 Smooth success with Wells Fargo (I hope)
Hello Everyone
Here is my story
I bought a home for $725,000 and put down $275,000 from a sale of previous home. After losing my job i decided to pull out $200,000 to get me through the time without a job and to invest in a buisness. As we all know the timing was horrible after a year i closed the buisness and was unable to find a job. I lost all of what i had pulled out. I have found a job since then but it is a sales position (commission only) so it has taken a while to grow into this buisness.
After reading this site i learned that 1. we need to do our homework 2. we need to be very patient 3. we need to be persistent 4. we need to keep really good notes
I called the wells fargo loan mitigation department and they sent me a packet to fill out I did that as neatly and thouroughly as possible.
I had to resend paperwork one more time and then i waited for a month before being assigned to anyone. I put it on my calendar to call every week at the same day and time. I believe this helps to speed up the process and if you are missing anything they will tell you instead of waiting for a phone call that will be dragged out for an extra 2 weeks.
I was then assighned to a negotiator who had my file for a month before she requested any info. I would fax it in within hours of it being requested because everything was fresh in my mind. If you procrastinate it will only drag out much longer. I continued calling and finally i received great news that they would give me a three month trial and if i paid them on time they would approve the modification. My payment has gone down from $3510 to $2680 what a blessing.
I have had a smooth process so far. ( it has taken 4 months so be patient) I did speak with a few reps that did not know much but regardless i continued to be patient and nice and thanked them eveytime for all they did. Remember they have your file in front of them and they could make things more difficult for you if you are rude. The more times you call and the more questions you ask the better. I would get information from a rep and none from another. I was told my first three years rate would be 2.85%. I still dont have the final offer but i will keep everyone informed when i receive it. Best of luck to everyone. I hope this gives many of you hope. I have felt the same way you do. Expect this to take 5-6 months total (hopefully less) but if you can achieve success it could add up to hundreds of thousands of dollars over the term of the loan. That is how I looked at it. Again best of luck
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