Wells Fargo Modification Approval

[1gringo1]

I went through the Hope Now a month ago to get a loan modification. My loan is thru wf . Currently on a loan repayment plan which i can't afford. Each time you call they are so nasty and each rep says something different each time you call. They told me with a rep from Hope Now on a conference line that I must break the re-payment plan 1st. Well i did. Now what is going to happen.This is a va loan with 6% fixed. about 149,500 balance -(got layed off in March,have another job at much less pay) I heard that new housing plan doesn't come into effect until Oct. I don't trust wells fargo-I have months of late fees cause they gave me until the 29 th of the month to pay-toooo bad for me. Should i just make a regular payment in August or just wait and see what they will do? Will they start foreclosing on me right away about 1 1/2 month behind.I was just paying all the crdit card bills ands stopped paying them just tostart making mortgage payments per Hope Now which was a smart decision.

[1gringo1]

TALKED TO VA-THEY STATED THEY HAVE NOTHING TO DO WITH
THE DECISION TO MODIFY THE LOAN-THEY DON'T SERVICE THE LOAN-ITS UP TO WF. aLSO THEY STATED NOT TO MAKE ANY PAYMENTS-THEY PROBABLY WILL SEND THEM BACK-AND IT MAY COST ME OVER $3000 IN FEES IF THEY GO WITH THIS PLAN. NOW I THINK THIS PLAN IS GOING TO COST ME EVEN MORE. IT APPEARS THAT SOON AS I BROKE THE REPAYMENT PLAN SOMEONE LOOKED AT MY REQUEST AND WANTED ME TO FAX MY PAY STUBS FOR THE 2ND TIME(STATED NEVER RECEIVED EVEN THOUGH I HAVE A COPY OF MY FAX REQUEST)i HOPE THEY ENJOYED THE 3 COPIES SENT TO 3 DIFFERENT FAX NUMBERS THEY HAVE. TILL ME THEY DON'T RECEIVE THIS

[1gringo1]

I'm trying to get a loan mod with wells fargo. I've faxed copies with my pay 4 times to 866-359-7369. Can you imagine they tell me each and every time they haven't receive my faxes. I firmly believe they do this on purpose. Property is 2 1/2 months behind on a 6% loan-va. They but me on a loan re-payment plan that does,t work. Any help would be appreciated-Thanks Steven

[Cat Damiano]

Steven,


This is the dept. in the VA that you need to be speaking with..........I am not sure that you were speaking with the right dept.

Depending on a veteran’s circumstances, VA can intercede with the borrower on the veteran’s behalf to pursue options -- such as repayment plans, forbearance, and loan modifications -- that would allow a veteran to keep a home.

To obtain help from a VA financial counselor, veterans can call VA toll-free at 1-877-827-3702. Information about VA’s home loan guaranty program can be obtained at Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs).

[1gringo1]

Thanks, they say my loan mod is under review, but not received any faxes(even though my office jet fax machine says received each and every time), I called VA and they aren't very happy. It appears this is a common delay tactic to insure you go into foreclosure. Each step of this process will be a repeat. Wells fargo customers facing this issue are in for a very sad and nerve racking experience. And for veterans. it doesn't matter even though I told them is a va loan and also went thru Hope Now

[Dan Bailey]

Does it help to send it via certified mail also, and get a recieved signature?

[1gringo1]

Thanks that will be the next step, I asked for the address, they told me no- just fax only. Can you believe this company-I may have a heart attack before this is all done-if it does get completed.

[1gringo1]

Does anyone have a good contact person to speak to in the loss mit dept.Someone that will help you solve these problems and explain what is going on and what there process is-that will speak truthfully so you know what will happen for sure. Thanks

[1gringo1]

Does any one have any good E-mail -phone numbers to complain against loss mit. I have been faxing required documents for 1 month with no result. I even went into a Local wells fargo branch to have this done. Now loss mit say it could take a week not 2-3 days to image the documents into my file.That iis hard to believe-nothing but a big lie.T get this loan mod is going to be impossible as wf has a different lie every time you contact them. I'm glad i stopped making payments to them

[Cat Damiano]

If you file a complaint within Wells Fargo it might not get to anyone of importance.............
you might want to consider filing your complaint with either of these institutions.........

Help and Frequently Asked Questions about National Banks from OCC's HelpWithMyBank.gov

Office of Thrift Supervision - Home

[1gringo1]

Today I received a letter from wf stating loan is in default(no kidding)Next step will be an acceleration of your Mortgage Note. Must pay 2808.77 by 31 aug, 3874.75 by sept 2 Now unless money is growing on my tree that is impossible. I asked for loan mod-nothing happening. They won't receive or process my faxes even by there own bank. So what are you supposed to do. I called today- and I was told it could be over 1 week before anything is entered into there system. I do believe this is a complete lie. How long before they will foreclose. I explained this is a va loan. I thought the va and Hope Now were supposed to help. The bottom line-there is nothing they can do except listen and take notes

[Cat Damiano]

Here are the options that are available on VA loans...........if the lender is not working with you..............you should call VA and ask what options are available to you.........you might want to ask Wells Fargo about the reamortization option or ask the VA about the refunding option.........
as these options could potentially help you...............

Forbearance/Repayment Schedule

The most common way of resolving a loan default is to work out a plan which will let you repay part of the delinquency each month along with your regular monthly installment. If you are temporarily unable to meet your monthly mortgage obligation, your holder may extend forbearance by agreeing to suspend payments or accept partial payments for a limited period of time until you will be able to begin a repayment schedule. VA cannot require the holder to extend forbearance or to agree to a specific repayment schedule; however, holders will usually cooperate so long as you can show that you will be able to resume payments on a specific date in the near future.

Re-Amortization


If your loan is re-amortized, the delinquency is added to the loan balance in order to bring your payments up to date. This increases your loan amount and will also increase your monthly payments. The amount of the payment increase will not be as great if the life of your loan is extended at the same time. Your loan holder is allowed to extend and/or re-amortize your loan by VA regulation; however, we cannot require the holder to do so.

Private Sale


If you do not believe you will be able to reinstate your loan and maintain the mortgage in a timely manner, a private sale of the property will enable you to meet your obligations and receive any equity you may have built up. If you have equity in the property, most private sales are for more than the amount owing on the loan. You may sell the property to a buyer who gets his or her own financing and pays off your GI loan or a buyer who will assume your responsibility for the loan. If the buyer is assuming your loan, you should contact VA and obtain a release of liability before the sale is closed. Warning: IF YOU SELL YOUR HOME WITHOUT PAYING OFF THE MORTGAGE, YOU MAY REMAIN LIABLE FOR THE DEBT. CONTACT VA BEFORE SELLING FOR INFORMATION ON HOW TO GET A RELEASE FROM LIABILITY AND SUBSTITUTION OF ELIGIBILITY.

Compromise Agreement

If your property cannot be sold for an amount which is greater than or equal to what you owe on the loan, but you can sell it for its fair market value, VA may pay a “compromise claim” for the difference in order to help you complete the sale. You may contact your lender or VA to discuss the situation and get prior approval for sale with a compromise claim payment.

Deed in Lieu of Foreclosure

If you will be unable to cure the default and a private sale does not appear realistic, VA will consider accepting a deed in lieu of foreclosure. If there are no liens on the property, and VA agrees to accept a deed, you will have to sign legal papers making VA the owner of the property. Normally, VA will have to pay your loan holder a claim for the difference between the value of the property and the amount you owe on the loan. If a deed is accepted, you may be released from all further liability, or you may be asked to agree to repay the Government for all or part of the claim we paid. VA representatives can discuss this with you in detail.

Refunding Under 38 CFR 36.4318

VA has the discretionary authority to buy a loan from the holder and take over the servicing. This is called “refunding”. We consider this alternative for every loan before foreclosure is completed. If you have the ability to make mortgage payments, or will have the ability in the near future, but your holder has decided it cannot extend further forbearance or a repayment plan, you may qualify for refunding. If refunding is appropriate, VA will notify you.

[1gringo1]

Thank you.I have a few additional questions.Is wf required to inform the va about this issue-what they are doing, or do i inform va. This is very help info. I contacted va today and they informed me they are under a valerie system(whatever that means) and they only monitor whats going on only. Also nothing like the refunding would be offered for at least 6 months Thanks-Steven

[Cat Damiano]

Discuss with Wells Fargo the reamortization option.........that would help better than a forbearance in your situation....and tell them that this is an option given by the investor (VA) on your loan .........I am not sure if Wells Fargo is required to informa the VA............that would be a question for the VA as they are the ones doing the monitoring.........

Here is an additional contact for Wells Fargo
1-800-416-1472

[1gringo1]

I would like to inform all Wells Fargo mortgage customers who are experiencing a hardship and hoping to get a loan mod (in a timely manner) or any other type of help the truth how loss mitigation actually works. You may make your own judgement.
I have posted several times the difficulty I was having with faxing documents to wf to get the process started.(you have to have all this info received and transfered to your negotiator 1ST to get this process started) Today on friday I made 2 phone calls . One to Va and 1 to wf. I went into a local wf branch on Monday and they faxed 3 pay stubs, 2007 tax documents.Everyday, I received the same answer, never received, takes 2-3 days to transfer the image.I called va as this is a va loan. They called wf and they told them the same plus that they have never received the hardship letter that they told me that they received 1 month ago. Va called me back and told me to fax the info to them and they would fax it to wf. (Va monitors this whole process and does step on their toes)
Fine, I went to the local wf bank and asked the rep if she would fax these again. Not only did she faxed these documents, she called the loss mit and asked them to please explain how in the world could you not receive these documents as this is a wells fargo bank.(how many times do these documents need to be faxed by this bank That rep would not talk to that associate even though she verified her employee number and bank info to prove she was a bank employee. Also I was informed by the local associate that all faxes go straight to the computer-no paper at all. The loss mit made me ask the local associate to re-fax these documents again and told me only partial documents came thru. (Shortly afterwards the loss mit was able to read all the faxes on her her screen all of a sudden) The bottom line is I caught loss mit with the local employee as my witness(she had to hold back her true thoughts) in a complete lie. All loss mitigitation does is lie, lie and lie.( this has been going on for 1 month) They do this deliberately to purposely delay and make this process last as long as possible . Hopefully the customer will give up. Now I' m told that all documents have been received and transfered to my negotiator.(She had told me that she needs me to fax all my financial info FIRST-explained that IT HAS BEEN THERE FOR OVER 1 MONTH -was there find it-HOPE NOW SENT IT-IT IS THERE -oH- I FOUND IT) So Wells Fargo customers you have to fight them hard, Really hard- call them everyday let them know this info. Now I want the President of this disgusting company t