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Could not get modification because was denied subordination letter:

Discussion in 'Wells Fargo Home Mortgage' started by abouttolosemymind, Aug 16, 2013.

  1. abouttolosemymind

    abouttolosemymind LoanSafe Member

    Hi everyone. I was working with WF on trying to get a loan modification since after Hurricane Sandy hit my area, it became difficult for us to make the payments and we were put into a moratorium which did not help us at all so we are behind in payments for 6 months which adds up to $12,000.

    So we were put into a trial period and at the last month (this month), they stated we needed a letter of subordination or else the loan modification was denied. Why they were until the last minute confuses and angers me.

    I called the lawyer who now is in possession of the lien against the house (it's because of an unexpected trip to the hospital) to ask if he would send me a subordination letter. He said he wouldn't and he wouldn't even let us make arrangement to pay off the lien.

    Our HPS said she could not do anything about the loan modification without the subordination letter and we were told to pay up $12,000 or the foreclosure process will happen. So thanks to this website, we sent out emails to the executives at the executive desk. Also to Freddie Mac since they own our loan.

    After an hour of sending an email to the WF executives. I received a call and the gentleman I spoke to sounded pleasant. He said he would send emails right after we hung up to see if he can find other options for us. Now, I don't know if he will call Monday like he said he did, but just before, I checked my voicemail and saw that Freddie Mac called.

    I am hoping that something happens with the ED or FM. Especially since we really want to maintain our home and continue making payments.

    I hope going above their heads will make something happen because I am tired of stressing out over the mortgage. The way I see it, if we are willing to pay, why give us a hard time? It doesn't make sense to me.

    If someone dealt with something like this, I would love to know what happened. I will update this on Monday. I really hope it works out in my favor (not going to hold my breath knowing how dirty WF is).
  2. Evan Bedard

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

    Welcome and thanks for joining the LoanSafe community.

    I'm sorry to hear that Wells Fargo has given you the run around since your area was hit by hurricane Sandy, IMO that alone should be an automatic reason to temporarily delay payments until the area fully recovers. But of course business is business to these banks and they will do whatever they can to get their money..

    The situation you have encountered is actually VERY common for everyone who goes through this process with Wells Fargo as they are really the ONLY servicer that requires a subordination agreement before finalizing a modification.. This has baffled us for quite some time as a loan modification is not a refinance and therefore should not require this form. I take it you have a 2nd mortgage that was transferred to an attorney (collections), or is this a separate lien attached to the property?
  3. abouttolosemymind

    abouttolosemymind LoanSafe Member

    Thank you for commenting.

    It was actually a $110,000 that went to the attorney (collections).
  4. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    You are not the only one in an area affected by natural disaster that is being strongarmmed by this unconscionable and unsrcupulous bank. I have saw a lot of tweets off Wells Fargo twitter page about how they help rebuild these areas and help homeowners. It is all propaganda. I have tweeted to them that it is propaganda. They have barred me from tweeting to them. The bank is mad at me as I show them with CFPB in contempt of National Mortgage Settlement which should result in a 5 million dollar fine. Check this out what is happening in Moore Oklahoma. Moore Oklahoma Tornado Victims Strong-Armed by Mortgage Servicers | New Republic I say RISE UP AMERICA a revolution is coming.
  5. abouttolosemymind

    abouttolosemymind LoanSafe Member

    I think it's just scummy that they are the only ones that require a subordination in order to get a modification. I just hope that they give me more options than just subordinate or pay up. I won't be holding my breath, but something has got to give. I should receive a call tomorrow from the executive that called on Thursday. If they won't do anything, I'll call Freddie Mac and hopefully they do something.

    Or if not, I don't think I can keep fighting. It's just too ridiculous.

    Also, it's not like I am not wanting to pay because I am willing to pay, but I can't magically pony up $12,000 out of thin air. I just need them to work with me. I might have to jump through hoops if nothing comes out of the ED or FM.
  6. abouttolosemymind

    abouttolosemymind LoanSafe Member

    So I received a letter from the ED that they are reviewing other options and they will get back with what they want to do on or before the 30th of this month. I am not holding my breath or anything. Hopefully there is some small glimmer of hope.
  7. abouttolosemymind

    abouttolosemymind LoanSafe Member

    Are there any success stories with the Executive Desk?

    I am now working with a EMS (executive mortgage specialist) as opposed to the HPS (home preservation specialist they assigned me before while I was trying to get a loan mod.)

    I was wondering if there are any success stories relating to receiving help from the ED? I know it's probably a long shot, but there has to be a small glimmer of hope out there.
  8. Evan Bedard

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

    Trust me we all agree with you and there's really no reason why Wells Fargo should require these darn subordination agreements to complete a modification.. Junior lien holders continuously refuse to sign off on the agreement as they feel it's not necessary because a loan modification is not a refinance - therefore is NOT a new mortgage. The executive department has helped many and hopefully they can help you too get around this hurdle!
  9. abouttolosemymind

    abouttolosemymind LoanSafe Member

    Thank you. I hope so too. I refuse to believe that my only options are to short sale or surrender.
  10. abouttolosemymind

    abouttolosemymind LoanSafe Member

    An update. The ED called and said that they will need us to call in on Monday to give them a breakdown on our income/monthly expenses to figure out how much they should tack onto the mortgage payments to make us caught up ie repayment plan. I have a feeling that they might increase it too much that I cannot be able to afford it, but he said there are other options if we can't. This is just the easiest and the one they can think of.

    I hope that I will be able to pay the new payment. I will hear what they decide by the end of next week. I feel like they are just throwing us strikes and expecting homeruns. If nothing gets solved, I will probably take it up with Freddie Mac. I just want this nightmare to be over with.
  11. abouttolosemymind

    abouttolosemymind LoanSafe Member

    In the process of seeing if we are qualified for a repayment plan.

    Though, we missed ONE phone call with our HPS because of family issues I was having and that pretty much meant to her that we were not wanting any help. I'm sure they want us to fail and it's really irritating that just because we miss one phone call, it's like we do not want their help. Yet, I can get records of me calling them CONSTANTLY if they want to play dirty and say that we haven't spoken to them that much.

    Anyway, I sent the paperwork on Friday so I am sure I will be receiving a call from our HPS. This time, I'll make sure to call her back.

    This run around has been going on for a whole year. We tried to get help the month after Hurricane Sandy hit our area, and they told us to not worry about it and we were on moratorium, to speak to them after it ended. That alone should really have said something to these vultures.

    I will update as soon as I find out what's going to happen.
  12. Evan Bedard

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

    Thanks for the update. It's funny how sometimes it's nearly impossible to get a hold of your assigned rep, yet they will threaten to turn you down for assistance if you miss a scheduled call. If you feel your rep is giving you the run around or simply does not have your best interest in mind, don't hesitate to reach out to the executive team to escalate your case.

    WF Executive Team
    1-800-853-8516

    John Stumpf (CEO)
    john.g.stumpf@wellsfargo.com
  13. abouttolosemymind

    abouttolosemymind LoanSafe Member

    Thanks for the response.

    I keep getting asked for all kinds of documents to send. Quite frankly, it's really annoying and infuriating cos when I think that they don't need anymore, they keep asking for me. Nor can they understand that sometimes I cannot get what they want since it's impossible. My HPS called again after calling me on Monday so I'll call her tomorrow to see what else do they want.

    If I don't see any results, I'll have to call back the executive who assigned us to this HPS to see what can he do about it because I'm at my wits end and don't see us saving us the house.
  14. DebitFree

    DebitFree LoanSafe Member

    Sorry to hear about you modification denial, I'm in the same boat with Wells Fargo. I made 5 trial payments and then was kicked out of the program because my second would not sign the subordinate agreement. Wells Fargo then filed a Foreclosure suit against me the following month.

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