success with wells fargo/asc - Loan Modification Forum

jennifer123 · 08-10-2009, 05:58 PM

hi everyone,
just wanted to update you on the outcome of our loan mod with wells fargo/asc. i placed my daily call to them this afternoon asking for an update and after hearing for such a long time that im still in review i was shocked to hear this guy in loss mit tell me my terms were posted. i currently have 10.5% interest rate and my payment was 2,549.03. today i was told my new rate is 5.375% and my new payment is 1,832.95 including escrow. he told me if i decide not to escrow then my payment would be 1,472.00. i like the second figure but the 1,832.00 isnt so bad after having 2,549.03 plus they dropped my rate quite a bit i thought being at 10.5 i would only get down to a 7 or 8%. my papers are being sent via ups this week and i will updat you on those.
hang in there guys.

Evan Bedard · 08-10-2009, 06:36 PM

Congratulations Jennifer123 that is an excellent modification way to go

jennifer123 · 08-11-2009, 05:04 AM

Hi Evan,
thanks for getting back to me. im curious to know if any of the mortgage companies are modifying as low as 2%. my good friend has wells fargo as well but is going thru a loan mod company because they told her they can get her rate lowerd as low as 2%. i tried to tell her she can do this on her own. beleive me im not complaining with the 5.375% they gave me coming from having a 10.5% rate. just curious to know if the 2% interest rate is true. thanks again for all the help you guys gave me to get thru this. have a great day

Evan Bedard · 08-11-2009, 10:17 AM

Jennifer yes some have successfully achieved a very low interest rate at 2%. But no matter if you do this on your own or hire a loan mod company a 2% is rare and will be difficult to achieve. Many loan mod companys will tell you they will get you a 2% just to get you on board...

pamelabe · 08-12-2009, 10:54 AM

Hi Jennifer123: IndyMax is my morgage, One West Bank is my servicer thru IMB but Wells holds the note. Should I contact Wells directly or continue to hound IMB? Would you know? Did Wells hold your note?
Thanks, Pamela

MaryJune123 · 08-12-2009, 11:22 AM

I am still struggling with Wells Fargo. The last post I commented that Wells said I was short $2500 in income. Per everyone's great advise I kept calling to figure out how they calculated that shortfall. After going through several reps at the Executive office I learned that they did not even look at my income stubs or my financial sheet submitted. They had my net income over a $1000 shorter than what I actually get a month and also shortened my husband's income by several hundred dollars. To make matters worse, they said I had credit card debt resulting in monthly payments of $2000 ! Of course that is rediculous and have no clue where they got the information. They said they pulled a credit report. Well, I do have copies of my credit reports and no where no where is there credit card debt to that extent. My monthly credit card debt is approx $100 and not $2000. So, I have one rep sending me a new package to submit (she actually overnighted the package twice in one month). I am not sure what good submitting a new package will do since it is obvious they don't look at anything you submit. My paycheck is direct deposit so I asked them if they looked at my bank statement (also with Wellls) to verify what my net paycheck is every month. I get paid once a month it was not that difficult to match with my pay stubs. So another Rep said she couldn't figure it out on the phone because the package had so many documents and asked that I give her a little over week to figure it out. Well, it is over a week and then some and no call back. I guess I need to start calling them again. I just don't understand how they could mess something up so bad. I wonder if it is intentional and bad faith on their part?? hmmm... Are there any good lawyers out there interested in bad faith suits??

ultimate4799 · 08-12-2009, 04:21 PM

Hi MaryJune123, what you mentioned is almost exactly what WFB told me a month ago about my loan mod denial. CC debt of $2500 per month per credit bureau which even no matter how I check, I can't confirm

I decided to wait and see what they gonna do next since I will be just wasting time sending stuffs over and over... I got NOD and if they give me NOS, so be it ! Good luck!

nathanb · 08-12-2009, 08:14 PM

WF did the same on my cc min payments. i provided copies of all my statments showing what my real minimum payment was and that that seemed to work. I still got declined but for another stupid reason.

Mandy · 08-13-2009, 07:12 AM

They are doing it to everyone. I also had a 2000 payment on a credit card????? Do not know from where..... I refaxed everything on Tuesday. I do not want to keep my hopes up, but they will find something to deny me. This will be my 3rd time.....

nathanb · 08-13-2009, 08:02 AM

I actually figured out why my cc report came out how it did. i had a certain card that showed my blance as my min. payment. it was American Expresss. Anyway, good luck...but you are right on-every step of the way they are looking for any tiny reason to get out of doing it. I mean, i undstand that they dont want to give money away..but if they did not want to do this then they should not have agreed to participate!

kac4624 · 08-13-2009, 08:32 AM

Wells Fargo is the Servicer of my loan and Fannie Mae is the investor. From what I can tell so far my credit report has not been pulled. I hope that it doesn't because it will not positively impact my chances of getting a modification. Do you know if everyone's credit eventually gets pulled as part of the modification process?

I made my three payments and recently submitted new pay stubs and was informed that my file was being actively reviewed.

nathanb · 08-13-2009, 08:34 AM

sound like WF is dioing it on everyone

alikeith · 08-14-2009, 10:31 AM

nathan-
can i ask you a question?? I see you posted on another threas regarding NPV. You had mentioned WF had a BPO done on your property. Was this a drive by BPO? Also, did that appraisal come back lower or higher then what WF was originally saying your property was worth?

I am in the same situation with BOA/COuntrywide. They told me my condo was worth $232,000 but that seems high, so they ordered a BPO. They told me i am failing the NPV right now, so as of now, i dont qualify for MHA.

nathanb · 08-14-2009, 10:45 AM

Hi alikeith,

Yeah they just did a drive by for me. They actually never told me what they though my house was worth, they just automatically ordered the BPO. My loan is 388K, they say the value is 385K…but comps in my neighborhood have sold for 325 to 340K.

You should find out the reason for the NPV fail. One thing they will do is keep reviewing you for HAMP over and over. I have been declined 4 times and just talked to them again yesterday and they will run my numbers yet again after I send them some current paystubs. I have just kinda keep the process going after each decline so I have not needed to start from scratch or get in the back of the line. Good luck!

alikeith · 08-14-2009, 11:17 AM

yeah i dont know why i am failing.... This is why they are ordering the BPO to see if the home value is correct. I just hope it that i pass. How long did it take to get your BPO after it was ordered. I was told it could take several weeks.

nathanb · 08-14-2009, 11:21 AM

mine took super long becaue it fell through the cracks... i waited for about 3 weeks plus untill i got someone in exec offices to look into it. after i got them involved the reorderd it and we had a value in under a week.

alikeith · 08-14-2009, 11:27 AM

hmmm.... well they were to have ordered mine a week ago.

I do have equity vs being underwater. This could be playing into why i would fail. I have about $20-30k It just seems like foreclosure is less cost effective then modifying.

MaryJune123 · 08-31-2009, 09:51 PM

I posted previously that Wells said I had a credit card payment of $2500 which is totally false. After almost a month of speaking to various reps at the Executive office one rep actually talked to the negotiator. Turns out the credit card monthly debt they have is $1200 which is still in no way in line with my credit card debt. My cc debt is about $175 and I don't see where they come up with this. They also are working off "net" income and did not even use my net from my pay stubs. I get paid monthly and I included two months of paystubs and they shortened my "net" by about $1000 a month. I hate to think the negotatiors are really sloppy or operating in bad faith, one of the two. I started my process with Wells back in Oct 2008 and I am still at it. Right now they are trying to explain how they came up with the $1200 cc debt (at least we narrowed it down from $2500 which they first claimed).

nathanb · 09-01-2009, 01:48 PM

I hate to think the negotiators are really sloppy or operating in bad faith, one of the twoffice

ffice" />>>
>>
i think it is all too coincidental that everyone has these problems. WF has done the same crap to me. If i say the color is blue they say it is orange. An absolute joke >>

KelEdwins · 09-09-2009, 02:11 PM

Jennifer 123 was wondering the outcome of your paperworked being UPS'd to you 08/10.

we're_still_reviewing · 09-10-2009, 09:59 PM

Quote:

Originally Posted by jennifer123

hi everyone,
just wanted to update you on the outcome of our loan mod with wells fargo/asc. i placed my daily call to them this afternoon asking for an update and after hearing for such a long time that im still in review i was shocked to hear this guy in loss mit tell me my terms were posted. i currently have 10.5% interest rate and my payment was 2,549.03. today i was told my new rate is 5.375% and my new payment is 1,832.95 including escrow. he told me if i decide not to escrow then my payment would be 1,472.00. i like the second figure but the 1,832.00 isnt so bad after having 2,549.03 plus they dropped my rate quite a bit i thought being at 10.5 i would only get down to a 7 or 8%. my papers are being sent via ups this week and i will updat you on those.
hang in there guys.

Can you tell me what the terms of the original loan were ?

Loan amount
Length of term

TIA !

08-10-2009, 05:58 PM	#1 (permalink)
jennifer123 Senior Member Join Date: Feb 2008 Posts: 97 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	success with wells fargo/asc hi everyone, just wanted to update you on the outcome of our loan mod with wells fargo/asc. i placed my daily call to them this afternoon asking for an update and after hearing for such a long time that im still in review i was shocked to hear this guy in loss mit tell me my terms were posted. i currently have 10.5% interest rate and my payment was 2,549.03. today i was told my new rate is 5.375% and my new payment is 1,832.95 including escrow. he told me if i decide not to escrow then my payment would be 1,472.00. i like the second figure but the 1,832.00 isnt so bad after having 2,549.03 plus they dropped my rate quite a bit i thought being at 10.5 i would only get down to a 7 or 8%. my papers are being sent via ups this week and i will updat you on those. hang in there guys.

08-10-2009, 06:36 PM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Congratulations Jennifer123 that is an excellent modification way to go __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going 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.

08-11-2009, 05:04 AM	#3 (permalink)
jennifer123 Senior Member Join Date: Feb 2008 Posts: 97 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Hi Evan, thanks for getting back to me. im curious to know if any of the mortgage companies are modifying as low as 2%. my good friend has wells fargo as well but is going thru a loan mod company because they told her they can get her rate lowerd as low as 2%. i tried to tell her she can do this on her own. beleive me im not complaining with the 5.375% they gave me coming from having a 10.5% rate. just curious to know if the 2% interest rate is true. thanks again for all the help you guys gave me to get thru this. have a great day

08-11-2009, 10:17 AM	#4 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Jennifer yes some have successfully achieved a very low interest rate at 2%. But no matter if you do this on your own or hire a loan mod company a 2% is rare and will be difficult to achieve. Many loan mod companys will tell you they will get you a 2% just to get you on board... __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going 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.

08-12-2009, 10:54 AM	#5 (permalink)
pamelabe Member Join Date: Jun 2009 Posts: 28 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Hi Jennifer123: IndyMax is my morgage, One West Bank is my servicer thru IMB but Wells holds the note. Should I contact Wells directly or continue to hound IMB? Would you know? Did Wells hold your note? Thanks, Pamela

08-12-2009, 11:22 AM	#6 (permalink)
MaryJune123 Member Join Date: Jul 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc I am still struggling with Wells Fargo. The last post I commented that Wells said I was short $2500 in income. Per everyone's great advise I kept calling to figure out how they calculated that shortfall. After going through several reps at the Executive office I learned that they did not even look at my income stubs or my financial sheet submitted. They had my net income over a $1000 shorter than what I actually get a month and also shortened my husband's income by several hundred dollars. To make matters worse, they said I had credit card debt resulting in monthly payments of $2000 ! Of course that is rediculous and have no clue where they got the information. They said they pulled a credit report. Well, I do have copies of my credit reports and no where no where is there credit card debt to that extent. My monthly credit card debt is approx $100 and not $2000. So, I have one rep sending me a new package to submit (she actually overnighted the package twice in one month). I am not sure what good submitting a new package will do since it is obvious they don't look at anything you submit. My paycheck is direct deposit so I asked them if they looked at my bank statement (also with Wellls) to verify what my net paycheck is every month. I get paid once a month it was not that difficult to match with my pay stubs. So another Rep said she couldn't figure it out on the phone because the package had so many documents and asked that I give her a little over week to figure it out. Well, it is over a week and then some and no call back. I guess I need to start calling them again. I just don't understand how they could mess something up so bad. I wonder if it is intentional and bad faith on their part?? hmmm... Are there any good lawyers out there interested in bad faith suits??

08-12-2009, 04:21 PM	#7 (permalink)
ultimate4799 Senior Member Join Date: Nov 2008 Posts: 233 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Hi MaryJune123, what you mentioned is almost exactly what WFB told me a month ago about my loan mod denial. CC debt of $2500 per month per credit bureau which even no matter how I check, I can't confirm I decided to wait and see what they gonna do next since I will be just wasting time sending stuffs over and over... I got NOD and if they give me NOS, so be it ! Good luck!

08-12-2009, 08:14 PM	#8 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc WF did the same on my cc min payments. i provided copies of all my statments showing what my real minimum payment was and that that seemed to work. I still got declined but for another stupid reason.

08-13-2009, 07:12 AM	#9 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc They are doing it to everyone. I also had a 2000 payment on a credit card????? Do not know from where..... I refaxed everything on Tuesday. I do not want to keep my hopes up, but they will find something to deny me. This will be my 3rd time.....

08-13-2009, 08:02 AM	#10 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc I actually figured out why my cc report came out how it did. i had a certain card that showed my blance as my min. payment. it was American Expresss. Anyway, good luck...but you are right on-every step of the way they are looking for any tiny reason to get out of doing it. I mean, i undstand that they dont want to give money away..but if they did not want to do this then they should not have agreed to participate!

08-13-2009, 08:32 AM	#11 (permalink)
kac4624 Member Join Date: Aug 2009 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Wells Fargo is the Servicer of my loan and Fannie Mae is the investor. From what I can tell so far my credit report has not been pulled. I hope that it doesn't because it will not positively impact my chances of getting a modification. Do you know if everyone's credit eventually gets pulled as part of the modification process? I made my three payments and recently submitted new pay stubs and was informed that my file was being actively reviewed.

08-13-2009, 08:34 AM	#12 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc sound like WF is dioing it on everyone

08-14-2009, 10:31 AM	#13 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc nathan- can i ask you a question?? I see you posted on another threas regarding NPV. You had mentioned WF had a BPO done on your property. Was this a drive by BPO? Also, did that appraisal come back lower or higher then what WF was originally saying your property was worth? I am in the same situation with BOA/COuntrywide. They told me my condo was worth $232,000 but that seems high, so they ordered a BPO. They told me i am failing the NPV right now, so as of now, i dont qualify for MHA.

08-14-2009, 10:45 AM	#14 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Hi alikeith, Yeah they just did a drive by for me. They actually never told me what they though my house was worth, they just automatically ordered the BPO. My loan is 388K, they say the value is 385K…but comps in my neighborhood have sold for 325 to 340K. You should find out the reason for the NPV fail. One thing they will do is keep reviewing you for HAMP over and over. I have been declined 4 times and just talked to them again yesterday and they will run my numbers yet again after I send them some current paystubs. I have just kinda keep the process going after each decline so I have not needed to start from scratch or get in the back of the line. Good luck!

08-14-2009, 11:17 AM	#15 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc yeah i dont know why i am failing.... This is why they are ordering the BPO to see if the home value is correct. I just hope it that i pass. How long did it take to get your BPO after it was ordered. I was told it could take several weeks.

08-14-2009, 11:21 AM	#16 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc mine took super long becaue it fell through the cracks... i waited for about 3 weeks plus untill i got someone in exec offices to look into it. after i got them involved the reorderd it and we had a value in under a week.

08-14-2009, 11:27 AM	#17 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc hmmm.... well they were to have ordered mine a week ago. I do have equity vs being underwater. This could be playing into why i would fail. I have about $20-30k It just seems like foreclosure is less cost effective then modifying.

08-31-2009, 09:51 PM	#18 (permalink)
MaryJune123 Member Join Date: Jul 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc I posted previously that Wells said I had a credit card payment of $2500 which is totally false. After almost a month of speaking to various reps at the Executive office one rep actually talked to the negotiator. Turns out the credit card monthly debt they have is $1200 which is still in no way in line with my credit card debt. My cc debt is about $175 and I don't see where they come up with this. They also are working off "net" income and did not even use my net from my pay stubs. I get paid monthly and I included two months of paystubs and they shortened my "net" by about $1000 a month. I hate to think the negotatiors are really sloppy or operating in bad faith, one of the two. I started my process with Wells back in Oct 2008 and I am still at it. Right now they are trying to explain how they came up with the $1200 cc debt (at least we narrowed it down from $2500 which they first claimed).

09-01-2009, 01:48 PM	#19 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc I hate to think the negotiators are really sloppy or operating in bad faith, one of the twofficeffice" />>> >> i think it is all too coincidental that everyone has these problems. WF has done the same crap to me. If i say the color is blue they say it is orange. An absolute joke >>

09-09-2009, 02:11 PM	#20 (permalink)
KelEdwins Member Join Date: Sep 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with wells fargo/asc Jennifer 123 was wondering the outcome of your paperworked being UPS'd to you 08/10.

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