Home Loans and Support

Wells Fargo Hamp approval

Discussion in 'Success Stories - Homeowners Who Fought Back & Won' started by jennifer123, Aug 10, 2011.

  1. jennifer123

    jennifer123 LoanSafe Member

    Hi everyone,
    just want to share i have been working with wells fargo since april 2011 for the hamp program. there were many obstacles until i finally called the office of the president and got word today we were approved! i dont have the full terms yet, the office of the president told me its 2% for 5yrs, 3% for 5yrs, then 4% thereafter. i have to make the 3 month probation payments, i hope there isnt going to be any trouble when it comes time to finalize the mod. i have read many horror stories about people making their trials and then not getting approved. I did ask wells about that and they told me as long qas the payments are made on time and there is no changes in our financial situation we will be fine. she said before they were just prequalifying people and putting them on trial payments without running the numbers but the rules changed to where they have to approve people first before trials begin. does anyone know if u have to resubmit paperwork at the end of the trial payments, wells told me they might ask and they might not.
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Congratulations Jennifer!! That is great news.

    The guidelines changed on verification in December 2010, so the Trial modifications after that period would be under these new guidelines. You shouldn't need to resubmit any new or additional information once your Trial is complete and before receiving the permanent modification.
  3. bossydiva

    bossydiva LoanSafe Member

    Congrats, Are you able to share the number for the president? I was denied.

    Thanks
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi bossydiva,


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

    Here you are:
    Wells Fargo Executive Team
    1-800-853-8516
  5. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Congrats Jennifer however this is the start of their bait and switch routine. I hope it is not but it could be. You will know if you have made all of the payment required and then no permanent mod papers. It happens beware!
  6. jennifer123

    jennifer123 LoanSafe Member

    hi Jeffrey, did that happen to you? did you go thru the office of the president? i called them yesterday and asked if i had to resubmit any paperwork and they told me i didnt because the office of the president does a more thorough review before approvals are made. not sure how true that is. she told me as long as my trials are on time it will roll into a permanet hamp mod. hope thats right and that they r not misleading me.
  7. bossydiva

    bossydiva LoanSafe Member

    Thanks so MUCH!!! I need all the help I can get.....I will keep you posted. Thanks Again
  8. jennifer123

    jennifer123 LoanSafe Member

    hi everyone,
    i received my hamp trial package from wells fargo, going over my paperwork i noticed they factored in my child support income twice. has anyone ever had that issue? im wondering if that is a mistake or was it done to get us to qualify. im afraid to say anything to them because it might cause me to be no longer eligible. they are also requiring us to take a credit counseling course. our principal and interest is 817.92 and escrow is 395.00 which includes a portion of an escrow shortage. documents say that as long as our account is in good stating they will forgive 18,524.92 each year for three years. curious to know if anyone has terms similar to that, our rate is 2% for 5yrs, 3% for 5yrs and 4. something for the remainder of the loan. they told me all our income has been verified so when we make our third trial and as long as we are on time our loan will automatically be rolled into a perm. mod and no additional docs will be needed. they told me they have changed things around in approving people for hamp. be persistant and positive with them and call them everyday, i called them three times a day, which i know is a bit much but they knew i was on top of things and have become knowledged with the process thanks to Loansafe :)
  9. Cat Damiano

    Cat Damiano Mortgage Wars

    Jennifer,


    That is a fantastic modification! You are being given the PRA (Principal Reduction Alternative) there has only been one or two other members on the forum that have received that elusive gem since that part of the HAMP program was initiated in October 2010. Your payment will also go down once the escrow shortage is paid in full.


    PRA

    PRA is a deferred principal reduction program which allows a borrower to earn principal reduction over a three-year period.
    The deferred principal reduction amount will be initially treated as non-interest bearing principal forbearance.
    On the first, second and third anniversaries of the borrower’s trial period effective date, one-third of the original principal reduction amount will be forgiven as long as the borrower remains in good standing.
  10. jennifer123

    jennifer123 LoanSafe Member

    hi everyone,
    wondering if anyone has any advice. i called wells fargo today to set up my payment for sept. and the lady was giving me the process of what will happen after my 3rd trial payment is complete. she told me they have to do a title search search for any liens but my investor who is mellon bank of new york has a lien on the property when they started the foreclosure process but then cancelled it because we were approved for hamp. she told me thats not a problem because that is their own lien. our hoa has put a lien on the property fr back dues, we filed chapter 7 but being we reaffirmed the mortgage to keep the home my hoa debt wasnt dischargeable. i have been making our monthly hoa dues since our discharge. does anyine have any advice on how i should handle this, we owe the hoa about 6,000 as a good portion is attorney fees and late fees so i cant pay it in full. will that hoa lien cause a problem in our mod being finalized? thanks sooo much for your help
  11. HampHoper

    HampHoper LoanSafe Member

    Jennifer, Im not sure about the lien process, but I just wanted to say not to pin too much hope on the "promise" of the principle forgiveness. My initial HAMP TTP also stated the same thing, although my figure was in the 85,000 range (have a 500K+ mortgage), but when I received my final permanent modification paperwork, there was no mention of it at all. Instead, I'm stuck with a 275K balloon. Was told that my investor, who is B of A, does not do principle forgiveness. Now, although I signed the paperwork, I'm going to see if there's any legality to the TPP wording. Would appreciate it if anyone here knows if it's worth pursuing...
  12. jennifer123

    jennifer123 LoanSafe Member

    hi everyone,
    i was wondering if anyone has any input on this: was approved for hamp made one trail so far and have two more to go. several years ago we had gotten behind on our hoa dues. we filed bk chapter 7 but could not include our past due hoa dues because we are keeping the home. i am paying our current hoa payments but still have the past due hanging over us. does anyone know if wells fargo might consider paying the past due and incorporate it into the loan? my concern is after i make the third trial payment they are going to do a title search and see our hoa has a lien on the property and im afraid it will jeopardize our hamp. my other option is to file a chapter 13 and make the past due payments thru the trustee but my other worry is will filing a chapter 13 now jeopardize our hamp when it comes time for the final docs. wells told me we are all approved and all income has been verified but im afraid if they see we filed chapter 13 on our past due hoa fees they will cancel our hamp. thanks so much for any advice you can give me.
  13. Cat Damiano

    Cat Damiano Mortgage Wars

    Jennifer,


    According to the guidelines:

    Subordinate Liens

    HAMP does not require extinguishment of subordinate lien instruments as a
    condition of modification. However, servicers must follow investor guidance
    to ensure first lien priority.

    Borrower in Bankruptcy


    Borrowers who are currently in a TPP and subsequently file for bankruptcy may not be denied a
    permanent modification on the basis of the bankruptcy filing.

    The servicer and its counsel must work with the borrower or borrower’s counsel to obtain any
    court and/or trustee approvals required in accordance with local court rules and procedures.
    Servicers should extend the TPP as necessary to accommodate delays in obtaining court
    approvals or receiving a full remittance of the borrower’s trial period payments when they are
    made to a trustee, but they are not required to extend the trial period beyond two months,
    resulting in a total five-month trial period. In the event of a trial period extension, the borrower
    shall make a trial period payment for each month of the trial period including any extension
    month.
  14. jennifer123

    jennifer123 LoanSafe Member

    hi everyone,
    i completed my third trail payment. wells fargo called and said our hoa has a lien on the property for 1,300.00. i know we owe alot more since the lien was filed. wells fargo said i need to get our hoa to complete a subordinate agreement. has anyone gone thru this? my concern is our hoa wont agree to the subordination and our hamp wont get completed. does anyone know if i was to pay the 1,300.00 will the lien be released. our hoa sent us a letter last month stating we owe 6,000.00 which alot of it is late and attorney fees. thanks for your help.
  15. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    You can go to your county recorder and look at the lien and the amount that is liened. If you owe them 6 thousand though there is nothing that would stop them from recording another lien. There is also no guarantee Wells will modify you permanantly is you do pay the $1300.
  16. jennifer123

    jennifer123 LoanSafe Member

    thanks for the quick reply Jeffrey :) wells fargo told me i had to do one of the three to complete the mod. have our hoa complete a subordination agreement, pay the lien, or get on a payment plan with the hoa and send wells proof of the payment plan. have you heard of hoa doing a subordination agreement? if i go on a payment plan the lien will still stay recorded until paid in full so i am not sure how they will accept a payment agreement knowing the lien will not be removed until paid. thanks so much for all your help. i cant believe this is the only thing holding our docs from being printed
  17. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    I have never heard of payments being taken by HOA for back amount owed. However it is up to the association and you should talk to them to see it this can be worked out. Be advised Wells will use anything to hold up the docs on a loan modification.
  18. Tarin Myhairout

    Tarin Myhairout LoanSafe Member

    Hi Jennifer:

    I like Jeffrey's advice to see what the lien actually is, and then decide. You could also try to negotiate with them- maybe they will take $1300 now and satisfy it, instead of waiting for a long time to maybe get more later. If a lot of it is late fees, maybe they will let go of some of that.

    Another way to look at it is that they aren't really in a worse place if they agree to subordinate - are there a lot of foreclosures in your Association?

    However, the HOA dues will all be a moot point if you lose that modification. I would be really tempted to do almost anything to preserve that. Even if you end up trying to figure out a way to pay the entire $6,000; it would seem to be money well spent to get that kind of Principle Reduction on the modification.

    Only you can decide what to do; but we know from bitter experience that a loan mod offer is a fleeting thing. Whatever you decide to do, remember that depending on your HOA, it might require notice and a meeting to approve any kind of a deal, so there probably isn't any time to waste.

    Good luck to you. Let us know what happens,

    Tarin
  19. Cat Damiano

    Cat Damiano Mortgage Wars

    There may be a reason why Wells is not letting go of the fact that they would need the HOA lien to re-subordinate in order to move forward with the modification process. Depending on which state the property is located, we have them in CO, in 16 states and the District of Columbia, homeowners associations have what is called, "super lien" priority ahead of the first mortgage, meaning they get to collect unpaid dues and assessments before a bank can foreclose. (In the other 34 states, HOAs are wiped out by a foreclosure.)
  20. jennifer123

    jennifer123 LoanSafe Member

    hi everyone,
    since our hamp was approved and we completed our trial payments we then found out there were 3 items showing on our title to the house. we filed bankruptcy in nov. 2010 and our case was discharged april 2011. we know had to reopen our chapter 7 case to add the omitted creditors we were not aware of so we can have the judicial liens remove so we can have clear title so our loan mod can be finalized. we have now been taken out of the review dept with wells fargo and tranferred to the bankruptcy dept. our loan preservation specialist said that had to transfer the file until our bk case is discharged again and to hold off on any foreclosure proceedings. he told me as soon as our case is discharged to call him and they can put us back in the review process to complete our loan mod. i did recieve a default letter the other day. has anyone had an issue with items being on their title? thanks for your help.

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy