely fight for it.

you shouldn't have to come up with a lump payment in order to get back on time, in the modification all the past due interest and fees is worked back into your loan balance.

make sure to make a note of the hire date on the actual paystub or include a letter from your employer that says your hire date (so they don't incorrectly calculate your income and deny you)