Maybe predatory - Loan Modifiction Service - Loan Modification Forum

justkathy5 · 11-05-2008, 07:40 AM

My mortgage is with Wells Fargo. It is a good mortgage, we are not in trouble with it, it's not predatory. It's P&I, not interest-only, and we refi'd at the peak of interest rates, so we are due for a downward adjustment. For some reason we got lucky and ended up with an ARM based on the prime rate + .3% and it appears we dodged a HUGE bullet on our 2006 refi. I have been calling them because a reset now would save us like $500+ a month on interest. WF "may" be interested in letting us adjust early. We can't re-fi because we are at 100% LTV or a little upside-down and we definitely don't have 20% to plow into it to refi. We will see what WF ultimately decides - if they don't let us adjust early we will just wait, we are current & not in danger of falling behind. WF does service our note so they are at least listening.

Anyway, I received a letter in the mail the other day marked

WELLS FARGO MORTGAGE
Dept: Loan Modification

on the envelope. When I opened it, it is a flyer from a company detailing the Hope Now program & promising that no matter the terms of my loan, the status of my payments, or how upside-down we are, that they have a GREAT loan program for us. Yeah, right.

Just a heads up to anyone who receives one of these, it is not from your lender. I called Wells Fargo & they basically said "yeah, bottom feeders". So watch out, all.

kathy/IL

11-05-2008, 07:40 AM	#1 (permalink)
justkathy5 Member Join Date: Nov 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Maybe predatory - Loan Modifiction Service My mortgage is with Wells Fargo. It is a good mortgage, we are not in trouble with it, it's not predatory. It's P&I, not interest-only, and we refi'd at the peak of interest rates, so we are due for a downward adjustment. For some reason we got lucky and ended up with an ARM based on the prime rate + .3% and it appears we dodged a HUGE bullet on our 2006 refi. I have been calling them because a reset now would save us like $500+ a month on interest. WF "may" be interested in letting us adjust early. We can't re-fi because we are at 100% LTV or a little upside-down and we definitely don't have 20% to plow into it to refi. We will see what WF ultimately decides - if they don't let us adjust early we will just wait, we are current & not in danger of falling behind. WF does service our note so they are at least listening. Anyway, I received a letter in the mail the other day marked WELLS FARGO MORTGAGE Dept: Loan Modification on the envelope. When I opened it, it is a flyer from a company detailing the Hope Now program & promising that no matter the terms of my loan, the status of my payments, or how upside-down we are, that they have a GREAT loan program for us. Yeah, right. Just a heads up to anyone who receives one of these, it is not from your lender. I called Wells Fargo & they basically said "yeah, bottom feeders". So watch out, all. kathy/IL

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