My success and consequences.

[dlee300z]

A little history about my loan. I refi'd early last year and Countrywide bought my first loan while Wells Fargo bought my 2nd.

I started the loan modification process in Feb 08. I just called them and told them I needed help. I faxed in a hardship letter and my income information. A month later, I get sent a packet that said my loan was modified to a 30 year 4.5% fixed loan. I couldn't believe it and called them back before notarizing the documents. The agent said yes. SO I sent it in.

That was pretty easy.

[dlee300z]

After dealing with both Countrywide for my first and Wells Fargo for my second, this is what my results were.

Countrywide = 30 year fixed @ 4.5%
Wells Fargo = 1 year fixed @ 6.5% (interest only)

It took me 3 months of missed payments with Wells Fargo for them to even consider modifiying my 2nd. They also reported it to my credit history so now I have a 675 instead of a 720. I guess it's the price you have to pay when dealing with a loan modification. With Countrywide, I wasn't even late and they modified it within 1 month.

Is there something I can do about fixiing this credit problem? I did call Wells Fargo and they said that they have to report it.

Bastards!