This is kinda long ... but my family has been thru a long Wells Fargo journey.
I have posted on here several times and my story goes all the back to Dec 2008. I had lost almost half of my income the last several months in 2008, which caused me to fall behind on the mortgage. I got a forbarence from Feb 2008 thru May 2008, in which we were turned down for an in-house modification. In that timeframe, I started reading and learning from this wonderful site about all the differenent scams, scenarios and problems homeowners had with not only my mortgage servicer (Wells Fargo), but all the others as well. I found the executive team for Wells Fargo thru this site and I called them back in June when I was turned down for this mod.
They were helpful and much more responsive than the mitigation department. In July I was approved for a HAMP modification in which my payments were reduced from 1615.77 to 1424.92. The terms were stepped: 1-5yrs @ 3.87%/ year 6 @ 4.15% / 7-life of loan @ 4.5%. Of course there was a trial period of 3 months starting in Aug thru Oct. I made my trial payments 2 weeks early with each installment and provided them with updated financial info at the end of the trial period (9/30/2009). I waited a week then started my calls to the exec. team to find out where my final mod was only to find that the representative handling my case changed to another rep. The new exec team rep needed the documents sent again, which made me feel a little uneasy. After calling and leaving messages in a 2 week speriod, my exec team rep tells me "my final mod must have slipped thru the cracks and did not get picked up for some unknown reason" and explained to me that he was furious and emailed his 'contacts' to find out what happened.
Needless to say I was absolutely dumbfounded, he even said that my financials have not changed and even improved but could not figure out what was going on. After checking in and talking to him - 2 weeks go by and no change until I finally call in on the main exec line and talk to another rep who looks at my account and tell me that my final mod got denied on 11/18/2009. My asked them why I was denied in which the reason was that I did not fall within HAMP guidelines! I finally got my exec team rep who has my case on the phone (not an easy task) and asked him WTF was going on. He said that based on my newest paystubs that I now fell out of the HAMP guidelines and that my DTI was under the 31% because of my wife's medical school money that made us have too much surplus and that my paystubs were back to levels prior to us falling behind in 2008.
I was just about to about to just give up and walk away... I explained to him that I now we are further behind on the mortgage based on paying the reduced 'HAMP" payment. They put the monies into a suspense account and then when it reached the original monthly payment amount, they would then apply it. He said to send him the newest information and he will try for another review. He said not to give up and that he claimed that there are 20 other modifiaction scenarios that he can try. That was 12/04/2009.
Well today I just recieved a call that I was approved for another HAMP modification. THIS time the terms are 5.37% thru the life of my loan, in which they kept the age of the loan the same of 23 years. My new payment is 1553.00 and YES ... I have a 3 month trial period. He said that docs will be mailed and should receive them in 2-3 days.
Sorry it was a long story, but it feels like I have lived this nightmare far too long. I will not give up. I even applied for assistance thru NACA once Wells started to balk back in October to cover my bases. NACA also has all of my latest info and I have a phone appt set up for 12/23/2009.
My point of this is to NEVER give up. I hope this second 'HAMP' modification turns out to be my final mod - but ... I guess I will cross that bridge when I get there.
Thanks for hearing me out....
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