Wells, should I make a partial payment?

[Olypentax]

Hello, I am new here and I have been reading posts since I signed up 6 hours ago. This is a wonderful resource.
I called Wells Fargo about 2 months to get a possible loan modification, faxed them the necessary letter, pay stubs and expense, income statement. I have been calling weekly asking about the status and I always get the same answer, your file has not been assigned. How long does it take them to make a decision?
I am in the second year of a 5 year fixed @ 5.75% but because of slow sales my income as a sales rep has been cut in half and I can't continue to make the full payment. I have been taking savings to make the payments and I am current. I was hoping to get a resolution before I fell behind. I also have a 2nd with Wells that they automatically deduct about $350 from my checking account.
Does it make any sense to make a partial payment at this point or would I be better off not paying anything? I have read that Wells does not accept partial payments and either return the payment or put it in a holding account.
My payment is about $1900 but I can only pay $1000. Is Wells going to wait until I am months late to make a modification offer?

[Moe Bedard]

Hi Olypentax,

Welcome to the forum and thank you for joining...........


The modifications given are up to the investors on the loan.......and while some investors are modifying loans that are current ...........the ones that are getting the attention first are the ones that are in default. With the partial payment you are correct.......they will either return it or keep it in a suspense account until the modification process is done.

Try contacting the loss mit dept. directly to see what options the investor on your loan has for modification.
1-877-216-8448



Please keep us posted on your progress........

[Olypentax]

Thanks *** for your reply. I called the number above and they again said the application hasn't been assigned yet, no other answers.

I went to the NACA website yesterday, filled out the application and they called me back this morning, Great Service and very friendly help! I uploaded some documents and I think they are going to be a big help in getting through to Wells Fargo.

[Moe Bedard]

That sounds good..............

Keep us posted on how it goes...........

[Olypentax]

NACA put everything together and is submitting the loan mod request to Wells and said to call back in 6 weeks.

In the meantime, has anyone here had any success with the Hope for Homeowners (H4H) program? I looked at the lender list and Wells Fargo was not on the list.
This would be an interesting option for me in the San Francisco Bay Area where my home value is probably $150k to $200k under my mortgage balance.
I am even considering just walking away or short sale.....we'll see.

[Moe Bedard]

The problem with the H4H is that you have a second lien...........the second would need to release its lien and extinguish the loan and agree to accept nothing................which is one of the reasons that out of 400k homeowners that it is supposed to be helping, there have only been around 312 applications nationwide and no reported successes yet.....

[Olypentax]

Thanks again *** for your reply, exactly the information I was looking for. I figured there was something about this program that wasn't working well because I haven't heard much about it.
I will continue to wait for NACA or Wells to respond.

[Olypentax]

As an update, because I couldn't make a full payment on the 1st of Jan. and they wouldn't accept a partial payment. I just got a call from the collections dept. wondering why I didn't make my payment. This payment was just late 3 days ago and they are calling already. She wanted to talk and talk and wanted me to give her my financial information over the phone and kept pressing for the payment.
I informed her many times that I had submitted all the forms and financials over 2 months ago and the loan Mod was in progress which didn't seem to make any difference to her.
I did get a call from someone last Wed. saying that my loan mod has been assigned and I would get a call soon......we'll see.
I guess this is what I am going to have to expect, collection calls everyday and still wait for a Mod offer.

[Moe Bedard]

Have you had a phone consult with NACA?

[Olypentax]

Yes, I actually had 3 phone appointments to finalize everything. They told me that they were contacting Wells Fargo with my information and to call them back in 6 weeks.
I also have a Mod request in with Wells Fargo that was done a little before the NACA request, so I have both in place.
Someone from Wells called me last Wed. and said my request has been assigned and I will get a call from that person soon.
I really wasn't expecting a collection call this soon and she seemed to be trying to aggravate by keeping on pressing on the need to pay in full or my credit will be affected.
I thought I read someplace on these forums that collection procedures would be suspended while under Loan Mod proceedings but I guess that is not the case. I have also inquired whether I should stop paying on the 2nd.

[Moe Bedard]

The collection efforts unfortunately will continue because it is from an entirely different dept. and they will do whatever they can to get a payment from you.........if you are able to make payments you should continue to make the payments, we can not advise you to stop.......
With the modification you will most likely get a better proposal from working through NACA.......we are seeing modification proposals of low fixed rates based on affordability...........


Keep us posted on how it goes........