Wells fargo va loan modification approved

[1gringo1]

Please keep us informed-want to know if they are telling you the truth -they told me that they aren't going to fore-close even if I get the documents in the mail -they will find something to put me on.(i said you mean you aren't going to kick me out of the house-I'm pretty straight forward) Gee- what will that be, another loan repayment plan. Oh, just a heads up folks, watch what you are saying as they are taking notes while you are babbling on. I told them the loan repayment, didn't work(they said I can see that). And stated I would like a principle reduction(could hear her typing away). So whatever you say could either help or hurt you! Best of luck!!!!!

[1gringo1]

I'm curious,the VA has notified me that Wells Fargo can do loan modifications-they are now under the Valerie system.(They just monitor them) What in the world is a Valerie system that a lot of banks are on now! I wish you the best as this is a long and hard fight!!!

[Moe Bedard]

That is a good question for VA............

[1gringo1]

I called wells Fargo on the 800-416-1472 today on Saturday and I was informed loan mod dept closed at 12:00pm. However the agent told me I was given a date of last friday-the 15th as a scheduled date for a loan plan-call back when the office is open on Monday for the details and the actual date. What in the world does this mean? Are they going to do this if so what type of plan are they going to offer me. . Where am I at at this process-I'm confused and possibly elated (better not be the loan repayment plan) All Wells Fargo customers use this phone number that *** provided-so much nicer and they give out info the other number does't. I wonder what dept this is?

[1gringo1]

I called Wells Fargo today and they show I have a $400. deficit. They tried to do another loan repayment behind my back even though I was just on that plan and broke it. The rep said to call back in 1 week for update. She said they always try to do a loan payment-mine back fired cause of deficit. She said they were trying to do a loan mod where they put the past overdue payments to the end(this is a loan mod?) and start making regular payments, I said that doesn't sound like a loan mod. She said do you have thousands of dollars to bring loan current.Heck no. Also said I had to reduce some of my bills as if this doesn't work they can't lower my payment if i have a deficit. I wonder-is better to have a deficit than a surplus. Hope Now gave me a 60.00 surplus. Also if you have a deficit they won't try to do a loan repayment 1st as this is what they always do-thats what she stated. And I owe 3 months back payments and not yet in foreclosure?

[cazzNdebbielee]

Hello 1gringo1,

Having just gone through a successful loan modification with another mortgage bank, I can say that "surplus" is good to have if your goal is to STAY IN THE HOUSE by modifying the loan like lowering the interest rate to lower the monthly payments and as important, to FIX the low rate for the life of the loan. No more ARMs!

I would think that a deficit (as high as $400) would mean that you cannot afford the house at all in which case, the bank has to offer you to make a decision to short-sale or just go with the foreclosure.

THE GOOD NEWS: With the new law that Bush signed for the mortgage bailout last July 30th, this could mean that you can take advantage of the government's help. This law is very new that not a lot of agencies and banking institutions know yet how to execute what it has to offer to those facing foreclosure. Bottom line is that you can have this as an option to save your home if you don't want to rent and they can't modify your loan with a $400 deficit. If you take advantage of this "government mortgage bailout", it will require Wells Fargo (or a new bank) to agree to (1) LOWER THE PRINCIPAL of your loan (I would take this in a heartbeat since I have lost over $190k in home value -- than paying a loan with a principal that's $190k more than what the house is worth!!!; (2) modify it to an FHA-secured loan with lower interest rate for the life of the loan; and (3) KEEP IN MIND THAT IF YOU SELL THE HOUSE YEARS LATER AND IT'S VALUED MORE THAN THE PRINCIPAL OF THE LOAN, YOU WILL SHARE YOUR PROFITS BACK TO THE GOVERNMENT -- (and again, I'd rather share my profits to those who help me, like our government, rather than pay on an upside down loan for the next few years....but that's just me!).

In conclusion, if you still want to go for a LOAN MODIFICATION, make sure you've listed the expenses that you do have to pay monthly without going overboard so that you still have around $200 surplus monthly -- in order for them to consider you for a loan modification. However, it's probably too late now since it sounds like they've calculated it to show your $400 deficit.....

Otherwise, patiently monitor what's going on about the goverment mortgage bailout and jump at using this as an option to save your home! It's still better than having to move-out, and then RENTING - yikes!

Best Wishes and Good Luck!

[1gringo1]

Thanks for that info-I have chopped 368.00 off that deficit and recently got another part time job that will give 180.00 extra b- monthly given a new fax number which go straight to the people working on my load mod 1-866-359-7363 and for those folks reading this I also have an address to send documents----Wells Fargo Home Mortgage
Mac -x 7801-03k
3476 State View Blvd
Fort Mills,Sc 29715
I wonder since the new plan signed by Bush will be to late for me-I heard it starts or is effective in October if it do me any good. They also said they have to contact the investor-which is VA-they are not the investor-this is under the Valerie PLan-they only monitor it.I think because this is under review -forecloser hasn't started but not sure I will fax them a list of all expenses-then also fax the new pay stub as well as additional income. Hope now said don't wait update this info asap-they won't do this by phone-must be mailed or faxed. 200 surplus are so is that good?

[cazzNdebbielee]

1gringo1

I could be wrong but I think $200 to $250 surplus and not a dime more, is where you want to be. If you have too much surplus, then they may not reduce your interest rate as much as they could. For my Loan Mod, I got my mortgage company to knock down 3% off of our old interest rate, which is equivalent to $1,000 a month less in payments. The more they reduce your interest rates now, the better since they refuse to lower the principal balance which is already upside down, in our case.

In your case, since you got a part time job, they should modify your loan with that $200+ surplus and you should PUSH THEM TO LOWER THE INTEREST RATE down to 5% & NO MORE THAN 6% FIXED for the life of the loan. (Ask politely but firmly. And always say THANK YOU FOR YOUR KINDNESS.) But if it still doesn't work out with Well's Hell, October is NOT TOO LATE for you to take advantage of the mortgage bailout if you are in California. It takes much longer to go through the foreclosure process there.

And if you have to stall a foreclosure with the help of the government mortgage bailout by October, I say MAKE THEM GO BACK TO THE INVESTOR IN VIRGINIA TO AGREE TO REDUCE THE PRINCIPAL. The point is, banks don't want to repossess your home -- they want money, not houses! So they should work with the investors to reduce your principal since the government is also funding the entire U.S. financial institution infrastructure to do exactly that for the American homeowners in trouble. Homeowners that can afford their own homes can help make the U.S. economy strong again. That's the ultimate goal of the mortgage bailout.

Good Luck

[Moe Bedard]

cazzNdebbielee,


You have included some good info here..........however, this members loan is a VA loan and is already at a fixed 6% for 30 years............they are not modifying this rate any lower...............which is creating the issues in the first place........because they are only offering a repayment plan on this type of loan.

[cazzNdebbielee]

Pardon me, I thought VA meant the state of Virginia is where the investors are. Now, I see what you wrote ahead, that they have to go back to the VETERANS ADMINISTRATION. Even better! (than dealing with a private group of investors, I mean. The V.A. is a government agency so that's a good thing in your case if you have to use the mortgage bailout).

[1gringo1]

Wells Fargo said that the only possible option is to put the past delinquent payments to the end-however there is a defict of 400.00-that doesn't look like a loan mod to me if they approve this even adjusting the deficit to a surplus They said to wait for the negoiator however i'm going to send it the new list and pay stub to reflect a surplus as I know they will automatically turn this down, and I feel possibly using a delay tactic till 1oct to see if the new bill will help!

[COLLOG]

I have a VA loan. Wells Fargo is the servicer and US Bank is my investor. US Bank will not modify our loan as we had one in March of 2006 and they will not do another one for three years. I too was told by the VA all they do now is monitor loans they do not tell the servicer what to do. So all the options listed on the VA site do not apply to anyone who has a VA loan serviced by Wells Fargo. I have been put on a third re-payment plan that we cannot afford. I am waiting now for them to recieve and review our current paystubs to hopefully lower our repayment payments as we have been told this is our only option. I do not know if we have any other options or who we could contact to find out?????

[1gringo1]

Thank you for that information. Sure doesn't sound good. I called today and informed wf that I resubmitted updated financial info that shows a surplus of $202. (wonder if that is good enough!) I even took on a part time job-work 7 days a week(probably will have a heart attack shortly as I have heart-blood pressure problems Of course they can't find the fax even though I faxed to both fax numbers including the escalated fax number. They told me that next month we will go into forclosure and when they have a sale date don't worry-they will post pone it. Also the investors are extremely motivated to do something! yeh ! Thats my update for now cheers.

[1gringo1]

Does anyone know how Bush's housing bill will affect those with VA fixed loans-as wells fargo sure doesn't-its up to the investors

[COLLOG]

Just so you know *** gave me the executive office branch of Wells Fargo. I called them today and they are investgating my account. I am going to fight what they have done to us for the last six months. I am hopefull that someone will step in and straighten out this mess. Check my thread and you can see the response I got today.

[1gringo1]

Thanks-I found that info from your thread.(just need to draft a letter-a fax number for the CEO?) Now for some more info as it appears our case is almost the same. I get the feeling by callling VA today that there is nothing they can do about a va loan with Wells Fargo. A repayment plan or amorg plan And wf is back to there same thing-haven't receive faxes. I have 4 fax numbers-when I fax-I fax to every fax number. And they are getting back to being snotty again. They don't like it when you call every day. I adjusted my figures from a-400 to a surplus of 202(got another part time job so i can proudly say I now work 7 days a week-just to try to save a house I can send non stop faxes from my hp desk jet if necessary-Best of luck-keep posted

[1gringo1]

Wells Fargo Update-Thanks to everyones advice thus far. Here is the update 08-22-08 .I called and spoke to agent-Sarah. She indicated that she saw my fax for an adjusted expense and income-it looked good showing (5 days 10 faxes later)- I can afford the house as it shows a surplus of 202.16-vice $400 deficit. I just need to re-fax it with my signature and date on it to make it legal. She says they get 100's of faxes a day and people need to be patient as they have to be re-scanned to the correct file and dept. People don't understand this! Also I asked what can I expect from Wells Fargo to do on the loan Mod request-She indicate a forbearance-I said what is that? SHe says I will just start resuming my regular payments. That is not a forebearance-you pay more on that plan.And then asked if I wanted to make a payment today-I said no-not until I see the paper stating this offer in writing Also when do I expect answer-soon? So the most important thing is to show a surplus on a VA loan -and fax daily. They did show all the other faxes-wanted to know why I faxed that many times-oh-The agent said not received-you might want to re-send the fax.( the realty is this forum suggest fax fax fax call call call. It works. If you are having a problem with faxes -do what I do. I have a office jet -the faxes are free-just make sure the faxes are facing up(mine was facing down-duh thats why they didn't receive some of my faxes!! So I will continue waiting and just re-faxed the expense sheet with my signature 10 times-hope they get it!

[PBROOKELKLND]

Hello 1gringo1, At Least They Now Have The Fax, Great Job On Asking For The Offer In Writing.

[1gringo1]

What I don't understand is VA says they really have no control over the loan-Wells Fargo can give me any loan Mod plan-they just monitor it,.This is a VA loan and I guess its untouchable. But some say it can be modified-I am really confused!

[Moe Bedard]

gringo,


In your case.......VA.........for whatever reason is letting Wells Fargo deal with your loan.......you have to wait and see what Wells Fargo is going to do..............


The VA workout options that I posted in your thread were before you were told that VA is not getting involved in your loan......these are the options that are available on VA loans according to the VA...on the VA's website under hardship and options. There are workouts available for VA loans.........what I had said is that so far they have not modified the rates, because it is fixed and it is low.....and that is not one of their options........

[1gringo1]

Thank you for that clarification! Because when I asked what could I expect them to do on this loan for-(YOU MUST BE STRAIGHT FORWARD AND NOT AFRAID TO BE PUSHY) she said they might just have me resume regular payments-That didn't sound like a forbearance as that increases the loan. You see VA says they (WF) have control of the loan-they are under the valerie system-program has changed. When you contact WF(before they used to state that they have to follow investor guide lines . Now when you call the direct contact #,nothing is mentioned any more about that subject. That came from the regular loss mit customer #. What I feel is that VA is not really involved in this process-they told me that they can do a load mod-the question will be what does WF consider a loan Mod/ A loan mod where you just resume regular payments is not what I was expecting. They did expect a decision soon-but based on other members that is highly doubtful.

[1gringo1]

I see I got promoted to Senior Member-Thanks How did I got promoted?Anyhow, I will keep everyone posted so they can use this info to help their cases- Now I'm SENIOR GRINGO!!

[1gringo1]

After more than 3 months of not making any payments on my VA LOan, Wells Fargo says I'm not in foreclosure. asked when am I going into that so I can start moving out and mail you the keys-I need to find another place. Don't worry that is not happening right now. I asked is that because I'm under review-no. Well what in the world are they doing. I thought that process was supposed to start already-expected to see the sign posted in the yard with the notice plastered all over the front yard like the rest of the other houses. OH, I live in Tucson, az and houses values have plummeted even more. this property went down another $3,000 last week according to Zillow. Says I'm under review for a loan mod-well if they aren't supposed to do much to a fixed VA loan-what could be taking this long? Well anyhow I haven't payed them for a while- so that is one less bill.And for our other distressed homeowners who are facing credit card issues-can't afford the high payments-let me share what I have done that has shaved hundreds of $$$ of and increased my income-surplusTHAT WAY YOU CAN SHOW AN INCREASE FOR YOUR BUDGET WORKOUT FOR A LOAN MOD REQUEST. A consumer credit counseling agency wanted over $800.00 to put me into a plan-they would pay everyone with that money plus all of there fees attached. I did this this myself. All you have to do is contact each credit card company-till them you have a severe hardship with your home-losing job, ect, and would like to be put on there hardship plan. I have successfully did this for 7 credit card(oh my goodness), 0 percent interest till paid off 3-5 years. BUT AT LEAST THEY ARE GETTING THERE MONEY. I ALSO REDUCED A UNSECURED LOAN WITH CITI THE SAME WAY REDUCED THE INTEREST OVER 12%. i ALSO HAVE DONE CHAPTER 7 bANKRUPTCY BY MYSELF-STUDIED,AND SAVED ALL THE ATTORNEYS FEES. What I really trying to say is between this wonderful forum and yourself you can save a lot money without paying lawyer fees for most issues. It takes a lot of patience and a heck of a lot phone calls

[1gringo1]

I was researching while I have been waiting for a reply from wells fargo for a loan mod on something they told me I was informed by VA my va loan was under the valeri system.. Va loans that are handled by Wells Fargo go under a Valeri system. I have enclosed a portion of this process- The new regulations relating to loan modifications allows for an increase or decrease in the interest rate on a loan being modified when market conditions dictate. Section 36.4815 of title 38. cfr specifies that any guaranteed loan may be modified between the holder and the borrower without prior approval from VA provided all the conditions are met.
a The loan is in default
b. The event or circumstances that caused the default has been or will be resolved and is not expected to re-occur.
c. The holder has determined the debtor is a reasonable credit risk based on review of the debtors financial information to include a current credit report
d. The borrower has made at least 12 monthly payments since the closing of the loan
e. All current owners are obligated to repay the loan and are party to the loan modification
f. The loan will be restored to performing status by virtue of the loan modifications, and
g The loan has not been modified more than once within a 3 year period,and no more than 3 times within the life of the loan.
Loans meeting the requirements may be modified without va prior approval. situations that do not conform should contact va for prior approval to execute a loan modificatiojn.
In all cases modified loans must bear a fixed-rate of interest, which may be higher or lower than the defaulted loan.

The unpaid principal balance may be re-amoritized over the remaining loan to extend the maturity date to the maturity date to the shorter of 360 months from the due date of the 1st installment required under the terms of the modification, or 120 months after the original maturity date of the loan. The modified loan may include the unpaid principle balance, accrued interest, shortages in the tax and insurance escow accounts,ect. Also loan holders shall not charge a processing fee to complete a loan modification, however late fees and other legally chargeable and incurred costs may be collected directly from the borrower as part of the modification process.
After reading problems and issues regarding other homeowners with va loans, I think this will answer a few. When wells Fargo says they have to follow the investor guide lines, and this is a VA loan-are these the guide lines they are following. Any input on this will be appreciated.

[COLLOG]

Well looks like that is what they are doing with us. It looks like they are going by the guidelines of the VA. What I don't get is why wouldn't the VA be willing to bend the rules when we only have six months to go to the three year mark. Can you tell me where you found this info.