Wells fargo va loan modification approved

[COLLOG]

Just so you know I found that documentation. I have put a call into Jennifer at Wells Fargo to ask this question if they went to VA for approval as it looks like they can approve before the three year period is up. I am wondering if they just denied it themselves knowing they require a three year time frame. I also have put a call into the contact I have at the VA to see what she has to say about it. I am also curious since my financial information was wrong maybe it could of hindered their decision for approving a modification.

[1gringo1]

I'm glad i could help a little-just wondering if they know this about as I think this is the investor guide lines area. I thank this whole guide line for the valeri system should be permanently posted so others that have VA loans would know about this and let there investors or mortgage holders know. I only put a portion of this in as I'm not good at typing and was unable to paste it

[1gringo1]

Anyhow I just call once week now-if they aren't in a hurry then I won't be either. Free rent!!!

[COLLOG]

Okay I called the VA today. They are investigating the financial piece as they do not understand how they can base our income over a year of net pay. It was pretty interesting though she was very honest and had no idea with the Valeri system that the VA could approve a modification less than three years from another one. We are the first case she has had involving the valeri system so she said she will need some time to get information together. Also she took the number of the woman I have been dealing with at Wells Fargo and she will be calling her too.

[1gringo1]

This Valeri system info needs to be put into the tool box for veterans(we have no info on this subject on this site posted, this is something VA homeowners have been asking about for sometime(many questions are answered on this circular) I stumbled upon this on the veteran Website site trying to find out why VA kept saying my home loan is under the Valerie System. NOw I know what it means and how it can greatly help) It appears the banks don't know about this-and once they confronted with it-this will help all Veterans such as myself with VA loans. The member with the same problem as me confronted wellsfargo,and its obvious they didn't have a clue about.it It appears we have a strong tool to help our mortgages problems. Thank You

[1gringo1]

I spoke with a VA rep today about VA loan mods. MOst likely Wells FArgo will roll all the past due amounts back into the original loan-spread that over 30 yrs, require a deposit, then start paying the original amount plus a slight difference. The new housing bill has no effect on VA loans. So basically I have been living in my home for free for over 3 months. And they keep VA informed on the status as they asked me if I can afford the original loan-it will not go lower!!!!!

[1gringo1]

Today I was informed that I was approved for a loan Modification(and congradulations) from Wells Fargo. Remember the original loan was 1,065.98 . I have not paid any payment since June and I was on a loan re-payment plan. The current plan is 1,89.50 per month starting December 1st. And I have a contribution payment of 389.17 due 7 to 10 days after I sign the paperwork which will arrive in 2-3 business days. Unfortunately if you have a VA loan that is fixed you have no other options. I did ask about doing a short sale and getting a fha loan approval for the new mortgage plan-said that was possible and gave me a phone number for liquidation of 1-866-903-1053. I don't really think this is a sucess story- this is 102.90 less than the 6 months re-payment plan-the only other thing is I gain a a few months of no payments to be put back into the same thing at a new payment of 23.52 higher. (My goal was a lower payment)At least they didn't ask for thousands of $$$ upfront like some homeowners here. They just rolled all the delinquent amounts into the loan and increased the payment slighly-this was a forebearance plan I guess-Perhaps I have to take it or leave It-in- put anybody-thinks

[Dan Bailey]

Is a forbearance plan going to be managable for you in the future or are ou going to be right back at start-or worse?

[1gringo1]

I don't think it is a long term fix. (it would work temporary while I explore the other option-My goal was to lower the mortgage rate) My question would be if Wells Fargo lets me do a short sale and try to get a fha lender to approve me for a new loan at what the current property(with a shot credit after this fisaco) is worth after the short sale is done. This is a response that *** posted in reference to the new housing bill passed. But I'm thinking that there would be thousands of dollars of fees that I would have to pay upfront. So the question would be to stay with what Wells FArgo offered me(with only a 389.00 fee) or see if I can be approve under the new bill. And would VA let Wells Fargo do this. ANd of course who would be the new lender and would this be a fixed rate. Also what is a contribution amount? Delinquent taxes or? I also haven't heard from any other wf members to see if they got the same deal. Also DAn would you sign this first and then explore the other option? Thanks

[Moe Bedard]

Housing and Economic Recovery Act of 2008 FAQ

[1gringo1]

It appears I may not qualify for the new bill because my total monthly income is 4,234 and the bill says your mortgage payment has to be at least 31% of that and the mortgage payment is 1089.50. Also a correction- what WV offered be was actually a Reamortization.

[1gringo1]

Also it appears wells fargo is a FHA LENDER OF COURSE) AND WHAT WOULD BE YOUR INTAKE WITH GOING WITH THE SAME LENDER OR A DIFFERENT LENDER? (I PULLED UP THE LIST OF LENDERS IN MY AREA AND WANTED TO RUN THIS BY THEM . WV SAYS i COULD ORDER SHORT SALE PACKET FROM THEM IF i LIKE, HOWEVER YOU HAVE TO GET PERMISSION FROM THE va-THIS SOUNDS WORSE THAN TRYING TO GET A LOAN MOD. VA DOES ALLOW YOU TO RE-FINANCE WHEN THE MORTGAGE RATES GO DOWN-i BELIEVE THAT A 5.5 OR LOWER WOULD BE THE TIME TO DO THIS . iT APEARS i MAY MAKE THAT QUALIFICATION BY 20.00

[pattona]

Here's a link:

Loan Guaranty Service, VALERI (VA Loan Electronic Reporting Interface) (U.S. Department of Veterans Affairs)

[1gringo1]

I checked with Wells FArgo today as I haven't received any of my documents from dhl-they informed me that I had a contribution amount of 389.17-however I didn't need to pay that as they have that already. I checked my account and found I had $407.00 in escrow which should mean they will use that. The loan was increased-about 23.00 . The entire loan was completely re-structured. Ist payment due 01 December. As far as a loan Modification goes, this is the best you can get-cannot get anything lower, no interest reduction, ect. I can try to get the loan re-financed if the rates go much lower than 6%. So for a VA loan I guess you can call this a success story-no past upfront fees, just a slight increase compared with the repayment plan of 1192.40, 5 months of no payments of living in your house for free. Thanks *** & everyone else who gave me some valuable tips.

[Moe Bedard]

gringo,


Are they sending you the documents out?

[1gringo1]

Just received the documents. The said I was to pay the 389.17(contribution amount) however when I told them the agent I spoke to a few hours ago said they have that amount already-he stated not to send that amount(perhaps left over in escrow over 400.0) These are the terms:
1. Due date of ist payment 12/01/2008
2. new principle and interest payment amount $954.18
3. required escrow payment based upon previous analysis $135.32
4. Estimated new net payment-$1,089.50
5. Modified maturity date- 03/01/2036
6. Interest rate 6.00%
7. All late charges, Nsf fees,and other fees are the responsibility of the borrower(all Late fees are already covered)
As of Sept 12, 2008 unpaid balance-148,781.37
Extended-6-1-08
The modified date contractual date due on 12/01/2008
m\Maturity date extended from 03-36 to 03/01/2036
Amount capitalized-4,463.46-modified unpaid principle balance is 153,665.74

[1gringo1]

*** does look like this will be the standard for those with VA loans? They called today to insure I received the documents-sent them back yesterday signed

[Moe Bedard]

There isn't anything else that they can do with a fixed rate that low on a government loan............and VA doesn't offer the same type of claim to catch up the payments as FHA..........who will not modify a fixed rate either..........so you were fortunate to have them put your past due payments on the end of the loan.

[PBROOKELKLND]

Congrats 1gringo1! I'm Glad The Loan Was Modified For You, Good Luck To You.

[1gringo1]

Thank you, I'm not going to jump up and down for joy. I used the same techniques used on this site to reduce my other credit card bills , ect. 8 of Those bills I did get my payments substancially reduced with a 0 % interest for 3-5 yrs to make up for the fact the mortgage payment wasn't going to be lowered. So one way or another it is a win win because I used the excuse I was facing a severe mortgage problem(which I was), to solve the other debt problem. And I can assure you they really hate the tactic of calling numerous times(because they make a note your account each time, and this proves to them after many numerous times that something needs to be done). Now I'm hoping the interest rate goes to 5-5 1/2 % so I can try to lower the interest rate. I heard you can re-finance.. Any word on your loan mod, I wish there was a wells Fargo forum!!And thanks *** and the other folks who gave me some great advise!

[1gringo1]

Today i received a call from loss mit from Wells Hell On a saturday), informed they haven't received my documents that I WAS TO SEND THEM 5 days from the date sent. Sent them back certified as they had sent a return pre-paid envelope-I guess I start all over again. You can fax 3 times a day, get a reply nor received,and now this. The document says this load mod is void if not received back within 5 days. That is a joke. They were picked up the next day!!

[COLLOG]

Do you have a tracking number to track where it is? How did you send it back?

[1gringo1]

Yes-they used dhl with a return invoice-and when I called today to give them some peace of mind-they stated that they in fact have the documents, why would you call and say you haven't when you have received them. They play the game to the end don't they. Thanks

[1gringo1]

I'm just kind of curious if what would happen if I went 1 or 2 months on this forebearance plan and stopped paying again. This would start the process all over again. How many times would I be able to do this? I'm looking at a big picture where I finally throw the towel in as I now owe more than what I originally paid 3 yrs ago. And now this house is worth over 60,000 less then what I orginally paid for. There is going to be a huge number of more homeowners going to lose there homes, the bubble hasn't bust, is just the beginning.

[1gringo1]

I was wondering why I kept getting calls from WF daily even though I signed and sent back the loan mod papers. This was the collection dept advising me that I haven't paid the mortgage! I asked and was told my loan mod was in the final stages. So a loan mod is not a done deal even after you sign it and return it. It has a final process to go thru before the collectors stop calling, And no, the different depts of WF do not talk to each other. One hand doesn't know what the other is doing. Thats why I was given a 2 month deferment before the ist payment is due in December. And I can thank the Accessors office in Tucson for raising my property tax another 400. So I can see my mortgage going up again. Oh, and by the way, I just used this same process, hardship letter ect, to get a 3 month deferment on a $350.00 car payment with no penalty's using the same process to get a loan Mod. This same process can be used on most bills, using one company as an example to get the same terms or better