Deadline today (08/01/09) with Wells Fargo

[greensb]

Hi everyone,

I apologize ahead of time for not searching through the other posts to see if my questions have been answered. I've actually been scouring through this forum for over a week, and read a ton of helpful info. Thanks so much Moe for putting LoanSafe together.

Ok, so I've been given a deadline by Wells Fargo to submit all of my financial info by today. Not sure how strict they are with these deadlines, so some info on that topic would be very helpful. I'm going to keep this short and to the point, so you don't have to read through too much.

Overview:
Mom and Dad live in house in question.
They owe $700k. House is worth approx: $720K
Mom is the only one on the loan, but she no longer makes money.
Dad is the one with the income who pays for everything.
House went into default July 2nd.
Working out loan mod with Wells Fargo currently.

Main Questions:

1. Do I include Dad's income on financial worksheet?
2. Do I include Dad's bank statements, tax papers etc...?
3. Dad has a business. Do I include Dad's profit and loss statement?
4. Do I include Dad's assets?

Keep in mind, Dad's is not a co-borrower, but he is on the title.

Thanks in advance.

[MAXIE19]

I believe someone on this forum had the experience of being denied because they were completely relying on the income of a non-borrower for the mod app. Sounds like the bank wants the person who is on hook for the mortgage to be bringing in some income as well. Does your mom have any type of non-employment income, i.e., retirement, unemployment, SSI, etc. Does she have the ability to obtain some type of employment just while going through the mod process. Food for thought. This is probably one of those situations where you have to actually go through the process to see how your lender handles such situations. Goodluck.

[nitag]

I am on my loan and they wanted my husband's income since he makes all the money even though he isn't on the loan. I would submit it with the income..

[delaysmom]

my fiance is not on the loan, they just required that he write and sign a letter stating that he contributes so much toward the household bills monthly and he had to provide a couple pay stubs to show that he could afford it. i'm still not approved, but that is what they had me do...

[greensb]

great! thanks. i sent in the contribution letter about a week ago. now i'm just waiting for it to go into review. but, there's already a trustee sale date set for the 3rd of september. does anyone know of a way for me to delay that?

[greensb]

ok, so i just got off the phone with WF, and the rep told me that my folks qualify for HAMP. they're going to send me a package, apparently i need to resubmit all of their financial info. the rep told me that as part of being approved for HAMP, we would need to make a payment now. i'm not sure if that is true though. i mean we can't afford the current payments, so why would WF expect for us to pay them in order to qualify for HAMP? any thoughts?