Not exactly success with WF

[Sacdude]

Hello,

I wanted to post my success story of getting a HAMP trial....however it has been very different that what other, I read, have got. Here are the details

- I applied for loan mod in 1st week of Aug....got denied because of $1,100 in deficit.
- I applied again and called them....they took my info over the phone and told me I may qualify for HAMP. This was Sept 7.
- I keep on calling WF every 2-3 days. I called them on Sept 23 and was told my file is under active review. I even called the presidential office and was told it will take about 15-20 days (from sept 20)
- I come home today (Sept 24) and received a letter dated Sept 22 (remember I called them on Sept 22) that I was eligible for HAMP. My payment would be $1,400ish (according to HAMP based on 31% it should be $2,000)
- They asked me to make a payment today or ASAP on the phone. Until I make my first payment, they wont send me the documents that describe the terms of trial mod. As per HAMP guidelines this is not legal.

I am confused as to what is going on and believe they are trying to juice out everything they can from me before foreclosing.

Anybody in the same situation? Any advice from the experienced guys?

Thanks a lot,

Sacdude

[davephx]

Geeeze

If it really is HAMP you have 30 days to make the first trial payment from the date it is verbally approved. Or if they require docs when they approve after reviewing the docs.

The demand for money up front before the approval or docs makes no sense to me. Seems they are trying to blackmail you for a regular payment before qualifying you for HAMP.

[calgirl67]

Originally Posted by Sacdude

Hello,

I wanted to post my success story of getting a HAMP trial....however it has been very different that what other, I read, have got. Here are the details

- I applied for loan mod in 1st week of Aug....got denied because of $1,100 in deficit.
- I applied again and called them....they took my info over the phone and told me I may qualify for HAMP. This was Sept 7.
- I keep on calling WF every 2-3 days. I called them on Sept 23 and was told my file is under active review. I even called the presidential office and was told it will take about 15-20 days (from sept 20)
- I come home today (Sept 24) and received a letter dated Sept 22 (remember I called them on Sept 22) that I was eligible for HAMP. My payment would be $1,400ish (according to HAMP based on 31% it should be $2,000)
- They asked me to make a payment today or ASAP on the phone. Until I make my first payment, they wont send me the documents that describe the terms of trial mod. As per HAMP guidelines this is not legal.

I am confused as to what is going on and believe they are trying to juice out everything they can from me before foreclosing.

Anybody in the same situation? Any advice from the experienced guys?

Thanks a lot,

Sacdude

What sort of payment are they asking for?

[jhn_plsn]

The payment they are requesting may be to shore up your impound account if you have one. I recieved my paperwork a few days ago explaining this up front payment and it is reasonable in my opinion as it is MY taxes and insurance and has nothing to do with the loan itself. The difference from me to you is I recieved this request in writing with the modification paperwork.

[Sacdude]

John,

I received a letter from WF saying you qualify for HAMP and payment is $1400. They asked me to make the first payment on the phone and two more payments and said the paper work will follow after the first payment. I made the payment and after two days I got a call saying my file is still under review and it has never been approved for HAMP. I escalated it to the VP of Home Mortgage. They confirmed that the system rejected my mod after approving it (I don't buy that). They asked me for fresh set of financial documents etc, which I have sent. Am waiting to see what they come up with this time.

Will know what happens in a week or two. Will keep you guys posted.