need help...trying modification with WF

[tlbaker74]

We purchased our home in Oct of 2006 with a fixed rate for 2 years. We were promised that if we did everything right,which we did, then we could refi into a fixed lower rate after 2 years. Well, thats when the housing market fell out. Our home value went down and my husband lost his OT at work. Our payment went up over 300 a month. We tried for loss mitigation and was told he made too much. Tried for modification and was told that we were not delinquent, so they could not help. So, we went delinquent. We have been going through the mod process for 8-9 months. We were turned down the first time, and I sent it all back in again. Last Monday, my husband called to check the status, and the guy tells him it was just approved and this includes property taxes,etc. in our payment. We were ecstatic. We were told that a packet would be mailed out the next day. Waited a week for that, and nothing. Called back, and was told that we make this payment for three months, and then reapply for the mod. They all tell ud something different. I guess this is a trial to see if we can afford it. We were told that if approved in November, that they would escrow everything into our payment. Has anyone went through this with Wells? We are scared it wont go through in November. They had a sale date for our home of October 23. They told us that after making the first payment this week, would take us out of foreclosure. It is also pretty scary that if approved, we dont know what the outcome will be. Are they going to jack the payment up to something we can't afford again? This has been so stressful for us. This is our first home and we dont want to lose it, but then again, we dont want to be kicked out of it in the dead of winter with our 3 kids. I have found some relief from reading other success stories on here. Any help you can give me would be so greatly appreciated. Until we get those papers in November and a fair payment amount, we wont be able to sleep at night. My husband asked the lady from Wells about the HAMP program, and she said she was not allowed to discuss that. Please....any info. Tricia

[Mandy]

Have you received the paperwork, yet?

I would read it very well and if possible find someone that knows about these things. What kind of modification is it? Check to see if at the end of those three months, you don't have to pay a BIG payment.......

[tlbaker74]

We will not receive paperwork at this time. They call this a trial period. They talked about the balloon payment that you are referring to, and that is put at the back of the loan when approved for the modification. That is the scary part, not knowing what the terms will be if they do approve it. My nerves are totally shot right now. Do I run, or try to save my home......