Wells Fargo HAMP Success!!!

[waitingpatiently]

Okay, well I can finally say I've become a part of the success group! Although my perm HAMP mod came in higher than our trial payments, which I was very disappointed about, I can't complain because now we can keep our home.

Here's the information:

Feb 2008 - Called WF for loan modification, never late, just in danger of falling behind because our payment $2850 was about 50% gross income.

June 2008 - offered a trial payment of $1750
July 2008 - 1st trial payment
Aug 2008 - 2nd trial payment
Sept 2008 - 3rd trial payment
Nov 2008 - 4th trial payment

Today Nov 16th Final Modification paperwork was sent via UPS...should receive it tomorrow!

$416,000 original balance, 30 yr, I/O 10 year ARM

Here are the new terms:
Years 1-5 2% payment = $2132.40 (includes princ, int, escrow)
Year 6 3%
Year 7 4%
Years 8-40 4.75%

$1293 Contribution payment required, and 1st payment due on Dec. 1st.

So the HAMP program is helping homeowners...Oh! Not to mention my excellent credit score has not been damaged one bit!

Feel free to ask any questions, I will answer them as I can from my experience. If not for this website, I think I might have said F-it and gave them our home. Thanks Loansafe, and everyone keep fighting!

[johngor]

good news to you! I love hearing success stories.
I am glad you credit score was safe! this was my concern! Even phone my attorney if you signed your trial payment agreement this is paid as agreed.

[heidi79]

Congratulations to you!
Did you have a change in income from when you started to finalization? That would explain the increase in the payment.
Also, did they tell you why there was a contribution due? The HAMP is not supposed to include one. Was this an in-house mod directly from the bank?

[waitingpatiently]

opps! I made a mistake on the list of trial payments

July 24th 2009 - 1st trial due/paid
Sept 1st 2009 - 2nd trial due/paid
Oct 1st 2009- 3rd trial due/paid
Nov 1st 2009 - 4th trial due/paid...Nov 16th got final modification

[waitingpatiently]

heidi79 - it is a HAMP program modification...I'm wondering the same thing about the contribution amount...I'm calling them right now.

The reason for the higher payment is because they took his yearly gross income, and he gets paid bi-weekly...so his paystub amounts showed less than what he actually makes per year. It sucks because I would have liked to have the $1750 payment but it's fair...it is 31% of gross yearly income.

[calgirl67]

First of all: Congratulations!! Oh man... I am praying our trial period turns into a permanent mod. If it doesn't, we are in serious trouble.

Yes I also had a question about the "contribution payment". What is that for? I have read the HAMP guidelines and it clearly says no extra payments due from the customer.

Let us know what becomes of your call to them.

[Sunbeam]

Great news! So happy for you! Thanks for hanging around and helping out the ones who are still waiting.

[waitingpatiently]

Calgirl67 - I've been feeling the same way for the last 9 months of this siga...hang in there, be patient but persistent!

I called Hope Now, and they said no, I shouldn't have to pay a contribution amount. There is no doubt I'll be in contact with WF exectutive offices, and my HAMP contact person at WF tomorrow. I'll give an update when I get one.

All in all for those of you who are running out of faith, these mods are coming thru...slowly but surely.

[ltravel]

Waitingpatiently,

CONGRATS! on your modification. I know it's been a stressful wait for you.
So glad you were able to get thru it with your credit intact.

I too had to make a contribution pymt of around $720 but we weren't HAMP. And since we were able to skip June, July, Nov, Dec pymts with
only a 30day credit hit I was happy to give them $720. Yours being HAMP
though and current doesn't explain the contribution. So good luck with
that.

Best of Luck!

[waitingpatiently]

Update: I did talk to my contact person with WF executive dept. and she advised that there should be no out of pocket contributions. She also said that there was $ in my suspense account no yet applied, which was the exact amount of the "contribution" due. She was highly confident that there was a mistake in the way the LM person worded it over the phone to me. I still have yet to recieve the paperwork.

Now my next concern is the jump in the amount of my perm modification. I've done the math and it doesn't add up - the payment they came up with is over 31% of husbands income. He's salaried, so it shouldn't be that difficult to figure out. By my calculations the payment (if at 31%) should be around $1950 - which is almost $200 less a month that what they have it calculated at. Geez...I don't know if I should fight this or not...I just want this process to be over, but I feel like they aren't being fair!

[waitingpatiently]

Well...the final HAMP mod package came today. Here are the terms...in writing:

year 1-5 2%
year 6 3%
year 7 4%
year 8-30 4.875%

No contribution payment, payment to start Dec. 1st

The reason for the jump in payment is due to the fact that the trial modification was spread out over 40 years, and the final is only over 30 years! I can handle the larger payment, especially knowing that the loan is only 30 years.

So...I'm completely pleased, I'm happy this all all said and done - 9 months of a lot of stressing - gone! Fight on people. I think we'll start to see more HAMP's coming through soon! Good luck to all.

[antomax]

Originally Posted by waitingpatiently

Okay, well I can finally say I've become a part of the success group! Although my perm HAMP mod came in higher than our trial payments, which I was very disappointed about, I can't complain because now we can keep our home.

Here's the information:

Feb 2008 - Called WF for loan modification, never late, just in danger of falling behind because our payment $2850 was about 50% gross income.

June 2008 - offered a trial payment of $1750
July 2008 - 1st trial payment
Aug 2008 - 2nd trial payment
Sept 2008 - 3rd trial payment
Nov 2008 - 4th trial payment

Today Nov 16th Final Modification paperwork was sent via UPS...should receive it tomorrow!

$416,000 original balance, 30 yr, I/O 10 year ARM

Here are the new terms:
Years 1-5 2% payment = $2132.40 (includes princ, int, escrow)
Year 6 3%
Year 7 4%
Years 8-40 4.75%

$1293 Contribution payment required, and 1st payment due on Dec. 1st.

So the HAMP program is helping homeowners...Oh! Not to mention my excellent credit score has not been damaged one bit!

Feel free to ask any questions, I will answer them as I can from my experience. If not for this website, I think I might have said F-it and gave them our home. Thanks Loansafe, and everyone keep fighting!

Can you please tell me how much of a surplus did you have? I was told by WF that there has to be a certain surplus to get the HAMP modification.

[waitingpatiently]

We didn't have much a surplus, but listed everything we pay for in a monthly basis and didn't leave or fudge anything. Our surplus was only around $100.

[omega92]

First I am happy your HAMP was a success. I received HAMP paperwork back in July through Wells in which I made my 3 trial payments for Aug 1st, Sept 1st and Oct 1st. They gave me my interest rates that were stepped 1-5yrs, 6th year and so forth just like the typical HAMP mod... Working with the executive team@ Wells Fargo during this whole process, they did not know how it happened, but I 'fell through' the cracks for the final modication and they needed to find out why... that was 9/30/09 ... after sending pay stubs and verifying all paerwork, I found out that I was denied a HAMP mod on 11/18/09. The executive team @ Wells said that they are looking into alternative mods for me and to wait a week or so and follow up. I have been at this for over 12 months now and after a forbearance in the spring (only to be denied in June) and now a HAMP Modication that failed... I am about to lose hope and walk away...

[waitingpatiently]

omega92,

I'm sorry for your frustrations, I can understand. What was the reason for the HAMP denial? Hang in there, I've seen a couple WF in-house modifications that looked a lot like what the HAMP program is offering. Be persistant and patient (easier said than done). When I was at my breaking point I called WF executive offices and told them how frustrated I was and that I wanted to have WF executive person assigned to my file. From that point I had a specific contact person to call when needed. She was in direct contact with the negotiator so she was able to give me direct answers.

I wish you luck.

[omega92]

Thank you for the reply. The reasons they gave me were that I did not fit within the investor guidelines for a HAMP modification, despite qualifying for for the trial period and giving them the three payments. I have an executive rep assigned including his direct line, and he is next near impossible to get on the phone. I talked to another rep there and he told me that there are many other options. I am in the process of signing up with NACA and maybe they can help. I am truly at my last straw .... maybe because my credit is shot is the reason? I dont know, I guess all I can do is be patient and persistent till they come and post a sale date on the door.

[Sunbeam]

Waiting...so glad this worked out well for you and you are happy with the terms! Try to relax a little and enjoy some peace. You have earned it!