Wells Fargo Loan Mod

[gypsy49]

Hi, thanks for reading my message. I am in a chapter 13 and have worked for 5 months with Wells Fargo to get a modification which was extremely stressful. I had a broker that put me in an interest only loan and the payments were 2776 which were about to adjust to 2993. After waiting all this time and about to be foreclosed, Wells Fargo raised my payments to 3400 a month and their excuse was because they gave me a 30 year fixed and this is all they can do since I was not paying towards principal. I would like to know how this is helping us? I know this is a predatory loan so am going to hire an attorney. I believe they took advantage of my desperation knowing I just wanted to keep the house, and could care less about an affordable payment. The broker (actually unlicensed non broker) that wrote the loan misled us and Wells Fargo about our income, etc. so hopefully the lawyer will get us the loan mod. We make enough money to make reasonable house payments, I am sure they can't afford this house payment plus living expenses, but they have the nerve to throw it at us as loan mod. I thought a loan mod meant "a more affordable payment" How greedy can they be!

[Moe Bedard]

Hi gypsy49,

Welcome to the forum and thank you for joining................

The modifications given are up to the investor on the loan..........they may be offering a forbearance which is why the payments went up........but not sure........

Good Luck with the modification through the attorney............

Please keep us posted on your progress........

[gypsy49]

Thanks for your good wishes ***. I will keep you updated. Happy Holidays