Seeking answers from experienced people...

[steven1969]

All, I am new to this site but love it already. I am looking at doing a loan mod and have been searching for resources. This site is great.

About my situation:

1st Loan: Downey Savings, Neg Am Option ARM, adjusting to 7.5% soon.

2nd Loan: Wells Fargo Heloc. Great product, currently at 3.64% interest rate. Nothing to complain yet (until rates go back up again....)

Not late on any payments. Trying to avert disaster.

My questions:

I've been speaking to several people about doing my loan mod. I'd like to ask this neutral forum some questions I have.

1) My loan from Downey is a "securitized loan that was sold in the secondary market to multiple investors."

Does this help or hurt my ability to do a loan mod?

2) I've heard that Wells Fargo for a Heloc won't make any changes unless you are already late on a payment. So, until I am late on a payment, they won't budge. But as soon as I am late on a payment, all my credit card credit will shrivel up. I'd love to lock my current rate in...

Does anybody have experience in dealing with Wells Fargo in this area?

3) I've been told that you don't get the same Loan Mod protection/rights/treatment for investment homes. I have two rental properties that are slightly negative cash flow and certainly waaaay below what I paid for them.

Is there any reason you can't get loans on rental properties adjusted as well?


Thank you for reading my post. I appreciate any thoughts the community has.

Best Regards,
Steve

[Moe Bedard]

Hi Steve,


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

In answer to your questions..........with multiple investors it may be a bit harder to get a modification unless the pooling and servicing agreement that was put in place wth Downey as the servicer, addressed this issue and how they as investors would like it handled, which most of these agreements do...................
So you would need to contact Downey and find out what the options are for a modfication from the investor.........

Downey Savings & Loan
1(800) 824-6902


The same approach would apply to Wells...........you would need to contact them and ask what the options are for a modification to fix the rate..........

Wells Fargo Loss Mitigation
1-877-216-8448



Some investors will modify investment properties.......but a good majority are only focusing on keeping homeowners in their homes first........so helping investors modify their investment properties has not been a real priority on the foreclosure front............but again.........you would need to contact the servicer and ask what options the investor has on those properties as well.......................