Home Loans and Support

My Wells Fargo Loan Modification Experience So Far...

Discussion in 'Wells Fargo Home Mortgage' started by Reagan, Jun 18, 2012.

  1. Reagan

    Reagan LoanSafe Member

    I did some research online using this site for a lot of that research in an attempt to find some options to help me out financially. In that process I learned about HAMP. I crunched the numbers and met the criteria needed to apply. I contacted Wells Fargo April 10th 2012 and they sent me the paperwork. I filled it in and sent in all of the required financial documentation they asked for. My story is I am married but seperated for over a year. I bought this home on my own without a co-borrower (First time home buyer) and had no clue really what I was doing at the time and purchased this home under a ugly ARM type of loan which I was able to correct with a FHA 30 year a fews after I bought it . The only thing I did do right when purchasing my home is ignore everyone and found the cheapest yet newer home I could find. Hundred of thousands cheaper then what I qualified for. Since seperated last year I can barely make ends meet but have not been late on one payment in the 6 years I've had this loan. I crunch numbers each month and don't see how I manage but somehow I usually scrape by with under a $100 left in my account each month. The kids are fed and clothed etc. I have no savings, 401k is frozen as I can't afford to put anything in it. My job is steady and have been with my company over 10 years. My situation is pretty cut and dry. No second mortgages,no co-borrowers, no hidden assets etc.

    A week later I received a letter from Wells Fargo with the name of my assigned Home Specialist who will begin processing my loan before it goes to an Underwriter for approval. Everthing looked promising. A week later I received a Fed Ex package with a note asking for another pay stub. I get paid monthly and the original documentation asked for two pay stubs, but WF now wanted a third stub. I provided it that day and overnighted the supplied Fed Ex envelope. As April came and went I heard nothing back from Wells Fargo. Now it was May. I waited a couple of weeks and tried to call my assigned WF Home Specialist but only reached her voice mail after several attempts. I then began receiving automated calls from WF asking me to call my WF Home Specialist, but after every attempt I only received her voice mail. This went on throughout the month of May.

    June: In the first week of June I decided to try again. My WF Home Specialist voice mail box was now telling me the box was full, so I couldn't even leave a message. This was a red flag and I then tried to contact anyone I could at WF to find ou what was going on with my application. After days of being transferred, hung up on, on hold, you name it I finally said enough is enough. I told some random person at WF I wanted to talk to my Home Specialist Manager right now!! I told the WF Agent I didn't think my specialist works there anymore which she quickly responded that I was wrong. After the random agent couldn't find the manager she was told the manager had quit and contacted the "acting" manager who informed her that my WF Home Specialist Agent also didn't work there any longer. I was told to wait a few days while her clients were reassigned to new Specialists... I now have a new Specialist who processed my paperwork that obviously had been sitting on the former Specialists desk for a month. It is now in Underwriting. I have so far received three phone calls asking random questions about my paperwork and asked to supply more bank statements. I decided to throw back at them one year of bank statements to avoid more delays.

    Waiting now for word on approval or denial...Will update when I hear more.
  2. brandoncheah

    brandoncheah LoanSafe Member

    Email the executive team at Wells Fargo...they are the only ones that actually get things done. You will receive a call within 24hrs, in the email, send what you have just described here and they will expedite your case.
  3. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi Reagan,

    Welcome to the forum and thank you for joining..........

    It would seem that your file is not getting through the processing within the time frame that it should be, and for that you should contact the executive team to see exactly where in the process you are.

    They can be reached here;

  4. frankie

    frankie LoanSafe Member

    Yes email them I was going through the same thing but once I emailed them the actually sent me out the check list that asked for everything and what I came to find out is that they really want 6 Months. All my docs are in now and they are suppose to have my answer tomorrow. It has takne approx. a month since escalating to the executive team but well worht it I had been pursuing this since November.
  5. Reagan

    Reagan LoanSafe Member

    Thank you for the responses. What I would have done for this information a couple of weeks ago. Re-reading my original post, I must apologize for the abstract writing. It was early and I was typing on the kids laptop that has keyboard issues. :)

    Currently my paperwork has been processed and I am waiting for final approval from Underwriting.

    My new specialist processed the documents the next day after they were reassigned. He actually called to tell me he sat near my former specialist and apologized for all the trouble I went through. He is a diamond in the rough at Wells Fargo, he has great customer service skills and made good on his promise by getting them to Underwriting the next day.

    I fully expect to be denied this trial modification and offered a refi of some sort by Wells Fargo as I have never been late on a payment and I was the only borrower on the loan. My hardship of being a single income parent/homeowner/bill payer now probably won't go far with Wells Fargo based on some of the nightmarish testimonies I have read in these forums.

    However, by posting my story, I wanted to give someone like me another look at the process and how it turns out.

    But I'm keeping that Exec # handy!!! Thanks again!
  6. msdjsd

    msdjsd LoanSafe Member

    Ive been trying for over a year thru the Exec office, went thru 5 specialists, each one as the dropped out never refered me to the newest specialist handling my case, only thru my persistence did I find another specialist who would handle my mod, denied again for the third time, the answer given was "could not get you an affordable payment", but my wife wrote and e mailed 30 execs thruout Wells and Bof BofA who holds the note, received another call today from a specialist who would be my point of contract, wish you the best of luck but Wells is the worst to deal with and really have no intentions of doing a loan mod for anybody. I have recently notified them of a possible predatory lending practice with my original loan app, inflating my wifes income to double what she made to qualify
  7. msdjsd

    msdjsd LoanSafe Member

    My experience has been they get more done than most but still expect a denial
  8. Reagan

    Reagan LoanSafe Member

    Update: Wells Fargo Home Loan Modification w/ Results.

    Well I have an update.

    Today my loan modification was approved. Very good news as I wasn't expecting it since I have never been late/missed a payment and had no legal seperation/divorce papers to prove my hardship of being single for past year. But the loan was only in my name, so technicially that shouldn't have mattered but it was my hardship reason.

    My trial modification begins August 1st - October 1st. July, I make no payment. My payment is reduced 40 percent. I went from a 6% to a 2% interest rate. Upon completion of the trial period, my specialist stated that the final paperwork would be to show that my interest rate will remain at 2% for 5 years, go up to 3% for 5 years and top off at 3.75% for the remaining duration of the loan. He stated that if trial goes smoothly, permanent mod is already set up under those terms.

    That is pretty incredible for me even with the interest rate increases as the payment increases only $100 in 10 years. If this is all on the up and up and there is no sneaky terms like a balloon payment or some nonsense I will be happy. Even if I still can't sell my house for anything, I can at least afford to rent it out and make a small monthly profit.

    So the final results of my experience applying for a HAMP loand modification from Wells Fargo is as follows:

    April- Began sending in application and supporting documents.

    April - May - Horrible experience with a non-existent specialist who left the company and my paperwork sat unprocessed on her desk for a month.

    June -New Specialist assigned. He processed the paperwork in 24 hrs.
    Underwriting processed and approved the loan modification in 1 week.

    All in all, I went from despising Wells Fargo to writing it off as one bad employee who made my life miserable for a month. However, I still won't switch banks or do business with them in the future due to the lack of employee training and that month long nightmare.
    Last edited: Jun 20, 2012
  9. brandoncheah

    brandoncheah LoanSafe Member

    Congrats...always good to hear success stories. I will reapply in a few months and see where it takes me. Hopefully i wont be FC by that time :)
  10. Reagan

    Reagan LoanSafe Member

    Thank you and I wish you all the best of luck in getting your financial lives back on track. Nothing is more important than family and if you have to lose everything and start all over you still have family and support of your loved ones who matter the most to guide you through those rough storms.

    Ultimately the banks will have to bend and start working with its customers or the governement is going to crack down harder on them. I honestly think that with the current class action suit and and negative media attention Wells Fargo is receiving that they are going to bend a little farther and start approving the modifications and actually start helping more people. At least I hope so.
  11. hamlinresident

    hamlinresident LoanSafe Member

    Good for you! This is inspiring for those of us still trying.
  12. frankie

    frankie LoanSafe Member


    Did your specialist phone you with the news or did you get your approval by fed ex? I spoke to my person last week who said he would phone on tuesday and I still have not heard from him. I am starting to get scared that he just does not want to call with with the denial. I did notice it shows that they paid my hazard insurance last thursday? He said that did not mean anything last week when I spoke to him.... I need this loan mod and cant stand the waiting.
  13. wherermyloandocks

    wherermyloandocks LoanSafe Member

    I made my 1st trial payment in Feb 2012 and made the last in May. Called our loan specialist June 1st to see if I would be receiving my perm. loan docks , she emailed her manager to get an update. Manager said loan is getting re-classed which I have read on other threads that every loan will be re-classed. Basically when your trial mod payments have been made your loan will be re-classed to see if you will still qualify or be denied. I have heard so many stories of loans being denied after trial payments where made for moths to over a year. I have been calling 3 times a month since June and the only info my loan specialist will give me is that too keep making trial payments now at the END of each month and to be sure to save the extra payment amount incase we are denied!! doesnt that sound promising! So now my loan is in limbo I called o the first and the last day of months June and July and the first of August my loan specialist just keeps giving me the same info . I also called HOPE and they were NO HELP !! if anyone has any info or anyone else I can call to see whats going on with my loan mod please help!!!!
  14. wherermyloandocks

    wherermyloandocks LoanSafe Member

    forgot to mention I have 3 letters sent by the bank saying my loan is in default as well and the loan specialist said to disregard the letters but its still making me hyperventilate a bit I mean doesnt the bank update their system to let the other departments know Im going thru a loan mod I mean its the same dang bank????
  15. Cat Damiano

    Cat Damiano Mortgage Wars

    Welcome to the forum and thank you for joining.....

    If you have not already done so, you can try escalating your concerns to the executive team and not the RM. Try calling the executive team here;

  16. jeanrainne

    jeanrainne LoanSafe Member

    Hello, I am new here and have been jumping through Wells Fargo hoops for weeks now. I am current on my loan and owe $53,000 but my interest rate is 7%;. When I first made a call to Wells Fargo for a possible loan modification to reduce my interest rate I was told it could possibly go as low as 2%. I was referred to the docs needed to start my file and to call the HOPE line. The HOPE line was a waste of time because they did not tell me anything new nor could they help me, another waste of money and I am sure at taxpayers expense.

    So every week Wells Fargo needs another doc even though they tell me nothing else is needed. Today they called and said they need my 2010 full tax return (not sure why, that is past money), which I already faxed, and a copy of my 2011 tax return and extension. Well they have the copy but they claim they cannot pull it from the IRS data bank or something, they get a no hit, which is weird since I already have my $50.00 IRS refund. There is a another doc from my other mortgage company 5/3 for my rental property they need and I finally tuned them out and said I had to get off the phone. Every few days they need another doc.

    I couldn't sell my rental property so I asked 5/3 for a loan mod and within a week that loan was modified. What's up with Wells Fargo? I am done with the process. My finances are stretched beyond my income due to repairs needed on my rental property. Even though it is now rented, I owe the contractor, and rightly so. I really just needed help for a few months and thought I could get a Wells Fargo modification for my primary home.

    My nerves are frayed, I work full time, go to school, have to study, eat, sleep and feed my dogs. I am done. I no longer care. I am selling everything I own for extra money. I have lost about 10 lbs, lots of sleep, and just depressed. I just need to get through to December when all the repairs on my rental property are paid and then the rent checks will pay for that mortgage. I don't make much money, just $11.00 an hour. I eat oatmeal every day, tomatoes for supper, and looking for a local blood bank to sell my blood plasma. I have long hair and heard that sometimes hairdressers buy it for wigs. I am just so tired. My crown chipped and I don't have health insurance, my truck blew another tire (3rd one in 2 months), and the roof leaks. Crap. When all this is over, I won't get another loan from a bank. I will graduate next year in accounting and will study for the CPA exam. I cannot file bankruptcy because it will have a negative impact on my getting hired in an accounting firm. I intend to be a multi millionaire, (gotta dream big) by being a real estate baron.

    I really just want to be able to feed my dogs and give them a safe place to live. Sell everything you have, ask neighbors if you can do odd jobs for cash, my neighbor is going to let me clean cars at his used car lot, accept leftover food (you gotta eat) and don't keep up with the neighbors. Live as simple and do without as much as possible. Oatmeal and tomatoes (from a neighbors garden) are my daily food. Yeh, and I am 53 and a woman. Never dreamed I would end up in such a bad economic crisis. Everyone take care. Not sure what is going to happen with me. Might just take that one long last hike in the woods with my dogs and live off the land.
    Last edited by a moderator: Aug 24, 2012
  17. Cat Damiano

    Cat Damiano Mortgage Wars

    I am not sure how to help you here, are you wanting to continue the modification process or are you giving up on it?
  18. jeanrainne

    jeanrainne LoanSafe Member

    Thanks, I am giving up. Too much stress and sarcastic home preservation specialist. I will do whatever it takes as far as working more jobs and selling all I own to keep my house.
  19. Cat Damiano

    Cat Damiano Mortgage Wars

    I am so sorry that you had such a terrible experience with WF on the modification process. I wish you had found us sooner for help.
  20. Chrmatt

    Chrmatt LoanSafe Member

    Ihave been diligently trying loanmod withwells fargo,Iam ateacher my husband is selfemployed a.His business has been hit hard but he is surviving. Ihave a1/6 k=1 farm investment. Wells fargo has given me grief inFeb they closed my case because iwould not submit month ly profit and loss for1/6 ownership. Now Ihave reapplied sent 3differnet RMA, twodiffernet hardships, taxes,k=1s monthly profit and loss fromhusband business, year of my checking account explaining each deposit. Letters fromCPA,letter fromK_1 lead partner,teacher contracts,paystubs.etc...
    It goes to underwritng thenbounced backto home preservation specialist. On Friday asked for copies ofchecks deposited. When is enough enough. My house is worth 200,00 we have a loan for6.5 % fixed on 345,000. We are in CA. Also want you to know this house was boughtas one of first foreclosures in the county 5 years ago...Now it is going to go full circle

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