Wells Fargo Mod

[bccorona]

Here is my quick story. Bought my house in late 04 for 660,000 by doing an 80/15/5 loan. The 1st was an interest only for 528,000.00 and the 2nd is fully amortized at 8%.

Fast forward to late May 2009/ House is now worth 475K and I have never been late with payments.

Started the mod process with Wells. I just spoke with them yesterday and they approved me for a special forbearance for 3 months which reduced my payments on the 1st by 600.00. I'm assuming they will make it a permanent payment but I have to go through this trial period. I'm still waiting for the docs so I will update everyone once I receive them.

[Evan Bedard]

Hi bccorona welcome and thank you for joining our community.

Started the mod process with Wells. I just spoke with them yesterday and they approved me for a special forbearance for 3 months which reduced my payments on the 1st by 600.00. I'm assuming they will make it a permanent payment but I have to go through this trial period. I'm still waiting for the docs so I will update everyone once I receive them.

Yes you should have a good chance of recieving a permanent modification once your forbearance is completed and you make the three payments on time.

Keep us posted!