Modification of 5 in 1 arm Wells Fargo SUCCESS!!

[5in1arm]

Awesome,
I can finally say I believe this is happening because I got my MODIFICATION DOCS in the overnight UPS express mail sent to our home from my specialist at Executive Team. All the terms is as I mentioned above starting at 2.5% then five years later going to 3.5% then 1 year later to 4.5 and then 5.125 on out until July 2037. So I thought they would modify it and go 30 years out from right now but they picked up from right now which would explain why my payment is $1915.65 instead of $1837 I had amortized with the help of "karls Calculator".
Thanks for everyones help and advise on here. Take care.

[Moe Bedard]

Congratulations!!

Well Done!

[deanna]

I got my letter for the HAP program - but accordingly to the loss mitt from well - it listed my terms similiar to yours - but they didn't send that out to me - they said i have to make 3 payments - which I have - may already -

june and july then the final mod will come out including the step rate schedule -

should i contact the well executive about this ? and why i haven't receive the step rate schedule?

[5in1arm]

Deanna,
I think the difference between our loans is that I never got behind on my payments. I think that may be why it is different with your Mod. Let me please know if I am incorrect. If I am correct and your not behind, I am not sure why you would need to make the 3 payments.
My neighbor for instance is making 3 payments before he gets his mods and he is behind also. So I believe I am telling your right. If not please let me know. Take care.

[5in1arm]

I am still in shock. I keep reading the letters and Mod agreement to make sure there is not a catch. I will fax it to my attorney next to make sure there is no tricky stuff just to make me feel better. Thanks ***. Take care.

[deanna]

i was making partial payment in the month of April - then on april 15th this thing comes - the hamp program - one to two steps ..so technically i am a month half month late ... i guess you are right ....but i am sure will follow up with executive on tuesday ...thank you

[5in1arm]

Deanna,
I agree it would be a good idea to follow up with executive team. They are the only ones you can trust to give you consistant information. I think a lot of it is because when you call loss mit. you never know who your getting and everyone has something different to say. When I called Exec. team, that *** posted, and got my contact there, it was smooth sailing. Hang in there and it will happen. Take care. Keep us posted.

[5in1arm]

Trying to help a friend who has Aurora loan services loan. Anyone have a "executive management" phone number for Aurora so I can pass it on?

[Hopefull2009]

Originally Posted by 5in1arm

Trying to help a friend who has Aurora loan services loan. Anyone have a "executive management" phone number for Aurora so I can pass it on?

Aurora has a pretty straight forward mod app process. Fill out the package on the website and submit. Then you cross all fingers and click your heels. Then you wait, and wait, and wait.

LOL - Seriously -- if they behind they can call home retention and see what is available in their specific situation, or they can use the package.

Aurora is participating in MHA program. When you log in, their account should show a notation whether or not their loan is eligible for MHA based on their information. They have other mod programs though, depending on the lender, if it's not marked as eligible.

[5in1arm]

Thanks hopefull1009,
My neighbor has a situation simular to yourself, he is 12 months behind and cut a deal with aurora, or at least he thought he did end a couple a weeks ago. He also cut a deal with Wells Fargo and both 1st and 2nd mortage companies told him to pay for 3 months. He told me yesterday someone posted a sale notice on their front door with grey tape. He doesnt know who to trust. Any advice from anyone. Thanks take care.

[5in1arm]

opps hopefull2009 sorry.
He told me that aurora told him they would stop the forclosure.

[Hopefull2009]

Originally Posted by 5in1arm

opps hopefull2009 sorry.
He told me that aurora told him they would stop the forclosure.

If he's not Fannie/Freddie loan, he should get his mod package in the system ASAP. Aurora just signed on as a participating lender a couple of weeks ago. I figured it would be MONTHS before they did this, but low and behold there they were. He can fax it in. The number is on the home retention dept page. I've never had a problem with them receiving my documents before and they are usually posted in the system within 48 hours. He can then call once a week for an update. My first mod attempt on my 2nd was denied after 63 days. This was before the new program came out. I'm still not sure what they're going to do with my 2nd. I'm on a 3 payment plan with this and a balloon payment due which I'm not going to have.

I'm supposed to be making my first trial payment June 1st as well as submitting the required documentation (income, expenses, etc.). We'll see -- I'm being cautiously optimistic since it is Aurora.

Good luck to your friend -- if he really wants to save his home tell him to get in there and fight.

[5in1arm]

Thanks, I will pass the information on to him. Take care

[5in1arm]

Sent my Mod agreement back overnight to Wells Fargo and faxed a copy to my Executive contact. Also called the Loss Mit. team to let them know they should recieve today.
Does anyone know if the Modification agreement is the only paperwork that will need to be done or if there will be other documentation to sign as well? I already signed and sent in a afadavit.
Seems like there would be more to sign than an afadavit and the loan mod agreement.

Thanks and take care.

[waitingpatiently]

Hi 5/1!

Congrats on your modification. I can't answer your last question, but I find hope in your success with WF. I'm also with WF and (I'm hoping) I'm in the last stages of trying to modify my loan. I think I've been very patient with WF but I'm thinking of calling the executive team on Monday. My BPO came in on 5/20 and I've been told I'm in the last stage of the process - praying for an approval! Loss Mit said 1-2 more weeks, but I'm getting very impatient at this point. It's been over 2 months.

Do you know if you got approval for the Obama Home Affordability Program? When I called they said that's what they are trying to get me. Did they allow you to skip a payment or two? I'd love to be able to skip at least one payment and get bills in order.

CONGRATS AGAIN!!!

[5in1arm]

thanks waitingpatiently,
I think it would be a great idea to call the management team to hurry things along a bit.
I had faxed my loan agreement to my negotiator, my executive team contact and overnited to Loss Mitigation. I called loss mitigation and apparently it takes a few days to get scan into the system. My executive team member assured me this morning that he received my fax and so did my negotiator and he even sent it to the scan department incase my original got lost in the shuffle.
If you feel as though your caught in the "loop" dont hesitate,or think that your going to hurt your chances to get modified. The executive team will just make sure things are done right and in a priority. Otherwise you are one in a thousand that will be in the "loop". Your have to be the squeaky wheel and calling the executive team give you squeaky wheel priority.

Good luck and take care.

[5in1arm]

Oh, I forgot to answer you question. Sorry Patiently. I am not sure the program I qualified for but somehow they told me in the agreement not to pay June payment that the 1st would be due July 1st.
Since I was never behind, my main concern is that my credit was not tarnished by this Mod. My executive team member assured me to follow the loan modification agreement and that missing the payment would not hurt my credit. They just added an addition payment to the end of my loan to make up for June missed payment.

[waitingpatiently]

5/1 - Thank you for your insight. I will call the executive team on Monday. I was going to call today but I don't want to be too pushy and cross the line of pissing them off. But you are right the squeky wheels gets the grease ;-) Thanks for answering my questions. I'm also not behind either, so I want to be sure to keep my credit unblemished. Thanks again! Congrats again to you - You will enjoy a nice peaceful weekend not having to worry about this another day!

[SanJoseGal]

Did they write off any loan to value since your property appraised so low?

[Moe Bedard]

SanJoseGal,


The guidelines that Wells is following if the investor on your loan is participating is for the MHA plan.........and the.........

Home Affordable Modifications are designed to prevent foreclosures by making mortgage payments affordable for working homeowners struggling to retain homeownership. The plan is not intended to replace equity lost by home price depreciation.


If the payment on your first lien alone is more than 31% of your gross income............they will follow these guidelines to try to get the payment to a more affordable level........
http://www.treas.gov/press/releases/...guidelines.pdf

[5in1arm]

SanJoseGal,
No in my circumstance they were able to follow the guideline *** mentioned above. My modification worked out were they took the whole principle balance over the remaining term of the loan approx. 28 years.
take care.

[srjth]

5in1arm,

Congratulations! My story is similiar to yours. I hope I can the same success as you've had with Wells Fargo. One question: Do you know if your loan was a Freddie Mac or Fannie Mae backed loan?

[5in1arm]

srjth,
Thanks. My loan was not backed by Freddie or Fannie. Thanks again and take care.

[srjth]

Originally Posted by 5in1arm

srjth,
Thanks. My loan was not backed by Freddie or Fannie. Thanks again and take care.

thanks for answering, 5in1arm. My loan is also with WF and not backed by freddie or fannie. I am also in foreclosure with an auction date of 6/26/09. It helps me to hear that they still worked something out for you. I hope they can do the same with me. I was assigned to a negotiator on 5/19/09 but I havent heard a word since. I've called every other day since 5/1/09 but all they tell me is to just keep waiting. I even called the Executive Team and the lady who answered there told me the same thing, to wait longer. I've started to talk to NACA and got my file ready for them to submit to Wells by the end of next week if I don't hear anything from Wells. I'm hoping to get some sort of resolution soon.

[nbtapia1]

Originally Posted by bigdawg50

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.

Hi Bigdawg
Could you help me in what was all step you took to finally get the loan modif.