waiting impatiently! - Loan Modification Forum

jtimms · 01-22-2009, 11:21 AM

Hello everyone! Since I found this sight I can't seem to get enough! Lots of great info!
So anyways I'm waiting on word of my outcome. My mortgage company (wells fargo) put me on the Home Savers. I found out my investor is Fannie Mae. As far as I know I haven't been assigned to anyone yet. They keep telling me to call back every 4-5 days, so I am. I've already had a repayment plan and that obviously didn't work. My questions are... Do I request a loan mod? Do I wait till I'm assigned to someone? They say they aren't asking for any more info at this time. But they don't have much up to date info. My last hardship letter was in May of 08 so should I reado one or wait till I hear anything. Can I request a int. decrease and an extention of the loan. It seems as though some have to fight for what they get in the end. I'm willing to fight for a good ending. Any info is much appreciated!

Moe Bedard · 01-22-2009, 12:01 PM

HI jtimms,

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

The HomeSaver Advance is a modification option for loans that are in default that are backed by FannieMae.
Media: News Releases > Fannie Mae Introduces HomeSaver Advance

You may not have qualified for the Streamlined Modification Program which is the only other workout option that FannieMae offers at this time.........but you can ask if that is a possibility for your loan.

Call and see if the Streamlined Modification Program can be an option....
Wells Fargo Executive Team
1-800-853-8516

jtimms · 01-22-2009, 01:17 PM

Ok, so I called again. They gave me the same info. I'm still in review and to call back once a week or every other week. I updated my financials because it has changed since the last time. They said I have an excess of about $146.00 every month. I asked what I was under review for and could I be considered for the SMP. She said that I can not request anything that it is reviewed and dealt with on a case by case decision. So I guess I just play the waiting game and keep bugging them every few days!

jtimms · 02-03-2009, 11:32 AM

So I keep calling every few days to check in with Wells. As of 2/2/09 they are waiting to here from Fannie Mae regarding approval of the home savers or loan mod! Well I thought that the servicer(Wells) comes up with the best option for you and submits it to the investor (FM) and they approve or deny. I tried to ask for the SMP, but was told I couldn't pick and choose. They approved me for the home savers before I was 90 days late. What are the req. for the SMP? I am now going on over 120 days late. They say they haven't started foreclosure and I haven't recieved anything yet. What to do?

Moe Bedard · 02-03-2009, 12:31 PM

here is the announcement for the streamlined modification.......
Media: News Releases > Streamlined Modification Program (SMP) Now Available to Borrowers

jtimms · 02-09-2009, 09:49 PM

Received a letter today from Wells and it states that my application for assistance concerning my mortgage is in the process of review with the investor and they will advise me of the status of my loan modification within 30 days. They also told me of the website wellsfargo.com/assist and how I can access my status there. It shows the steps your are taking regarding step 1 is Review of account, step 2 is prepare modification agreement, etc. It reads step 2 as in the process. So we are still in the process but receiving news and I will say that the people I have spoke with in loss mit have been helpful, kind and don't mind hearing from me every other day. Will keep you posted!

jtimms · 03-10-2009, 10:24 AM

Still waiting! I keep calling and getting diff. answers. Your account is still in review with Fannie Mae or it is still with a Wells rep. I don't know what to believe or If I should be concerned! Going on 6 months now and they say I am not in foreclosure. So still waiting for an answer! How much longer I need some piece of mind!

Moe Bedard · 03-10-2009, 01:58 PM

all of the servicers are reviewing accounts at this time so that they can compare original modification guidelines to the new guidelines to make sure that they are implementing the latest ones............
they have also extended their foreclosure moretorium.............
you will find the information here..........
https://www.wellsfargo.com/mortgage/.../stabilityplan

jtimms · 03-10-2009, 03:23 PM

Thanks ***!

jtimms · 03-16-2009, 12:48 PM

Spoke with a rep @ Wells today and I should recieve papers soon. I was given a forbearance for 3 months then will start a loan mod. Does that sound right? The only problem is that the 1st forbearance payment is more that I have. Does anyone know if they work with you on this or if that is it? They want me to come up with $6000.00 and I just don't have that right now! I can make a regular payment though. Anyone?

Moe Bedard · 03-16-2009, 01:16 PM

you would need to ask the rep this question....................ask if there are any other options if you are unable to afford the forbearance payments.

snapple candy · 03-16-2009, 01:53 PM

I was able to have them tack on those payments to the back end of the loan.

jtimms · 03-17-2009, 09:57 AM

They said if I can't pay then to send the papers back with a letter. Then I would go into foreclosure. Wait ten days to try again. So If I try it do I get a modification or what then? I don' t understand what all this waiting for the new rules and regs got us! I don't understand why I didn't qualify for the Streamline Mod! I don't know what to do! Sorry I keep rambling!!! But I'm frustrated and scared!

Moe Bedard · 03-17-2009, 10:04 AM

If this is the only property that you own..............you can try going through NACA to see if they may be able to help..........
here is the link to read through the info.........
https://www.naca.com/refinance/refinanceTenStep.jsp

jtimms · 03-17-2009, 10:53 AM

I just spoke with the ERT and they are much more pleasant. Took some info and said they will have one of their people contact me within 48 hrs after reviewing my file. There is
HOPE!

LauraM1 · 03-24-2009, 10:47 AM

Hi jtimms ,

What is the ERT dept. ? I know you said they were very helpful. I am hoping National City has one of those . lol

jtimms · 03-31-2009, 02:13 PM

Has anyone been offered a forbearance and turned it down because you couldn't come up with the large payment they wanted? Did you go back to the drawing board and come up with something else? Did your bank work with you and come up with another resolution? What was your outcome? I'm curious cause I just did and I'm waiting to see what the bank will do now!

jtimms · 04-08-2009, 02:59 PM

Ok, so I'm still dealing with the executive offices and I recieved a call today from loss mit. They want to know what I want to do about my pass due balance. They said the Obama home save modification plan just went into effect on monday and they are qualifying a lot of people. I just don't want to confuse things with what Steve in the ERT office is doing. Should I try and qualify or I was still told they require a forbearance period? I'm confused!! Anyone?

Moe Bedard · 04-08-2009, 08:46 PM

Just make sure that Steve is following those guidelines.........they are uniform for the servicer.

jtimms · 04-14-2009, 03:27 PM

Got a call today from Steve in the Executive office and they changed the payments to the original payment $2635.13 for 3 months starting on May 1st. Then we will start for a modification. I'm hoping as long as we make the payments on time we will follow thru to a modification agreement. We meet the requirements of loss of pay, mortgage is 42% of monthly income, etc. Will keep you posted!

jtimms · 04-21-2009, 09:24 AM

I am assuming we will have to update all our financial info after the forbearance is over. I have proof of loss of income and overtime pay but with my husband doing construction he usually is laid off during the rainy months(dec-march?) We collect unemployment, my income and whatever else we can to get by. So should I include this in our hardship letter or could this hurt our chance for a mod?

Moe Bedard · 04-21-2009, 10:58 AM

I can not tell you what to include in your hardship letter specifically..............I can only give you a generic format to follow to help you.............

These are what most lenders consider to be generally acceptable hardships....

1. Loss of job or reduction in income
2. Death of the homeowner, spouse or family member
3. Illness of homeowner or family member
4. Divorce or separation
5. Forced job relocation by employer
6. Adjustable rate reset-payment shock

The best way to set up a hardship letter..........

* First, describe the hardship and the circumstances that caused it
* Explain what steps have been taken to correct the situation
* Provide the lender with your plan to get back on track and stay there
* Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home.

kat10 · 04-21-2009, 11:33 AM

Hello fellow WF mortgagee,
To me, it looks like your husbands loss of income is your hardship and needs to be explained in your hardship letter. Your income will be shown in the financials w/ paystubs. Cash income...well, ya know it's cash. They need to know what solid means of income you have. Affordability of a new lower mortgage payment must be shown.
You are probably right. They will want a whole new packet of info. at some point before they mod. Don't be suprised if you send in the "standard packet" of Hardship letter, last two paystubs (or proof of income) and financial worksheet at every phase. I sent our in 3-4x. Every time they asked, I sent. In the beginning, I sent some time on the phone w/my WF ERT Rep and made sure our financial information matched to the penny, no discrepencies. I did not change anything on the financials, I sent the same information everytime. I think it may have helped because no matter who asked for it, it was the same as someone else got.
When they ask for a new hardship letter follow the guidelines and personalize one of the hardship letter format offered on this site and you should be covered.
Stay close to Steve. You have any questions, issues keep him informed.
Forward to a successful loan mod you go.....
k

jtimms · 04-21-2009, 12:02 PM

Thanks for the reply! The funny thing is that all my doings with Wells have been over the phone. They have not asked for any financial papers, proof of income, etc. It has all been word of mouth so far! I am glad I went above loss mit and contacted Steve. He is my contact person now and it makes a big difference when you only talk with one rep. instead of getting the run around every time you call! I do believe Steve helped things along a lot faster than loss mit could of! Will keep in touch!

jtimms · 04-21-2009, 12:12 PM

Thanks for the reply! The funny thing is that all my doings with Wells have been over the phone. They have not asked for any financial papers, proof of income, etc. It has all been word of mouth so far! I am glad I went above loss mit and contacted Steve. He is my contact person now and it makes a big difference when you only talk with one rep. instead of getting the run around every time you call! I do believe Steve helped things along a lot faster than loss mit could of! Will keep in touch!

01-22-2009, 11:21 AM	#1 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	waiting impatiently! Hello everyone! Since I found this sight I can't seem to get enough! Lots of great info! So anyways I'm waiting on word of my outcome. My mortgage company (wells fargo) put me on the Home Savers. I found out my investor is Fannie Mae. As far as I know I haven't been assigned to anyone yet. They keep telling me to call back every 4-5 days, so I am. I've already had a repayment plan and that obviously didn't work. My questions are... Do I request a loan mod? Do I wait till I'm assigned to someone? They say they aren't asking for any more info at this time. But they don't have much up to date info. My last hardship letter was in May of 08 so should I reado one or wait till I hear anything. Can I request a int. decrease and an extention of the loan. It seems as though some have to fight for what they get in the end. I'm willing to fight for a good ending. Any info is much appreciated!

01-22-2009, 12:01 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! HI jtimms, Welcome to the forum and thank you for joining............. The HomeSaver Advance is a modification option for loans that are in default that are backed by FannieMae. Media: News Releases > Fannie Mae Introduces HomeSaver Advance You may not have qualified for the Streamlined Modification Program which is the only other workout option that FannieMae offers at this time.........but you can ask if that is a possibility for your loan. Call and see if the Streamlined Modification Program can be an option.... Wells Fargo Executive Team 1-800-853-8516 __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-22-2009, 01:17 PM	#3 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Ok, so I called again. They gave me the same info. I'm still in review and to call back once a week or every other week. I updated my financials because it has changed since the last time. They said I have an excess of about $146.00 every month. I asked what I was under review for and could I be considered for the SMP. She said that I can not request anything that it is reviewed and dealt with on a case by case decision. So I guess I just play the waiting game and keep bugging them every few days!

02-03-2009, 11:32 AM	#4 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! So I keep calling every few days to check in with Wells. As of 2/2/09 they are waiting to here from Fannie Mae regarding approval of the home savers or loan mod! Well I thought that the servicer(Wells) comes up with the best option for you and submits it to the investor (FM) and they approve or deny. I tried to ask for the SMP, but was told I couldn't pick and choose. They approved me for the home savers before I was 90 days late. What are the req. for the SMP? I am now going on over 120 days late. They say they haven't started foreclosure and I haven't recieved anything yet. What to do?

02-03-2009, 12:31 PM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! here is the announcement for the streamlined modification....... Media: News Releases > Streamlined Modification Program (SMP) Now Available to Borrowers __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

02-09-2009, 09:49 PM	#6 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Received a letter today from Wells and it states that my application for assistance concerning my mortgage is in the process of review with the investor and they will advise me of the status of my loan modification within 30 days. They also told me of the website wellsfargo.com/assist and how I can access my status there. It shows the steps your are taking regarding step 1 is Review of account, step 2 is prepare modification agreement, etc. It reads step 2 as in the process. So we are still in the process but receiving news and I will say that the people I have spoke with in loss mit have been helpful, kind and don't mind hearing from me every other day. Will keep you posted!

03-10-2009, 10:24 AM	#7 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Still waiting! I keep calling and getting diff. answers. Your account is still in review with Fannie Mae or it is still with a Wells rep. I don't know what to believe or If I should be concerned! Going on 6 months now and they say I am not in foreclosure. So still waiting for an answer! How much longer I need some piece of mind!

03-10-2009, 01:58 PM	#8 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! all of the servicers are reviewing accounts at this time so that they can compare original modification guidelines to the new guidelines to make sure that they are implementing the latest ones............ they have also extended their foreclosure moretorium............. you will find the information here.......... https://www.wellsfargo.com/mortgage/.../stabilityplan __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-10-2009, 03:23 PM	#9 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Thanks ***!

03-16-2009, 12:48 PM	#10 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Spoke with a rep @ Wells today and I should recieve papers soon. I was given a forbearance for 3 months then will start a loan mod. Does that sound right? The only problem is that the 1st forbearance payment is more that I have. Does anyone know if they work with you on this or if that is it? They want me to come up with $6000.00 and I just don't have that right now! I can make a regular payment though. Anyone?

03-16-2009, 01:16 PM	#11 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! you would need to ask the rep this question....................ask if there are any other options if you are unable to afford the forbearance payments. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-16-2009, 01:53 PM	#12 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,307 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! I was able to have them tack on those payments to the back end of the loan.

03-17-2009, 09:57 AM	#13 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! They said if I can't pay then to send the papers back with a letter. Then I would go into foreclosure. Wait ten days to try again. So If I try it do I get a modification or what then? I don' t understand what all this waiting for the new rules and regs got us! I don't understand why I didn't qualify for the Streamline Mod! I don't know what to do! Sorry I keep rambling!!! But I'm frustrated and scared!

03-17-2009, 10:04 AM	#14 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! If this is the only property that you own..............you can try going through NACA to see if they may be able to help.......... here is the link to read through the info......... https://www.naca.com/refinance/refinanceTenStep.jsp __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-17-2009, 10:53 AM	#15 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! I just spoke with the ERT and they are much more pleasant. Took some info and said they will have one of their people contact me within 48 hrs after reviewing my file. There is HOPE!

03-24-2009, 10:47 AM	#16 (permalink)
LauraM1 Member Join Date: Mar 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Hi jtimms , What is the ERT dept. ? I know you said they were very helpful. I am hoping National City has one of those . lol

03-31-2009, 02:13 PM	#17 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Just wondering? Has anyone been offered a forbearance and turned it down because you couldn't come up with the large payment they wanted? Did you go back to the drawing board and come up with something else? Did your bank work with you and come up with another resolution? What was your outcome? I'm curious cause I just did and I'm waiting to see what the bank will do now!

04-08-2009, 02:59 PM	#18 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Ok, so I'm still dealing with the executive offices and I recieved a call today from loss mit. They want to know what I want to do about my pass due balance. They said the Obama home save modification plan just went into effect on monday and they are qualifying a lot of people. I just don't want to confuse things with what Steve in the ERT office is doing. Should I try and qualify or I was still told they require a forbearance period? I'm confused!! Anyone?

04-08-2009, 08:46 PM	#19 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Just make sure that Steve is following those guidelines.........they are uniform for the servicer. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

04-14-2009, 03:27 PM	#20 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Got a call today from Steve in the Executive office and they changed the payments to the original payment $2635.13 for 3 months starting on May 1st. Then we will start for a modification. I'm hoping as long as we make the payments on time we will follow thru to a modification agreement. We meet the requirements of loss of pay, mortgage is 42% of monthly income, etc. Will keep you posted!

04-21-2009, 09:24 AM	#21 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! I am assuming we will have to update all our financial info after the forbearance is over. I have proof of loss of income and overtime pay but with my husband doing construction he usually is laid off during the rainy months(dec-march?) We collect unemployment, my income and whatever else we can to get by. So should I include this in our hardship letter or could this hurt our chance for a mod?

04-21-2009, 10:58 AM	#22 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! I can not tell you what to include in your hardship letter specifically..............I can only give you a generic format to follow to help you............. These are what most lenders consider to be generally acceptable hardships.... 1. Loss of job or reduction in income 2. Death of the homeowner, spouse or family member 3. Illness of homeowner or family member 4. Divorce or separation 5. Forced job relocation by employer 6. Adjustable rate reset-payment shock The best way to set up a hardship letter.......... * First, describe the hardship and the circumstances that caused it * Explain what steps have been taken to correct the situation * Provide the lender with your plan to get back on track and stay there * Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

04-21-2009, 11:33 AM	#23 (permalink)
kat10 Senior Member Join Date: Feb 2009 Posts: 119 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Hello fellow WF mortgagee, To me, it looks like your husbands loss of income is your hardship and needs to be explained in your hardship letter. Your income will be shown in the financials w/ paystubs. Cash income...well, ya know it's cash. They need to know what solid means of income you have. Affordability of a new lower mortgage payment must be shown. You are probably right. They will want a whole new packet of info. at some point before they mod. Don't be suprised if you send in the "standard packet" of Hardship letter, last two paystubs (or proof of income) and financial worksheet at every phase. I sent our in 3-4x. Every time they asked, I sent. In the beginning, I sent some time on the phone w/my WF ERT Rep and made sure our financial information matched to the penny, no discrepencies. I did not change anything on the financials, I sent the same information everytime. I think it may have helped because no matter who asked for it, it was the same as someone else got. When they ask for a new hardship letter follow the guidelines and personalize one of the hardship letter format offered on this site and you should be covered. Stay close to Steve. You have any questions, issues keep him informed. Forward to a successful loan mod you go..... k

04-21-2009, 12:02 PM	#24 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Thanks for the reply! The funny thing is that all my doings with Wells have been over the phone. They have not asked for any financial papers, proof of income, etc. It has all been word of mouth so far! I am glad I went above loss mit and contacted Steve. He is my contact person now and it makes a big difference when you only talk with one rep. instead of getting the run around every time you call! I do believe Steve helped things along a lot faster than loss mit could of! Will keep in touch!

04-21-2009, 12:12 PM	#25 (permalink)
jtimms Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: waiting impatiently! Thanks for the reply! The funny thing is that all my doings with Wells have been over the phone. They have not asked for any financial papers, proof of income, etc. It has all been word of mouth so far! I am glad I went above loss mit and contacted Steve. He is my contact person now and it makes a big difference when you only talk with one rep. instead of getting the run around every time you call! I do believe Steve helped things along a lot faster than loss mit could of! Will keep in touch!

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode