Home Loans and Support

Advice for Appeal - Wells Fargo Executive Office Mod Denial - "No Hardship"

Discussion in 'Wells Fargo Home Mortgage' started by raharkne, Aug 5, 2013.

  1. raharkne

    raharkne LoanSafe Member

    I just received a call from my Home Preservation Specialist. He says my Modification was denied in Underwriting due to "no hardship". I have a Fannie Mae backed loan previously received HAMP and have paid every month on time for over 4 years. Interest rate due to step up in months, so I am looking for a fixed rate. Does anyone have advice on what to focus on in my appeal via Hardship Letter? My AGI is $30K, have two minor children, which puts me at 150 percent of the Federal Poverty Level.

    My specialist told me that I can appeal and that some of his customers have won their appeals. I'd like to improve my chances of success by hearing from others who have won.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    The purpose of filing an appeal is to prove that they falsely denied your account for a loan modification and this is your chance to state the reason(s) why you feel that you are eligible for assistance. Since entering the permanent HAMP mod, have you experienced any additional hardships such a loss of income or an increase in other expenses during this time, other than the upcoming rate increase?
  3. raharkne

    raharkne LoanSafe Member

    I stated in my application that my mandatory pension contribution increased, reducing my income, and that my household expenses have increased as my children are now 7 and 13. I have lived all this time on a shoestring. Prepaid cell phone for emergencies only, no cable tv, don't go out to eat, ******, etc. I have always paid Wells Fargo before ANYONE else, even before buying food.
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Well you seem to have been a faithful customer and have done everything in your power to keep the account current and remain in the home. Unfortunately, servicers don't take into account a future adjustment when determining whether or not you are experiencing a financial hardship. This is something we've seen for years as diligent borrowers would apply for a modification before their "ARM" adjusted to an unaffordable amount. They will only take into account your current income, rate, and monthly payment when in underwriting for a mod. Another reason they could be denying you for a modification is the fact that your permanent HAMP mod is still in "good standing." Although there's technically nothing stopping them from reviewing your account for another modification, it's common for servicers to turn you down if you are current on payments.
  5. raharkne

    raharkne LoanSafe Member

    Well, I'll take a try at it and will let you know the outcome. My Home Preservation Specialist offered to look at the letter for content before passing it on. He obviously wasn't happy to tell me I was denied. Seems like a decent guy.

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