Modification of 5 in 1 arm Wells Fargo SUCCESS!!

[5in1arm]

Originally Posted by srjth

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.

srjth,
Call the executive team and ask her to give you the name of the negotiator. Once you get the negotiators name call loss mitigation and ask for the negotiator by name. Mine was at the same location as loss mitigation with a (803) area code which is in South Carolina. Just keep asking and if you can't get the information from Executive ask Loss mitigation and if they will not tell you ask for the Supervisor on duty. Don't be annoying but be persistant. Thats what I did. Take care

[5in1arm]

srjth,
One more thing that I forgot to point out. I was never in forclosure, my payments are still up to date. take care.

[SanJoseGal]

5in1-

Can you share you hardship letter with us? I am in a identical situation as you. We have a 5/1 IO with WF for 540k and a 2nd with Chase for 130k. We have not missed or been late on one payment. I lost my job 6 months ago and my husband has not been able to collect any commission due to decreased booking in his industry. However we do have about 50k cash reserves, we truely are saving that for the future, childrens college funds, emergeny funds, etc... Did you happen to have cash in the bank?

We currently have a front end DTI of around 37% and also our 5/1 will come due in 10/10 so we might as well kill 2 birds with one stone and try for a loan mod. Our house value is down by 150k right now. Makes me sick to my stomach....


Thanks for sharing your story, it give people like me hope..

[5in1arm]

SanJoseGal,
I followed some advice from my attorney prior to writing the letter. The letter that *** post basically is the same. I set it up kinda like a Business format letter. Date at top, Atten: Wells fargo , MAC#, and address. Next I said: To whom this concerns. The bod of the hardship letter explained my hardship . I kept it short and to the point. About nine lines of information font 10. I explained my hardship. I also explained how it affected my pay and enphasized that I was close prior to this hardship but now that I have this hardship I will not be able to make the current payment and will go into default the immediate future. I requested that they review my current income and expenses(which I referenced at the bottom of the letter)and ask them to consider me for a modification so that I can continue to provide a home for my family. I then gave them my loan# and current balance.

I skipped 2 lines and listed my net monthly income(including copies of pay stubs) for last 3 months. I headed it INCOME.

I skipped another 2 lines and headed it EXPENSES MONTHLY. I listed my wells payment, my second payment, house tax montly, Home insurance, car insurance, food, gas bill, fuel cost, electric, wireless, tv, internet, water, trash, child support ect. all expenses monthly.

Then I thanked them for consideration and signed and put my phone number.
I sent this with my pay stubs. I went back three months on paystubs so they could see my pay prior to the 10% reduction in my pay and included 2 months paystubs that shows the resulting less pay.

I did not have any reserve cash. Hope this helps.

[waitingpatiently]

5/1,

Hope you are still enjoying the feeling of having a successful modification ;-)

I have a question for you...I'm also with WF, so far I've been approved for the HAMP program, but it just needs to be approved by the investor (Freddie Mac) Hoping we'll know specifics by next week.

My question is: What other documents did they request when your modification was approved? I'm trying to be proactive here, and have all my ducks in a row...I just faxed over updated paystubs because they were over 60 days old, but nothing else has changed. Did you have to provide bank statements as well, anything else?

Thanks!

[5in1arm]

Patientlywaiting,
Yes it is a great feeling, I willl make my first payment July 1st happily. I kinda lucked out I suppose because my loan was not Freddie or Fannie. Private investors I suppose. I basically just sent in my pay stubs and my hardship letter and spent a lot of time with Executive Team. I think my executive team person was glad they did something for me because of the continues calls and emails I left him. I later had to send some information about my investment properties and my lease agreements. My investment properties pretty much pay for themselves. No bank statements due to me banking with Wells Fargo. They never asked for Tax information or other bank statements in my case. I am sure since the Government is backing these plans if you are hiding something they can find it if they want. I had nothing to hide and was just honest about my situation. I was kind of suprised that they didn't ask for more things.
I think it all comes out to what they have to lose if they don't do a mod for you as well. They stood to lose a lot of money if I walked away. My case just happen to be a perfect situation for me and the bank and it worked out for both of us. Hope this helps you and others. Take care.

[waitingpatiently]

Thanks for your timely reply! I was thinking the same thing...that I should be providing more stuff other than hardship letter and paystubs...I just wanted to get my stuff in order so when they ask for it I have it all ready to go. Thanks again...I hope I get to enjoy the feeling you are feeling right now...in about a week or so!

Waitingpatiently

[jillven]

Glad I finally found you guys, I could not seem to find a forum for Wells Fargo on the home page of the forum. Happy to see all of your success.
My situation is a little different. My lender is Wells, But my servicer is Wamu/Chase. You can view my thread in the Chase forum under wamu/ chase nightmare.

I was told today by my negotiator at Wamu that she was submitting my mod to Wells Fargo. First she told me it was the MHA 3 month trial and that there would be no change in my 6.275 intrest rate and that there was no guarentee the wells would complete the mod after the 3 months.
My payment was astronomically higher. (see my thread 6/11).
After 3 phone calls to her today questioning the payment increase she told me she had made a mistake.

This was not the Obama MHA 3 month plan but a straight mod (arm term extention), with no change in intrest (stays the same @ 6.275). SHE TOLD ME THAT WELLS FARGO HAS CHOSEN NOT TO PARTICIPATE IN THE MHA OBAMA PLAN AND IT AND NEVER HAS SINCE THE BEGINNING AND WILL NOT CONSIDER ANY CHANGE IN MY INTREST.

I am really confused now after reading all of your posts. You all seemed to get wonderful results. Wells Fargo wont even talk to me. They tell me that I have to go through my servicer Wamu, not them..... But they are the lender


Is Wells Fargo participating in the Obama MHA Plan? Advice?????

[waitingpatiently]

jillven,

As a servicer I know WF is participating in the Making Home Affordable - they refer to it as HAMP (Home Affordability Modification Program) because that's what I'm approved for.


I'm not really answering your question. Good luck!

[tomser]

hello
i have 3 wells fargo loans . All have interest only loan .
All these 3 loans are going to rest for new high interest rate in coming septermber.

one is primary resident $ 550k
second one is rental house $459k
third one is rental also $465k

I just want to save my primary home .the 2 rental are all self suffiecent .
how to go by asking loan modificatuion to my lender

my mortgage are all current and on time but the new rate is to make me unable to pay mortgae payment i need help

ts

[5in1arm]

I would call directly to the executive team in Demoine Iowa. You can find their number in the body of my postings. I started with the loss mitigation team and sent them my letter. I called and called them to be put into the loop of things. I would ask if they got my fax, they would say no then I would mail and fax and they would say they didnt get it. It was not until I call the executive staff did my package start rolling along.
You have to be the squeaky wheel because there are literally thousands of people modifiying their loan right now. Buy the way I started my first payment today on my mod. Yeah.
This mod will save so much interest it is incredible. Another pointer is to always be positive and always tell them thanks for all their hard work. Because these people are dealing with nothing but negative all day and you may stand out as one they want to help because you told them thank you for helping me. I really meant it because I was greatfull that someone was helping me.
Hope this helps and good luck.

[tomser]

hi
I am new and could you give me the email address and fax number og the executive wells fargo. I am going to submiit the loan applicatuion to date I called executive office they said they will send the mod application with fedex

thank you

ts

[tomser]

what is the aurora ???

[herrersu]

I have been dealing with Wells Fargo since February. At first I went with a loan modification company but didn't go anywhere with them. They kept telling me they were working with Wells Fargo but Wells Fargo said no one was working on my case. Wells Fargo then re-submitted my paperwork on April 27, 2009. I call almost everyday and they tell me it is being reviewed by the negotiator. We are now in forclosure although a sale date has not been given. We are extremely anxious and frustrated because it is taking so long. I have asked how much longer and depending who I talk to they have said 30 - 60 days from when the negotiator got my file to 90 days. Has anyone had any luck with a loan modification from Wells Fargo?

[tomser]

Originally Posted by 5in1arm

***,
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?

***

please help me I need the email address and fax number of the Execcutive wellsfargo you've beeen talking about urgently

thank you

tomser

[tomser]

I need help please

I need the email address and fax number of the Wells***o Executive team

help me

tomser

[tomser]

hello i am new

tell me how to post

[tomser]

yes i am looking for too the executive fax number

[Evan Bedard]

Hi Tomser,


Here is the number to the executives office and some email of theirs as well

jerald.banwart@wellsfargo.com;
mary.coffin@wellsfargo.com;
sharon.cecil@wellsfargo.com;
Debra.Walsh@wellsfargo.com;
rick.kelphart2@wellsfargo.com

1-800-853-8516

[tomser]

Originally Posted by Evan Bedard

Hi Tomser,


Here is the number to the executives office and some email of theirs as well

jerald.banwart@wellsfargo.com;
mary.coffin@wellsfargo.com;
sharon.cecil@wellsfargo.com;
Debra.Walsh@wellsfargo.com;
rick.kelphart2@wellsfargo.com

1-800-853-8516

hi Evan

thank you so much the information but can you give to me the fax number of the executive team as well

best wishes
tomser

[tomser]

Originally Posted by *** Damiano

Hi 5in1arm,



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

There is a uniform set of guidelines and steps that the participating servicers and investors are following to modify loans on a principle, owner occupied residences, to a target mortgage payment on a first lien alone, of 31% of gross income..............a principal reduction isn't what they are using to get there.............the very last step if they can not get to the 31% by lowering the rate and extending the terms, is a principal forbearance which takes the principal from the front end of the loan and places it on the back end in a balloon payment that will not be due untill you sell the home or refi the home..........

Try contacting the executive team instead to see what the options are for modification on your loan type........
1-800-853-8516


To be eligible for a Home Affordable Modification, a borrower must:

• be an owner-occupant in a one to four unit property, and have

• an unpaid principal balance that is equal to or less than $729,750 (for one unit properties and higher for two to four unit properties, consult the Guidance for limits),

• a loan that was originated before January 1, 2009,

• a mortgage payment (including taxes, insurance, and homeowners association dues) that is more than 31% of the borrowers' gross monthly income, and

• have experienced a significant change in income or expenses, to the point that the current mortgage payment is no longer affordable.


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.



Here are the steps being taken and links to the program information............

In summary, participating servicers will (in order):

• Determine that a loan meets the minimum eligibility criteria (owner occupied, originated before January 1, 2009, UPB equal to or less than $729,750). If yes:

• Obtain sufficient income information to determine if the borrower has a front-end debt-to-income (DTI) ratio of 31% or greater (verbal income may be accepted for initial evaluation subject to verification prior to final approval). If yes:

• Capitalize (add to the loan amount) accrued interest, past due taxes and insurance, delinquency charges paid to third parties (e.g., for inspecting the property), and escrow advances by the servicer – but not late fees or other default fees charged by the servicer;

• Determine how much of an interest rate reduction is required to get the borrower's mortgage payment to 31% DTI, and if the DTI still exceeds 31% at the rate floor of 2%, modify the loan in other respects specified in the Guidelines;

• Apply a Net Present Value (NPV) test to determine if modification (including the incentive payments) provides the investor with a better financial outcome than foreclosure. If yes:

• Put the borrower on a trial modification at the new interest rate and payment for three months.

• If the borrower is current at the end of the trial modification period, the servicer will execute a modification agreement that includes escrows for taxes and insurance even if the prior loan was not escrowed.

Making Home Affordable - Payment Reduction Estimator

hi ***

---

hello
i have 3 wells fargo loans . All have interest only loan .
All these 3 loans are going to rest for new high interest rate in coming septermber.

one is primary resident $ 550k
second one is rental house $459k
third one is rental also $465k

I just want to save my primary home .the 2 rental are all self suffiecent .
how to go by asking loan modificatuion to my lender

my mortgage are all current and on time but the new rate is to make me unable to pay mortgae payment i need help

how to prepare and to ask modification and can you tell me what is frony end DTi and back end DTI ?? and what is the qualifying numbers

thank you helping me

best wishes

tomser

[tomser]

hi ***
just forgot to post my total expenses are $9730 and total income is $9810so is this the qualifying ration for front end and back end a little over break even for the HAMP program loan modification ??/

thank you

tomser

[tomser]

Originally Posted by *** Damiano

we can not advise you on whether or not to take a modification offered to you........that would be a personal decision based on your individual situation.


Principal forbearance and balloon payment is the last option on the steps to get to the 31%,..........they will first reduce the interest rate and then extend the term.............and follow the other steps in order..........



Step 3: Target a Front-End DTI of 31%. The lender/investor shall follow steps 4, 5, and 6 to reduce the borrower’s payment to the level corresponding to the Front-End DTI Target.

Step 4: Reduce the interest rate to reach the Front-End DTI Target (subject to a floor of 2%). The note rate should be reduced in increments of 0.125 %, and should bring the monthly payment as close as possible to the Front-End DTI Target without going below 31%. If the resulting modified interest rate is at or above the Interest Rate Cap, this modified interest rate will be the new note rate for the remaining loan term. If the resulting modified interest rate is below the Interest Rate Cap, this modified interest rate will be in effect for the first five years, followed by annual increases of 1% (100 basis points) per year or such lesser amount as may be needed until the interest rate reaches the Interest Rate Cap, at which time it will be fixed for the remaining loan term.

Step 5: If the Front-End DTI Target has not been reached, extend the term of the loan up to 40 years. If term extension is not permitted extend amortization. The 40-year term begins at the start of the modification (after the borrower successfully completes the Trial Period). Note that the servicer should only extend to a term that is necessary to reach the Front-End DTI Target; there is no requirement to extend to a 40-year term.

Step 6: If the Front-End DTI Target has not been reached, forbear principal. If there is a principal forbearance amount, a balloon payment of that forbearance amount is due on the maturity date, upon sale of the property, or upon payoff of the interest bearing balance.





you would need to submit the information that they ask for to see what the workout is going to be, and go from there.........

hi ***

---

hello
i have 3 wells fargo loans . All have interest only loan .
All these 3 loans are going to rest for new high interest rate in coming septermber.

one is primary resident $ 550k
second one is rental house $459k
third one is rental also $465k

I just want to save my primary home .the 2 rental are all self suffiecent .
how to go by asking loan modificatuion to my lender

my mortgage are all current and on time but the new rate is to make me unable to pay mortgae payment. i need help my total expenses are $9700 and total income is $9800 is this meet the front end and back end qualyfing ration something for modification??

thank you for help

tomser

[tomser]

Originally Posted by jillven

Glad I finally found you guys, I could not seem to find a forum for Wells Fargo on the home page of the forum. Happy to see all of your success.
My situation is a little different. My lender is Wells, But my servicer is Wamu/Chase. You can view my thread in the Chase forum under wamu/ chase nightmare.

I was told today by my negotiator at Wamu that she was submitting my mod to Wells Fargo. First she told me it was the MHA 3 month trial and that there would be no change in my 6.275 intrest rate and that there was no guarentee the wells would complete the mod after the 3 months.
My payment was astronomically higher. (see my thread 6/11).
After 3 phone calls to her today questioning the payment increase she told me she had made a mistake.

This was not the Obama MHA 3 month plan but a straight mod (arm term extention), with no change in intrest (stays the same @ 6.275). SHE TOLD ME THAT WELLS FARGO HAS CHOSEN NOT TO PARTICIPATE IN THE MHA OBAMA PLAN AND IT AND NEVER HAS SINCE THE BEGINNING AND WILL NOT CONSIDER ANY CHANGE IN MY INTREST.

I am really confused now after reading all of your posts. You all seemed to get wonderful results. Wells Fargo wont even talk to me. They tell me that I have to go through my servicer Wamu, not them..... But they are the lender


Is Wells Fargo participating in the Obama MHA Plan? Advice?????

hi what is the Obama MHA plan ?? can you you tell me thank you

tomser

[tomser]

Originally Posted by 5in1arm

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.

Hi Please tell me the Executive fax number

thank you

tomser