Wells Fargo loan mod success took 8mos

[jackieg2]

I got the loan modification and I don't like the terms. They tacked 14,000 on to the back of my loan, locked my interest rate at 8.25 and my note went from 2384.15 to 2750.80, locking me was good since I have a arm due in 10/08, they also made my first payment to be due 04/08, GREAT!!!but is there a reason the interest was not lowered to lower my payment??? I have tried to contact Wells Fargo and I continue to get different people that basically say "thats the best offer, take it and run. Any one know how I should go about getting what "I" can afford to pay??? Help

Have they explained to you what the 14,000.00 is for, is it arrearages, were you in foreclosure that would have had legal expenses accordingly? What state are you in? This is Wells Fargo, so are they the actual lender or only the Servicer and if so who is the actual lender/investor? What kind of product is this? Was this due to a refinance or purchase transaction? What is the value of your home and the balance on the loan(s)? How delinquent were you before the modification? Any other pertinent data that you can think of please.

Thank you for joining the forum and please if you could answer the questions we can address the problems that you are having.

[Moe Bedard]

If you cannot afford the loan modification, then by all means do not agree to it. Maybe they made a mistake in calculating your income and expenses. If you sign this, then it will be most likely your last shot at applying for a loan modification.

[jackieg2]

OK, sorry for not giving all the info, I thought I could cut to the chase..Was behind 3 or 4months, got a work out plan did not have the money by the due date, called back and got another person who gave me another foreclosure forberance agreement but I never rcvd. it in the mail, I made the 3payments starting 11/07, 12/07 and 01/08. So the monies i paid were put towards the arrearages, ok, so they tacked on oct-jan pymts at 2384.15 per month and 984.44 legal fees(in foreclosure), 376.55 for my contribution to the modification and 14,304.90 calling it Interest(plus del Prin if structured finance mod) total capatalized amt is 14,912.79 at 8.250% raising my unpaid princp bal to 361,697.79 which increased my payments to 2750.80 over 342 months.. It is simply to high, the 2384.00 I can make but would even like that dropped. Now don't get me wrong, I am glad they locked my arm because I really cannot afford that, but I need this deal to work for me now with my present income. Thanks

My famous cry get a QWR and really you need to look at that life of loan history. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

This thread has a really good example:

My Countrywide escapade and Hi!

You have with that loan got to be kidding that the interest for 3 or 4 months and then tacking on the payment which includes interest.....get the QWR and get the Life of Loan reviewed. Some one is not using their calculator properly. There is also having them send you immediately how that interest is skewed for the 14K or so as it is 6 months payments at 2384.00 so were there 6 months payment delinquent that contributed to that expense? Plus the 14304.00 plus the 3 mos at 2384 and the 984 and 367 do not add up to 14912.00 roughly.

You need to get a written break down of these expenses and fees from the lender and explain that you do not under stand how this works and that this does not appear to add up so you need to see it in writing.

[RefusetobeStressed]

Read this post and I am curious what happens if you do not agree to their terms on the loan mod? Do they immediately start the foreclosure proceedings? As I stated today, I received a call and was approved. Just waiting for the documents.

[Moe Bedard]

Stressed,
That would depend on how behind you are in your payments......
Did you receive a Notice of Default? How many payments if any are you behind?
You need to do the QWR if you want to find out in detail where that 30k is coming from exactly.........
am I correct in assuming that is the issue with the proposed modification?

If you are current at the time you refuse the loan modification they can not initiate foreclosure proceedings, however if you are delinquent and depending on the degree of delinquency, yes they can. How rapidly, unknown, will they continue to work out the situation, unknown. But it is my firm belief that they are being more and more cornered by this mess and sooner or later they are all going to have to come to the table and give up to the fact that they need to Modify reasonably and compassionately. When, unknown, we have never seen this kind of chaos in industry wide and nation wide except in the Great Depression. The difference now is that all of this money is tied in Globally and it is affecting the National Banks of other nations.

[jackieg2]

Finally we signed our new loan docs and the matter is behind us but it took 8months, 55 phone calls and several certified letters then finally a single prayer and the next day WF called to talk, I was so overwhelmed i almost leaped out of bed... the lady Keelie B., was phenoninal. The first loan mod raised my payment 366.00, we refused to sign and return the docs, I wrote back asking them to lower the interest which would lower our payment....Yeah right, I continued to make the original payments so we wouldn't get any further behind...That was proof that we really did want to keep and home. Anyway, its done and I did not have an attorney cause if u think about it, if I could afford an attorney, I could make the payment???? Basically, they lowered the interest which lowered my note and put what we owed on the back end, yeah we owe more than its worth like everybody else but if we all walk off from our homes where will that leave the economy and us looking for a rental, NOT!!! This situation was making my health issues worse, my marriage was strained and my kids probably thought I was crazy...ENOUGH, its done..... Last note, anyone in need of 5,000.00 to catch up payments or any other bills associated with your primary mortgage, check out www.mmiphases, u must take the online course before u can apply for the grant....GOD bless u all, and believe me, it takes time and money

[Moe Bedard]

Congratulations Jackie! You are #78 and I love it!

Great insider info and tips. I admire your tenacity and patience and wish you the best of luck in life and all that you do.

[schwefls]

Congratulation Jackieg2 did MMI Phases actually help you with funds? I had applied quite awhile back before being modified but it seems I could not jump through enough of their hoops?

[Steven]

jackieg2,

You are an inspiration to me in particular because I am trying to get a loan modification from Wells Fargo too. May I ask you a few questions that might help me in my efforts?

Do you know if Wells Fargo is your investor, or just your loan servicer? Wells Fargo services my loan, but they aren't the investor and I haven't found out who my investor is yet. Different investors have different rules and requirements for loan modifications, so I would be curious if you and I have the same investor.

Can anyone out there tell me if I have a right to know who my investor is?

Also, you said Keelie B. was great. Do you have contact information for her? I might try to contact her directly and see if I can break through the layers of people who insist on pushing me away when I contact them.

I hear what you are saying about the health issues, strained marriage, and kids who think you are crazy. That's all happening in my house too.

Any help or advice you can give me beyond my questions would be appreciated. And CONGRATULATIONS! I hope to have my thread moved to the success stories thread someday too.

[paks23]

I have been trying to get a loan mod since Jan. Offered me no payment for 6 months to be paid in full after that based on temporary financial hardship.. hardship is permanent...loss of child support...etc. Current on payments. Can you tell me what interest rate they offered you? I owe more than its worth, and have a 2nd mortgage.