Wells Fargo Success

[girlwithemail]

Hello!

I just found out about this website about a year after my mortgage crisis began, and one day after I received my loan modification paperwork from my lender, Wells Fargo. I wish I had known about this website sooner.

To give you a little history, when I purchased my home in August 2002, Countrywide was my lender. I had a few bumps and bruises with them, but for the most part my mortgage was paid, and they were willing to work with me when I was in arrears.

In the summer of 2005, I decided to refinance to tap into some of the equity in my home so I could pay off a few bills. The mortgage broker I was working with put me in an ARM with Wells Fargo. The payments were significantly higher than what I was paying to Countrywide, and honestly, in hindsight, I probably would have been better to stay with my way more affordable mortgage with Countrywide Home Loans, but the lure of cashing in on some of the equity was captivating.

Fast forward to mid-2006, I had fallen behind on my mortgage payments, and at every turn, Wells Fargo was unwilling to work with me. They said my loan was too new and that they didn't have enough of a payment history to determine what I would qualify for. So I was facing foreclosure. They accelerated the loan and referred it to a local attorney for foreclosure. I can relate to other members' posts here about not being able to sleep. For many months, I was extremely troubled by the prospect of losing my first home to foreclosure. I couldn't sleep, I couldn't eat, and it took all of my energy to get through the day. The day I found out that my home was listed in the local papers as being up for foreclosure, my heart stopped. And then I had strange people knocking on my door and sending me handwritten letters in the mail with "offers" to help save my home. On top of that, I was getting frightening attorney's letters almost every other day. I called them to find out what I could do to stop the sale of my home, and the only alternative I had was to pay the entire arrearage, plus the attorney's fees -- over $10K -- in full. I ended up biting the bullet and emptying out my 401K and pension accounts to get the loan out of foreclosure. But that was only temporary.

Much of 2007 was a serious struggle for me. I had changed jobs, and my current job is paying slightly less than what I would have been making at my old job, and the amount of one paycheck was just enough to cover the mortgage. Factor in the rising utility costs that we are dealing with here in MD (and everywhere else), and just the cost of living in general. I was barely making it. I had gotten a part-time job during the summer in hopes of catching up on my mortgage, but I didn't get that far. During the summer, I asked Wells Fargo for a workout plan, and they agreed to put me in one. For one month I was fine, but I screwed up and mixed up the due dates, and sent the second payment in late. By this time, news reports about the mortgage foreclosure crisis were everywhere, and I knew I was going to be another statistic. And then to top it all off, my ARM was due to adjust in December 2007, tacking on an additional $500 to my mortgage payment. I tried to hold on to my hope.

When I called Wells Fargo to let them know I had screwed up, the representative was very curt and chided me for being so irresponsible, but she pressed a few buttons and told me I qualified for another plan, and told me "not to let it happen again." I felt like such a loser.

With a second chance to save my home, I vowed to make sure to get the payments in early. I was advised that after my third payment, Wells Fargo would consider me for a loan modification. I called them immediately after I made that third payment (about 10 days before it was actually due), and they informed me that they needed certain paperwork (pay stubs, budget, letter of explanation, etc.) to get the ball rolling. I sent it in not knowing what to expect. I just tried to hold on to the fact that it was in God's hands and that he would not allow me to get this far for nothing.

Well yesterday, I came home from work early and found an overnight delivery package under my door mat. It was my loan modification package from Wells Fargo! I couldn't believe it! To tell you the truth, I still can't believe it -- partly because I don't fully understand the whole thing. From what I can gather, they kept my interest rate the same, but it looks like they took me out of the ARM (because the new payment term states 332 months). Also, they lowered my monthly payment, I think, but I am not sure. I am accustomed to having my insurance and other charges included in my mortgage, but their paperwork does not account for that. However, it is considerably less than the higher amount I would have been paying if the ARM had adjusted. My first payment is due in April, thank God. That will give me some breathing room to pay down some bills and save up money, and get my budget back on track.

It seems that thanks to you, Moe, and others who are vigilant about helping people hold on to the American Dream, that we are realizing that there is a way out of this, and that we actually can save our homes. It also seems that the lenders and the government finally realized that they had to do something to stop the wave of mortgage foreclosures.

I hope my little story will help others on this board realize that there is indeed hope, and that if a lender was willing to work with me in my mess, surely, they can and will work with you, too.

Girl

[Moe Bedard]

Hey Girl,
I am so happy you found this website and it truly gave you help and hope in your endeavor with Wells Fargo.
Thank you for sharing your success!!
I am so sorry that it took a rough ride to get there, but it would seem that Wells Fargo deserves a (((((Shout Out))))) for helping..........
Your story will truly give hope to those who are in the process of modifications with Wells Fargo and other lenders. As I have been saying all along don't ever give up..........being persistent has worked well for you...

Thanks again for sharing..

Paint yourself proud - Wells does not easily work well with others. You are a tremendous success story. Wells is exceedingly hard to work with and arrive at the point you have. Yeeeeeeeaaaaaaaahhhhh.......

[elpjohnson]

Congratulations, Girl! Poppy's is right you should be very proud....there is not very many Wells Fargo stories let alone Wells Fargo success stories. Great job!!!

[mreedlaw]

First off, Poppy, ***, Andrew, Moe, etc. could not be a more wonderful and informative support system. This truly is a great forum.

Second, I certainly can sympathize re: the rising utility costs here in Maryland. I don't know if you were one of the lucky recipients of those two "complimentary" energy saving lightbulbs in the mail from Allegheny Power and then they raised the electric bill the following month.

Anyway, I am also very glad to hear about the loan modification. NOTE: You had said that the new payment did not appear to include your hazard insurance and property tax escrows? If so, that means you would be responsible for paying those items on your own. You indicated that you think the payment is lower, and I certainly hope so as well.

Thanks for sharing the story, and have a great weekend reviewing your new loan documents!

Said Poppy tongue in cheek....methinks perhaps you should send that windfall of light bulbs to the mortgage company as additional assets....

[Moe Bedard]

You go Girl! I just had to say that This is great that you took the time to join the forum, write out your story in detail and post it to this website for the sole purpose of creating hope for others.

Everyday I am amazed that there still good people who do things for the benefit of others and paying it forward is something they live by.

Thank you so much for doing this and making my weekend. It was a long day and I needed to read this. I wish you the best in life!

[JacMac]

Another round of cheers -- HIP, HIP, HOOORRRAY -- this is becoming such a good place to be right now. So many homes being saved and people lives filled with hope!!!!

Moe, you must be feeling real good right about now!

[Marshall Rosenbach Esq.]

Very nice work, Girl. You must have been petrified. Many people feel helpless in the situation you were in and just throw in the towel. But it's important to know that people can contact their mortgage company and try to work something out!

[girlwithemail]

Moe, Poppy, Marshall, ***, Erika, JacMac, Mreedlaw:

I cannot begin to express my appreciation for all that you're doing to give homeowners hope! I thank God for each of you and for this website. In my few days of lurking around and reading posts, I can see that you all are truly a lifeline for many people who feel like they have no means of recourse. In fact, I sent a link to LoanSafe.org to some family members and friends who I know are having mortgage problems (a couple of whom are either in denial or are trying to keep up the facade of having it all together). I pray that they do check out your website, and that they are able to get the help that they need to save their homes.

I was more than happy and honored to be able to share my story on such a forum, and it is my sincere prayer that someone who reads my story will benefit from it.

May God bless you all for being a blessing to so many!

Girl

P.S. - Poppy, I wasn't fortunate enough to receive the "gift" of the energy-saving lightbulbs!

[Moe Bedard]

Yeah Jac Mac, this is what I had dreamed it would be. It's so awesome of a feeling to be involved in this. Girl is another testament of good people and someone who cares about these issues. She knows it affects her family, friends and neighbors. I'm honored to have her and you all here and this is not to get all mushy. This is is serious life changing stuff here. Issues that MUST not be taken lightly.

The birth of a community online where the homeowners are in control. This is your place. Your community.

One day I sat on my couch and I was like, you know what? I'm going to start an online forum where people can come, share, help, and pay it forward for those that are struggling. My gut was like on fire, telling me, DO IT, DO IT.

So, I did it. www.LoanSafe.org was born.

That day started it all and here we are almost 6 months later and it's really making a difference with success stories and homeowners helping one another. I am sure there are many more people in the background getting the same help and that's great to.

Let's keep the success stories coming folks.

[girlwithemail]

Moe:

I am simply in awe of the fact that this website is not even 6 months old yet! It's amazing to see that, in such a short period of time, you and your website have become a major agent of change in our nation's housing crisis. In less than a year you have probably helped many more people save their homes than you could ever know.

You had a vision to save the American Dream, and you're doing it. That's deep!

Girl

[girlwithemail]

Originally Posted by mreedlaw

NOTE: You had said that the new payment did not appear to include your hazard insurance and property tax escrows? If so, that means you would be responsible for paying those items on your own. You indicated that you think the payment is lower, and I certainly hope so as well.

Thanks for sharing the story, and have a great weekend reviewing your new loan documents!

Thanks, Mreedlaw! Actually after a fifth of sixth reading of my loan docs, I do see where they are including the hazard insurance and tax escrows in my mortgage payment. And considering that, my mortgage is still less than what it would have been if I had been hit with the ARM adjustment.

Girl

[Andrew]

That is great news. I think you may be the first wells fargo success thread on here. CONGRATS!!!

[pbbobkanobi]

Great News!! Congratulations. Hopefully you are the first of many WF customers to get a mod.

All the "cool " banks are doing it....haha

[JacMac]

GIrl, thank you for writing such a beautiful messages, my family too are in denial and I think unconsciously petrified by their fears from being active. If we (I and my family) had a more positive relationship, I would do what you have done and forward the information of this website, but sadly, this is a good place and we want to keep it like that. Some of my siblings here . . .

Moe, your entry brought tears to my eyes . . . Wells Fargo was the investor on my loan, if you recall.

I really am interested in what YOU think is the turn around in events, as far as the number of Loan Mods?

Will you write about it on the blog -- what do you think?

[Moe Bedard]

I'll do it Jac Mac. Anything for my fav New Yorker I have definitely seen a change and they seem to be helping more people. Tomorrows blog post for sure.

[jackieg2]

Horrayyy for u, I am trying to negotiate my "Loan Modification", I don't like the interest rate and I have called 10 times and faxed a letter 4 times to no avail, everytime I call I continually get a different person that basically says "thats it, take it and run" but the payment has gone up 366.65 and on my fixed disability retirement and social security, that is what my monthly meds cost me, god forbid anyone else gets sick. The whole point of a modification is to make the payment affordable... Any help out there, cannot afford to pay for an attorney.

[girlwithemail]

Is your lender Wells Fargo, Jackie?

Girl

[Lori56]

Our lender is with Wells Fargo and it seems like they are playing games as it seems from what the general population who has mortgages with them who are trying to negotiate. We are 2 mos late with our mortgage, and trying to work with them for a loan modification. Even if I pay the past due, what is the guarantee that they will work with us? We do have some savings, but if I have to, I will touch my retirement to get it current. But I don't want to to do it if they won't work with us.
We JUST received a letter from them TODAY dated [B]December 18, 2007[B]stating that we can negotiate with them about a loan modification, repayment plan, short sale, repayment plan, deed in lieu of foreclosure, all of the above programs that they supposedly will negotiate with their clients. Hello, we faxed in our income, expenses, budget, and other info the end of December that they requested it and of course we still haven't heard from them. And we were current with our loan in December....the postmark on the envelope was January 4!!! They are really trying to screw with people.

Lori - Trick number .... On every piece of paper put the loan number, your name, property address and last four of SS# for primary borrower, each page. These are scanned docs and the scanning departments do not hire the brightest bulbs in the box....

Sorry, Girl you could have least gotten a couple of Light Bulbs to contribute to their "brilliance"

[Lori56]

Originally Posted by girlwithemail

Moe:

I am simply in awe of the fact that this website is not even 6 months old yet! It's amazing to see that, in such a short period of time, you and your website have become a major agent of change in our nation's housing crisis. In less than a year you have probably helped many more people save their homes than you could ever know.

You had a vision to save the American Dream, and you're doing it. That's deep!

Girl

Yes, this is the best site out there!!! So much helpful info really gives us hope or/and vastly reduces the stress we are all going through to try and save our piece of the American Dream. Pay it forward indeed, you are all wonderful and helpful people and you are angels indeed. Sorry to sound so syrupy but it is heartful thanks.

[Steven]

I'm glad I found this thread... I am going to seek a loan modification with Wells Fargo and I was getting discouraged by what I've heard about how hard they are to work with. This story gives me some hope that I might have some success with them.

Thanks!

[Steven]

Originally Posted by Moe

I'll do it Jac Mac. Anything for my fav New Yorker I have definitely seen a change and they seem to be helping more people. Tomorrows blog post for sure.

Moe, did you ever write this blog entry? If so, how would I find it? Have you seen an increase in cooperation from Wells Fargo doing loan mods and workouts?

[girlwithemail]

Hi Everyone:

I posted my success story back in April of this year. I live in MD and had fallen behind on my mortgage with Wells Fargo. After two attempts, they did approve a loan modification for me, and I was so relieved to have the opportunity to get a fresh start. They took me out of my ARM and put my back in a 30-year fixed-interest loan. However, only a few short weeks later, I was let go from my job with a paltry severance package (2 weeks pay!!!) that was barely enough to get me through the month. With virtually all of my savings tapped out, I had nothing to fall back on the make the payments.

I contacted Wells Fargo as soon as I knew I wouldn't be able to make the new payments. It broke my heart to be on the brink of a new start only to fall back in the hole again. The Wells Fargo rep informed that they'd have to accelerate the loan again and put me back in foreclosure again. They also advised me that I could apply for another loan modification, which I did immediately.

In June, I received a letter from Wells Fargo stating that I was in arrears and that I needed to call them to discuss repayment and loan modifications options that were possibly available. I do just that and advised the rep who took my call that I had applied for a loan modification. They searched my file online and had no record of any paperwork received from me. I faxed the paperwork (explanation letter, proof of income, etc.) in but it hadn't been received. So I did so again, and I sent it via Express Mail.

Fast-forward to July. I had received a job offer for slightly less than my previous salary, but by my calculations, it would still be enough to make my mortgage and meet my other household expenses; it would be tight, but I could make it work. I contact Wells Fargo to advise them immediately, sent them -- via fax and Express Mail -- another explanation letter, a revised budget sheet, as well as my offer letter from my new employer.

Since July, my loan modification request has been "in review", and I have been in turmoil. I feel like such a failure. I call Wells Fargo Loss Mitigation Department every few days asking for status, and it has not changed since July. I was advised that my home is in "active foreclosure" (but there's no sale date), but that is on hold since I have a pending loan modification request in their system. I was told initially that the loan modification review process takes 45-60 days, but this has been over 90 days now.

At this point, I don't know what to do. I know the fact that I broke one loan modification agreement when I lost my job does not help my case, but is there any hope even in those circumstances? I'm sick with worry, and sometimes I find myself looking at my home wondering if I am going to lose the very thing I worked so hard to acquire and keep. I look at my neighbors, friends and family who are homeowners and who have steady income or dual incomes and wish I could be in their shoes. I wish I could put my head to the pillow at night knowing that my home is mine and that I get to keep it. The not-knowing is unbearable.

I just called yesterday to check status, and I was transferred to Wells Fargo's main mortgage servicing line. When the rep read off the particulars on my account -- $32,000 in past principal, interest and fees, and gave me the name and contact information of the foreclosure attorney, my heart sunk. The wound was reopened and the situation became even more real.

Outside of continuing to call Wells Fargo every few days, I do not know what I can do. I called the HopeLine (?) that the state of MD had advised delinquent homeowners about, but they only were able to give me the same status "in review" that Wells Fargo had given.

If anyone has any words of advice or encouragement, I would sincerely appreciate it.

Thanks,
Girl