Modification of 5 in 1 arm Wells Fargo SUCCESS!! - Page 2 - Loan Modification Forum

5in1arm · 04-18-2009, 07:19 AM

Nathanb,
I submitted paperwork on 4/2, I was told about a week later that my appraisel was already done. They are suppose to tell me something within a week, executive team said 4/16. Thanks for update.

nathanb · 04-20-2009, 08:08 AM

Thanks for the update...that gives me an idea on when i can expect somthing.

5in1arm · 04-20-2009, 12:49 PM

Was called by executive staff member this morning letting me know that they have stepped things up and should here something from the investors within 48 hours. We will wait and see. Trying not to get hope up too much you know. Have heard this before.

5in1arm · 04-20-2009, 12:51 PM

oops hear is correct spelling

kat10 · 04-23-2009, 02:30 PM

Keep in mind yes, they are doing the new and improved plan but only if they can not offer a workout otherwise. That is why we are still a 6% loan. Extended to a new 30 year term. It gets us close 31% net pay(on one income!) My dream mod was 2%/30....we would have been way uner 31%...BUT NO!!!! Doesn't hurt to dream. We got help and now we can go forward.
Nathan, I know you can get through this. Stay on ERT like stink on poo.
and as I always say...KEEP GREAT NOTES.
Ciao for now and may you find peace on your journey.
k

5in1arm · 04-23-2009, 02:51 PM

Found out today that the processer who works for my "executive" rep is out for a while. Apparently it was "handed" to another negotiator. They assured me the new negotiator has been told that "executive" managment are still awaiting update. Thats why I dont get my hopes up, but who knows.

kat10 · 04-23-2009, 03:08 PM

5/1
Keep the faith.
I kept asking and getting names....can you find out who the processor is? Then call and ask for them. Find out who the negotiator is, ask for them. Push ,push,push....

5in1arm · 04-23-2009, 05:38 PM

Kat10,
That's a good point, I will try. Thanks.

5in1arm · 05-04-2009, 09:11 PM

Been pushing for answers, asking who is the processor etc. this past week. Have been told by executive staff that we were close. Missed a call today from whom I believe was a negotiator. Going to try back till I get a hold of her tommarow, hopefully no phone tag.
Called Wells tonight and the customer service rep said it he cant go into specifics but it looks like its in the later stages and they are through reviewing the case and my case was given to the processor on the 31st. Missed a call last thursday from executive staff. Dying to find out from someone what is going on.
Sending back an afadavit they finally sent to me in the mail.
Thats all I have to update for now. Peace.

5in1arm · 05-05-2009, 05:47 PM

Finally got a hold of my negotiator today. Very nice person. She just needed me to fax her one more item and then she is goiing to enter my infomation into her computer.
She said the VP has to sign off on what ever she figures out and then they will present my options if applicable. Have to wait now and see what happens. She also said that the modification does not include anything to do with the second, just as *** had said.
Take care everyone. And good luck.

5in1arm · 05-15-2009, 09:02 PM

Was called today and was told by executive team that my mod has been reviewed by management and it went back to whoever for a final audit. Told that this mod should be wrapped up by June 1. Will follow up next week to see progress. 45day so far. Good luck to everyone and keep on them to save your home. At this point I am just being positive and thanking everyone one for helping me. Will let you know when it happens on paper.

bigdawg50 · 05-16-2009, 08:37 AM

Just got my modification with Wells yesterday. I did no forebearence, no appraisal, and it took me about 4 weeks. So many stories are different with them. Dont know why our experience has been so different. Good luck to all.

5in1arm · 05-16-2009, 08:56 AM

Bigdawg50,
Yes, all of us have different situations and it depends on who is working on your mod within the company as well. If you don't mind me asking what was the specifics of your mod? Thanks.

bigdawg50 · 05-16-2009, 01:54 PM

No i dont mind. They lowered our interest rate from 6 to 4.5 . Our house payment only went down about 150.00 but at this point everyone will grab what they get. The letter also said the 1st payment is not due until 8-01. This was nice because it will give us a little time to get it together. At least i dont have to lie down in bed every night wondering if the big F word will come the next day.

5in1arm · 05-18-2009, 08:04 PM

Well, I received some information today. They didn't go in to any specific details, but said I will have to pay $95 for an appraisel and that was my only cost. She said they mailed out my loan modification UPS last Saturday. She did say 5.25 percentage fixed for 30 years and my payment will be $1915 on July 1st, 2009. I am not sure of the specifics and she said I would see it in the paperwork.
I fugured this will save $459 a month and I will be paying toward principal. I asked her if this included taxes and insurance. She was not sure. Obviously they didnt include the second and since my house is upside down they deferred the overage for a later date. It will be interesting to see. I will send it to my attorney to have her review every detail to see if it is exceptable. I will inform all of you the specifics when I recieve it. Hope it gets here tommarow. Took me 48 stressful days to recieve this mod verbally.

Moe Bedard · 05-18-2009, 08:08 PM

sounds good..........and you should be able to at least try a modification on your second as well, especially if Wells services that too.

Keep us posted when you receive your docs.........

5in1arm · 05-18-2009, 08:20 PM

***,
I emailed my Executive Team Member about the 2nd last week but they never got back to me or just didn't answer. Should I try to handle the second now so i can negociate or do the first then go back later for the 2nd?

Moe Bedard · 05-18-2009, 08:40 PM

get the paperwork set for the first......then it will be finalized and should put you in a better position to work something out with the second.......

5in1arm · 05-18-2009, 08:52 PM

***,
Thanks a lot. I appreciate all your advice, help, incite, numbers etc... What a great blessing to find this site. Thanks again.

5in1arm · 05-20-2009, 06:55 PM

Ok,
I still have not received my Docs so I decided to call loss mitigation to find out some more specifics on the loan, as well as, find out how long to expect to wait for the Docs.
The Loss mitigation specialist was able to see the specifics of my mod and told me to wait until Monday and if I dont get Docs then they will overnight them. She said there was no tracking number, so just hoping they sent them certified to my PO box and not UPS.
She told me that for the first 5 years it is 2.5% then year 6 goes to 3.5%, year 7 goes to 4.5% , year 8 to 5.25% for 22years fixed. My first payment is $1915 July 1st. They did not do a principal reduction, they are using my principal of $465K and doing nothing about Second. I don't know how to amortize this type of loan. Perhaps my payment will stay the same since principal is being paid faster than normal. If anyone knows how to do this or knows the answer that would be great. Thank you.

B Stevens · 05-20-2009, 10:49 PM

Here is a great calculator. To figure the different rates, go to the bottom and click on Interest Rates. It will allow you to set start months for the new rate Karl's Mortgage Calculator
So the new terms significantly lower the payments and what is the value of your home. I am trying to figure out when the banks are determining a turn around on housing prices.

5in1arm · 05-21-2009, 06:00 AM

B Stevens,
Thanks for the site for the calculator, I will try it out. Take care.

5in1arm · 05-21-2009, 05:28 PM

I found out today that they mailed my docs to my Post office via UPS. Guess what? UPS does not deliver to PO boxes. Since Loss mitigation messed up I decided to call my contact at the executive team. He offered to fax it to me today or send it overnight with a early delivery tommarow. Since I dont have Fax I opted for overnight delivery. So I should have something tommarow.
All of you dealing with Well Fargo Loss mitigation, do yourself a favor, save yourself time and always call Executive Team so things can get handled correctly otherwise you will get the run around. Take care.

kat10 · 05-21-2009, 06:06 PM

hmmmm grasshopper you learn so well.
"All of you dealing with Well Fargo Loss mitigation, do yourself a favor, save yourself time and always call Executive Team so things can get handled correctly otherwise you will get the run around. "

glad to hear your progress. stay on them. don't stop yet.
k10

5in1arm · 05-21-2009, 08:50 PM

Thanks Kat10,
Once I get my Docs tommarow my attorney will look at them Monday and I will mail back if she says its cool. Then I will make copy for myself and I have already made arrangements with My contact at "executive team" to fax a copy of the Docs to him. He told me that if they claim they didnt get them he will personally make sure they get them. Cover yourself, always send copies to the executive team, they are the ones that will get things done. Take care and don't ever give up.

04-18-2009, 07:19 AM	#26 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Nathanb, I submitted paperwork on 4/2, I was told about a week later that my appraisel was already done. They are suppose to tell me something within a week, executive team said 4/16. Thanks for update.

04-20-2009, 08:08 AM	#27 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Thanks for the update...that gives me an idea on when i can expect somthing.

04-20-2009, 12:49 PM	#28 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Was called by executive staff member this morning letting me know that they have stepped things up and should here something from the investors within 48 hours. We will wait and see. Trying not to get hope up too much you know. Have heard this before.

04-20-2009, 12:51 PM	#29 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! oops hear is correct spelling

04-23-2009, 02:30 PM	#30 (permalink)
kat10 Senior Member Join Date: Feb 2009 Posts: 119 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Keep in mind yes, they are doing the new and improved plan but only if they can not offer a workout otherwise. That is why we are still a 6% loan. Extended to a new 30 year term. It gets us close 31% net pay(on one income!) My dream mod was 2%/30....we would have been way uner 31%...BUT NO!!!! Doesn't hurt to dream. We got help and now we can go forward. Nathan, I know you can get through this. Stay on ERT like stink on poo. and as I always say...KEEP GREAT NOTES. Ciao for now and may you find peace on your journey. k

04-23-2009, 02:51 PM	#31 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Found out today that the processer who works for my "executive" rep is out for a while. Apparently it was "handed" to another negotiator. They assured me the new negotiator has been told that "executive" managment are still awaiting update. Thats why I dont get my hopes up, but who knows.

04-23-2009, 03:08 PM	#32 (permalink)
kat10 Senior Member Join Date: Feb 2009 Posts: 119 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! 5/1 Keep the faith. I kept asking and getting names....can you find out who the processor is? Then call and ask for them. Find out who the negotiator is, ask for them. Push ,push,push....

04-23-2009, 05:38 PM	#33 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Kat10, That's a good point, I will try. Thanks.

05-04-2009, 09:11 PM	#34 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Been pushing for answers, asking who is the processor etc. this past week. Have been told by executive staff that we were close. Missed a call today from whom I believe was a negotiator. Going to try back till I get a hold of her tommarow, hopefully no phone tag. Called Wells tonight and the customer service rep said it he cant go into specifics but it looks like its in the later stages and they are through reviewing the case and my case was given to the processor on the 31st. Missed a call last thursday from executive staff. Dying to find out from someone what is going on. Sending back an afadavit they finally sent to me in the mail. Thats all I have to update for now. Peace.

05-05-2009, 05:47 PM	#35 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Finally got a hold of my negotiator today. Very nice person. She just needed me to fax her one more item and then she is goiing to enter my infomation into her computer. She said the VP has to sign off on what ever she figures out and then they will present my options if applicable. Have to wait now and see what happens. She also said that the modification does not include anything to do with the second, just as *** had said. Take care everyone. And good luck.

05-15-2009, 09:02 PM	#36 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Was called today and was told by executive team that my mod has been reviewed by management and it went back to whoever for a final audit. Told that this mod should be wrapped up by June 1. Will follow up next week to see progress. 45day so far. Good luck to everyone and keep on them to save your home. At this point I am just being positive and thanking everyone one for helping me. Will let you know when it happens on paper.

05-16-2009, 08:37 AM	#37 (permalink)
bigdawg50 Member Join Date: May 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Just got my modification with Wells yesterday. I did no forebearence, no appraisal, and it took me about 4 weeks. So many stories are different with them. Dont know why our experience has been so different. Good luck to all.

05-16-2009, 08:56 AM	#38 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Bigdawg50, Yes, all of us have different situations and it depends on who is working on your mod within the company as well. If you don't mind me asking what was the specifics of your mod? Thanks.

05-16-2009, 01:54 PM	#39 (permalink)
bigdawg50 Member Join Date: May 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! No i dont mind. They lowered our interest rate from 6 to 4.5 . Our house payment only went down about 150.00 but at this point everyone will grab what they get. The letter also said the 1st payment is not due until 8-01. This was nice because it will give us a little time to get it together. At least i dont have to lie down in bed every night wondering if the big F word will come the next day.

05-18-2009, 08:04 PM	#40 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Well, I received some information today. They didn't go in to any specific details, but said I will have to pay $95 for an appraisel and that was my only cost. She said they mailed out my loan modification UPS last Saturday. She did say 5.25 percentage fixed for 30 years and my payment will be $1915 on July 1st, 2009. I am not sure of the specifics and she said I would see it in the paperwork. I fugured this will save $459 a month and I will be paying toward principal. I asked her if this included taxes and insurance. She was not sure. Obviously they didnt include the second and since my house is upside down they deferred the overage for a later date. It will be interesting to see. I will send it to my attorney to have her review every detail to see if it is exceptable. I will inform all of you the specifics when I recieve it. Hope it gets here tommarow. Took me 48 stressful days to recieve this mod verbally.

05-18-2009, 08:08 PM	#41 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! sounds good..........and you should be able to at least try a modification on your second as well, especially if Wells services that too. Keep us posted when you receive your docs......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-18-2009, 08:20 PM	#42 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! ***, I emailed my Executive Team Member about the 2nd last week but they never got back to me or just didn't answer. Should I try to handle the second now so i can negociate or do the first then go back later for the 2nd?

05-18-2009, 08:40 PM	#43 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! get the paperwork set for the first......then it will be finalized and should put you in a better position to work something out with the second....... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-18-2009, 08:52 PM	#44 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! ***, Thanks a lot. I appreciate all your advice, help, incite, numbers etc... What a great blessing to find this site. Thanks again.

05-20-2009, 06:55 PM	#45 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Ok, I still have not received my Docs so I decided to call loss mitigation to find out some more specifics on the loan, as well as, find out how long to expect to wait for the Docs. The Loss mitigation specialist was able to see the specifics of my mod and told me to wait until Monday and if I dont get Docs then they will overnight them. She said there was no tracking number, so just hoping they sent them certified to my PO box and not UPS. She told me that for the first 5 years it is 2.5% then year 6 goes to 3.5%, year 7 goes to 4.5% , year 8 to 5.25% for 22years fixed. My first payment is $1915 July 1st. They did not do a principal reduction, they are using my principal of $465K and doing nothing about Second. I don't know how to amortize this type of loan. Perhaps my payment will stay the same since principal is being paid faster than normal. If anyone knows how to do this or knows the answer that would be great. Thank you.

05-20-2009, 10:49 PM	#46 (permalink)
B Stevens Senior Member Join Date: May 2009 Posts: 124 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Here is a great calculator. To figure the different rates, go to the bottom and click on Interest Rates. It will allow you to set start months for the new rate Karl's Mortgage Calculator So the new terms significantly lower the payments and what is the value of your home. I am trying to figure out when the banks are determining a turn around on housing prices.

05-21-2009, 06:00 AM	#47 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! B Stevens, Thanks for the site for the calculator, I will try it out. Take care.

05-21-2009, 05:28 PM	#48 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! I found out today that they mailed my docs to my Post office via UPS. Guess what? UPS does not deliver to PO boxes. Since Loss mitigation messed up I decided to call my contact at the executive team. He offered to fax it to me today or send it overnight with a early delivery tommarow. Since I dont have Fax I opted for overnight delivery. So I should have something tommarow. All of you dealing with Well Fargo Loss mitigation, do yourself a favor, save yourself time and always call Executive Team so things can get handled correctly otherwise you will get the run around. Take care.

05-21-2009, 06:06 PM	#49 (permalink)
kat10 Senior Member Join Date: Feb 2009 Posts: 119 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! hmmmm grasshopper you learn so well. "All of you dealing with Well Fargo Loss mitigation, do yourself a favor, save yourself time and always call Executive Team so things can get handled correctly otherwise you will get the run around. " glad to hear your progress. stay on them. don't stop yet. k10

05-21-2009, 08:50 PM	#50 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! Thanks Kat10, Once I get my Docs tommarow my attorney will look at them Monday and I will mail back if she says its cool. Then I will make copy for myself and I have already made arrangements with My contact at "executive team" to fax a copy of the Docs to him. He told me that if they claim they didnt get them he will personally make sure they get them. Cover yourself, always send copies to the executive team, they are the ones that will get things done. Take care and don't ever give up.

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