Unsuccessful modification with wf - Loan Modification Forum

Mandy · 10-12-2009, 09:20 AM

Yes, I got one, after 10 months, but instead of my payment being less it will be close to $700 dollars more..... It was change from interest only to fixed, but I was just notified that I will be getting a decrease in my paycheck..... That will be $400 less each month..... To me that is a lot of money.... It is a sad day in California.

Evan Bedard · 10-12-2009, 09:58 AM

Hi Mandy,

Quote:

Yes, I got one, after 10 months, but instead of my payment being less it will be close to $700 dollars more..... It was change from interest only to fixed, but I was just notified that I will be getting a decrease in my paycheck..... That will be $400 less each month..... To me that is a lot of money.... It is a sad day in California.

Im sorry to hear this.. What interest rate did they offer you for the modification?

Mandy · 10-12-2009, 10:23 AM

It is 5.125% for 25 years. What do you think? I was wondering if I can call them and at least ask if they can change it for 30 years at least...

ugh_2009 · 10-12-2009, 10:50 AM

Sorry to hear about this Mandy. The rate is good but that is meaningless if you can't afford the payment. I think asking if they can extend the term to 30 or 40 yrs is a good option. Also, you can always tell them that you can't afford the payment and see what they can come up with.

caldwellb02 · 10-12-2009, 11:18 AM

I agree with Ugh, Mandy. If you sign this agreement it will, from what I've heard, be even harder to get it altered.

Evan Bedard · 10-12-2009, 11:37 AM

Mandy,

Quote:

It is 5.125% for 25 years. What do you think? I was wondering if I can call them and at least ask if they can change it for 30 years at least...

Yes definitely go for at least a 30 year fix. Also maybe request a lower interest at about 3-4% or possibly even a step rate program which will look something like this:

1-5yrs 2%
6yr 4%
7yr 5%
8thyr 5.125% for the remaining of the term.

Mandy · 10-12-2009, 01:41 PM

I just called them and left a message, I will call again later on.....Hopefully, they will extend the years or a reduced rate, if not, oh well.... Nope, I am not going to sign it, why waste my time and theirs.....

Mandy · 10-13-2009, 11:02 PM

I called today again and yet they do not know if escrow is included.... HELLO!!!!!! I left a message and the person that I spoke to sent that an inquiry about my situation, but didn't sound to convincing..... I know that they just want for me to sign those docs, but I am not, until I have everything under control.

Evan Bedard · 10-14-2009, 02:44 PM

Quote:

I called today again and yet they do not know if escrow is included.... HELLO!!!!!! I left a message and the person that I spoke to sent that an inquiry about my situation, but didn't sound to convincing..... I know that they just want for me to sign those docs, but I am not, until I have everything under control.

Yes do not agree to any modification that you cannot afford. Stay firm and let them know what you need..

Mandy · 10-14-2009, 11:26 PM

Yes, if I do not hear from them tomorrow, I will send another e-mail and tell them how they really lack customer service...............

I wonder how hard it is to get a 30 or 40 year term or better yet a lower interest rate? Does anyone now?

Mandy · 10-15-2009, 07:51 PM

Yes, the taxes and insurance were not impounded on the loan. So that would make it $3500 with the home equity.......Crazy, ha? I told them that no, I wasn't going to sign those docs, I am not crazy...... They told me to resend everything again......

10-12-2009, 09:20 AM	#1 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Unsuccessful modification with wf Yes, I got one, after 10 months, but instead of my payment being less it will be close to $700 dollars more..... It was change from interest only to fixed, but I was just notified that I will be getting a decrease in my paycheck..... That will be $400 less each month..... To me that is a lot of money.... It is a sad day in California.

10-12-2009, 10:23 AM	#3 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Unsuccessful modification with wf It is 5.125% for 25 years. What do you think? I was wondering if I can call them and at least ask if they can change it for 30 years at least...

10-12-2009, 10:50 AM	#4 (permalink)
ugh_2009 Senior Member Join Date: Jun 2009 Posts: 126 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Unsuccessful modification with wf Sorry to hear about this Mandy. The rate is good but that is meaningless if you can't afford the payment. I think asking if they can extend the term to 30 or 40 yrs is a good option. Also, you can always tell them that you can't afford the payment and see what they can come up with. __________________ .

10-12-2009, 11:18 AM	#5 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,764 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Unsuccessful modification with wf I agree with Ugh, Mandy. If you sign this agreement it will, from what I've heard, be even harder to get it altered.

10-12-2009, 01:41 PM	#7 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Unsuccessful modification with wf I just called them and left a message, I will call again later on.....Hopefully, they will extend the years or a reduced rate, if not, oh well.... Nope, I am not going to sign it, why waste my time and theirs.....

10-13-2009, 11:02 PM	#8 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Unsuccessful modification with wf I called today again and yet they do not know if escrow is included.... HELLO!!!!!! I left a message and the person that I spoke to sent that an inquiry about my situation, but didn't sound to convincing..... I know that they just want for me to sign those docs, but I am not, until I have everything under control.

10-14-2009, 11:26 PM	#10 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Unsuccessful modification with wf Yes, if I do not hear from them tomorrow, I will send another e-mail and tell them how they really lack customer service............... I wonder how hard it is to get a 30 or 40 year term or better yet a lower interest rate? Does anyone now?

10-15-2009, 07:51 PM	#11 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Unsuccessful modification with wf Yes, the taxes and insurance were not impounded on the loan. So that would make it $3500 with the home equity.......Crazy, ha? I told them that no, I wasn't going to sign those docs, I am not crazy...... They told me to resend everything again......

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