Fha hamp program - wells fargo

[FHAHampWellsFargo]

This message board has given me great insight, it's much appreciated.

My partner and I bought a home last year, Wells Fargo is who we have our loan with. I really have no energy to fight with these people, I already have too much on my plate as it is. The reps I come in contact with are super nice 98% of the time. They assure me my information has been received and my docs are now sitting with the reviewer as of 10/15.

My complaints are pretty simple. 3 months ago when this process started, I was told on several occasions by the loss mitigation department reps to NOT make any payments until my trial period began. Each time I called I always stressed "I do not feel comfortable living in my home and not making payments." I was always assured that I shouldnt make payments because of 2 reasons, one being the fact that whatever money I sent in would make numbers adjust and their numbers on the paperwork would have to be reconfigured. The second reason being that partial payments are not accepted (I was actually denied making partial payments twice earlier this year) and if I did make a partial payment it wouldn't even be applied to the balance until a full payment had been received. In the end, I was always told to wait to make payments.

Well, yesterday, I was told by a rep that I needed to continue to make payments. Here I have been for 3 months now not making a single payment and now they changed their tune? I can certainly move forward with this new found information and start sending them SOMETHING until my mod is out of review and the payment plan is in place.

Really the scary part to me is that I found the number to the executive offices on this forum. I called them today and spoke with Jennifer. She told me that my loan could go into forclosure even if I am in review for a workout plan. A letter I received from Wells specifically spells out that any forclosure actions have been stalled or would be stalled once your loan is under review for a mod.

I spoke with a gentleman from the collections department tonight who assured me that this was not the case and he couldn't exactly understand why someone from the corporate office would be telling someone that. I called the executive offices thinking I would somehow feel more assured at night and finally get some sleep. Unfortunately she just made me feel worse, and it makes me question how much anyone really knows.

I'm a nice person. I don't like getting hateful or mean with someone, but I am almost at my wits end here. Each time I call them, I am getting so many different tall tales and different stories come out of each persons mouth I speak with.

Is there a specific person at the executive offices I should ask to speak with? Any thoughs or even your own story shared would be appreciated. I know I am not the only one going through this. I also know I'm not the only one who has been told to not make a payment, I have several friends who are also with Wells and they were told the same thing a few months back. Whoever is in charge of their training should be FIRED, with a capital F. The left foot doesn't know what the right foot is doing.

I'm not mad, I'm frustrated. There will come a day though where I will scream "enough is enough" and just hire an attorney to take over from here - this of course being the last step. I'm not so sure that day is so far off any more though.

[davephx]

Until you are actually ON the trial plan they can foreclose. Than they are "suppose" to not for as long as on trial. At end if denied they pick up on the foreclosue wherever left off.

In my case from March - July 2009, I repeatably was told by Citi they had all my paperwork, all looked fine, be happy, be patient I would be contacted by a "processor" Instead all I got was a foreclosure notice.

[imlars]

Originally Posted by FHAHampWellsFargo

This message board has given me great insight, it's much appreciated.

My partner and I bought a home last year, Wells Fargo is who we have our loan with. I really have no energy to fight with these people, I already have too much on my plate as it is. The reps I come in contact with are super nice 98% of the time. They assure me my information has been received and my docs are now sitting with the reviewer as of 10/15.

My complaints are pretty simple. 3 months ago when this process started, I was told on several occasions by the loss mitigation department reps to NOT make any payments until my trial period began. Each time I called I always stressed "I do not feel comfortable living in my home and not making payments." I was always assured that I shouldnt make payments because of 2 reasons, one being the fact that whatever money I sent in would make numbers adjust and their numbers on the paperwork would have to be reconfigured. The second reason being that partial payments are not accepted (I was actually denied making partial payments twice earlier this year) and if I did make a partial payment it wouldn't even be applied to the balance until a full payment had been received. In the end, I was always told to wait to make payments.

Well, yesterday, I was told by a rep that I needed to continue to make payments. Here I have been for 3 months now not making a single payment and now they changed their tune? I can certainly move forward with this new found information and start sending them SOMETHING until my mod is out of review and the payment plan is in place.

Really the scary part to me is that I found the number to the executive offices on this forum. I called them today and spoke with Jennifer. She told me that my loan could go into forclosure even if I am in review for a workout plan. A letter I received from Wells specifically spells out that any forclosure actions have been stalled or would be stalled once your loan is under review for a mod.

I spoke with a gentleman from the collections department tonight who assured me that this was not the case and he couldn't exactly understand why someone from the corporate office would be telling someone that. I called the executive offices thinking I would somehow feel more assured at night and finally get some sleep. Unfortunately she just made me feel worse, and it makes me question how much anyone really knows.

I'm a nice person. I don't like getting hateful or mean with someone, but I am almost at my wits end here. Each time I call them, I am getting so many different tall tales and different stories come out of each persons mouth I speak with.

Is there a specific person at the executive offices I should ask to speak with? Any thoughs or even your own story shared would be appreciated. I know I am not the only one going through this. I also know I'm not the only one who has been told to not make a payment, I have several friends who are also with Wells and they were told the same thing a few months back. Whoever is in charge of their training should be FIRED, with a capital F. The left foot doesn't know what the right foot is doing.

I'm not mad, I'm frustrated. There will come a day though where I will scream "enough is enough" and just hire an attorney to take over from here - this of course being the last step. I'm not so sure that day is so far off any more though.

Most lenders will accept payments until you are in foreclosure. Once you go into foreclosure they will not accept payments. How many payments you have to miss to be foreclosed on depends on what state you live in. The foreclosure process does continue even though you are trying to get a work out because there are no guarantees that you will get one. Usually the foreclosure process does not stop until they have the first payment of your plan in their hands.
If you don't make your mortgage payments you should be saving whatever you can as there is going to be a contribution, or down payment, required to start the plan.

[poshtots]

Wells Fargo originally told us the same thing, I didn't buy it to the idiotic reps so I said screw the Hamp and denied it! Good Luck, Wells Fargo is a joke!

[FHAHampWellsFargo]

Originally Posted by poshtots

Wells Fargo originally told us the same thing, I didn't buy it to the idiotic reps so I said screw the Hamp and denied it! Good Luck, Wells Fargo is a joke!

if u say screw the hamp, what other route are you going to take?

[imlars]

Originally Posted by FHAHampWellsFargo

if u say screw the hamp, what other route are you going to take?

The HAMP is the best mod out there. If you screw it up you are truly screwed because the in house mods are not nearly as generous with the interest rate or payment reductions as the HAMP.
You may just end up with a forebearance, which is temporary or a repayment plan, which will raise your monthly payment for awhile.
The foreclosure process continues until they get the first trial period payment. It is then put on a temporary hold pending you making all the the trial payments. Once you get the final mod agreement the foreclosure status will be removed from the property.

[cjcopin]

I have been making our trial payments to WF since MAY!!! I sent a letter to Ben Windust, Senior VP last week. They sent a rep from Titanium Solutions to collect more paperwork (updated financials). WF called us all summer with requests for paperwork (which I sent immediately), now they can't seem to find it!!!? We had perfect credit prior to this, and had the insight to see that we couldn't make our payments. We transitioned seamlessly from our "regular" payment to the trial payments. I ran our credit the other day. WF has trashed it, marked us late since May. I am sick over this. I'm just glad that we aren't the only ones. Good luck to everyone.

[Sunbeam]

Originally Posted by imlars

The HAMP is the best mod out there. If you screw it up you are truly screwed because the in house mods are not nearly as generous with the interest rate or payment reductions as the HAMP.
You may just end up with a forebearance, which is temporary or a repayment plan, which will raise your monthly payment for awhile.
The foreclosure process continues until they get the first trial period payment. It is then put on a temporary hold pending you making all the the trial payments. Once you get the final mod agreement the foreclosure status will be removed from the property.

Some of us have gotten traditional (non-hamp) in-house modifications that are just as good or better than HAMP. With my in-house mod, my DTI (including mortgage, tax, insurance) on my first mortgage is 16%. When I add in my 2nd mortgage, my DTI is 26%. Our biggest hardship was that we had some very expensive repairs we HAD to make to our home and we HAD to put them on credit cards because we used up all the $$ from our 2nd mortgage to get the repairs done and it was not enough. So....a traditional modification might be better than HAMP. Everyone's circumstances are different and while we can generalize our collective experiences, we need to be careful about coming to complete conclusions over what is best and what should be rejected out of hand without analyzing what "it" is.

[davephx]

Originally Posted by imlars

The HAMP is the best mod out there.
The foreclosure process continues until they get the first trial period payment. It is then put on a temporary hold pending you making all the the trial payments. Once you get the final mod agreement the foreclosure status will be removed from the property.

1) As is Sunbeam's experience she actually got a better inhouse mod than HAMP but she is lucky and this is very rare. Usually HAMP is the best option.

2) The problem with the foreclosure on hold - yes its removed if you get a peramenet mode. But if declined for any reason they can immediately sell with no further notice and that you even agree to in the Trial Mod Agreement.

The servicer is suppose to also look at other alternatives but they may say you don't qualify for anything and sell with no further notice. That is the scary part of this long long wait for approval or denial for any modification.

[seadoo44]

Same thing is happening to me, began my trial modification payments on time, now wells has trashed our credit scores. We have hired a lawyer and are suing. You will have to do the same. Hate to say it.