Just received a 3 month special forbearance agreement from Wells Fargo

[mrs_vanity]

Hi,
I am new to this forum. Just received a 3 month forbearance agreement from Wells Fargo yesterday by snail mail. It's been a loooooong 7 months and still their isn't a reall answer :0(. Back in January we sent in all of our paper work for a loan modification. Haven't made a payment since than. I lost my job last year and we have been using our savings to stay afloat. Our surplus is about $100.

We bought our house in July 2006. Purchase for 1.045 million. Put down $300K. Loan amount is $745K. Monthly payment for 10 year I/O loan is $3745. The 3 month forbearance program is the same payment that we were already paying and couldn't afford. So I called the 800 # of the agreement that they sent and of course the rep tells me they dont have any information on what will happen after forbearance is over. Rep says All the notes says is I need to make 3 payments and than more than likely I will get approved for a loan modification. She also stated not sure what the loan mod will be, could be more than your current monthly payment to help you catch up, could be less. They don't give us that info. So I asked to speak with a supervisior. he gives me the same info. Also adds in, Loan mods is for people to catch up on your behind payments not so your principle loan can get reduced, or interest rate to be reduced. There has been rare cases of this happening. If you think your payment will get lowered by $1000, more than likely that wont be happening. I was trying to ask him for more information so we know what we are setting ourselves up for. Dump more cash into the house to try to keep it and end up with the same monthly payment or walk away.

Has anyone been in a similar sitaution? I just want to know there is light at the end of the tunnel and they aren't just "dicking" me around. Of course my goal is to keep the house but gosh they are really give me some false hopes. Especially with these rude people I have to speak to to plee my case. Is there still an Executive number I can call? We are prepared to make the 3 monthly payments with the assistance of my parents, but they cant help forever.

Thanks for letting me vent

[mrs_vanity]

Also I forgot to mention that we just received a form from the county's office with our new property value $855K. The house has dropped almost $300K. Do they take that into consideration? Or are we technically not upside down yet because our loan is still lower?

[Evan Bedard]

Hi mrsvanity welcome and thank you for joining,

Its not to sure yet as to what happens after these forbearance and trial periods.. Many homeowners are in this situation and have yet to recieve permanent mods after the period is complete. You can try calling the exec team at:

1-800-853-8516

[mrs_vanity]

Has anyone denied this forbearance program? If so , have they still considered you for a loan modification?