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Wells Fargo HAMP trial period (3 mo) questions

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by CaWalker, Jul 16, 2009.

  1. CaWalker

    CaWalker LoanSafe Member

    Background:
    365K new home bought in July 2006
    80/20 loan both WF
    1st: 5/1 I/O ARM 292K
    2nd: 15 yr balloon 72K left

    Last payment to both was Nov 2008.
    Since the beginning, I've been planning on walking away. But since I wanted to stay in the house as long as possible, I called in for a loan mod as well.

    I never sent any paperwork. Everything was verbal on the phone.

    Last month the 2nd approved me under their HAMP program as long a the 1st will approve me for the same. Initial trial period payments of 3 months are $120 per month instead of the $600 I was initially paying. I was told this is based on1% interest rate for 5 yrs.

    Yesterday, I got a UPS package from the first. They want me to make 3 trial payments under the HAMP program and the payments are approx $1400 (including taxes) instead of the $2000 I was paying initially. I called them today and they said this is based on 2% interest rate for the life of the loan.

    Both are trial programs and if I make the 3 payments, I'll be considered for the modification.

    I asked them how they came up with this number and they told me its based on my NET Income I had quoted on the phone. I went over the financials again and I was told the calculated $1400 was also based on approx $300 surplus.

    Now, I thought they should calculate the new payments based on 31% of my gross salary. If that is the case, my payments should've been approx $1780, instead its almost $400 less ($1400). I was never asked my gross salary during the questions.

    The thing is that my net pay is relatively less because a big chunk is taken out from my gross towards insurance before calculating the net pay.

    My question is, will this make a difference when they see my higher gross pay? Or will they still consider the net pay?

    And what are the chances that they'll change the amount after the 3 trial period payments?

    Has anyone had success with Wells Fargo's HAMP program?

    Thanks.
  2. Evan Bedard

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

    Hi cawalker,

    Check out this link it states they may use the net amount for preliminary screening and qualification:

    http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf

    After the trial period they may require your paystubs and go off the gross amount, but that I am not sure.

    Nothing is guaranteed with these lenders so there will be a chance the numbers will change.. Stay strong and keep us posted!
  3. slbedell

    slbedell LoanSafe Member

    Wow. You're lucky. I sent Wells Fargo everything including the kitchen sink and they denied me. Now they have given me a forebearance agreement until Oct 1 - then I owe $11,103.73. Yeah, I'll have that money. My husband has been unemployed for 10 months now. Wells Fargo LIED to me and told me that Citigroup was my investor. I called the CitiMortgage number (executive line: Annette) and she told me today that they have no record of me under my name, address, social or loan number. So now I do not even know who my investor is. My house is $120K underwater, my payments (first missed payment was June 09) are $2200 a month, and my loan application is completely blank for income and place of employment. A fraudulent loan and I was denied a modification because they said my husband had to have fulltime employment before they would consider a modification. He isn't even a borrower on the loan. Wells Fargo said his credit was too bad and for me to apply solely. How are these banks getting away with this???
    Can you give me the name and number of the person that you dealt with to get the modification that you got???? please????
  4. Mandy

    Mandy LoanSafe Member

    Call the executive office people or you know what email them

    jerald.banwart@wellsfargo.com

    mary.coffin@wellsfargo.com

    Let us know what happens.

    I called the executive office about my situation, they said that they escalated the process, but if I do not hear from them by next week, I am going to email Mary Coffin or Jerald. Any suggestions out there?
  5. CaWalker

    CaWalker LoanSafe Member

    If your husband is not on the existing loan, I don't see why they would need his credit.
    In reply to your second question, It wasn't any one person I dealt with. As I mentioned previously, my intention since the beginning was to walk away from the house and I just used to call the usual 800 number to get info or to give info. Of course, I told them on the phone every time that I wanted to keep the house. And since my intention was to walk away, I never faxed them anything they asked for.

    Yes, there was this time when I actually met with my investor (Freddie Mac). I got a letter (3 to 4 months ago) form Freddie Mac that they were holding a "save your home" seminar in Sacramento and invited me.
    I went there and there were reps from other banks too, including WF. Anyway, I had told freddie mac at that time that I had major income loss and hence couldn't pay and they told me that they're going to recommend WF to put me on the "obama plan".

    So, if you can find out for sure who your investor is and find a way to talk to them, I feel it'll be easier for you.
  6. MAXIE19

    MAXIE19 LoanSafe Member

    Do you know if your income qualifies you for the mod on your own, because if you do, I do not see why they need your husband to obtain a full time job. They may require him to obtain full time employment if his income is needed to qualify for the mod even if he is not on the loan. In my case, I need my husband's income to qualify for the mod even though he is not on the loan (he is on the deed) and has less than stellar credit. We did the stated income at the time we obtained the mortgage and it was based on household income.
  7. slbedell

    slbedell LoanSafe Member

    Maxie

    Yes, we do need his income because I only net $2000 a month and our current loan was originally $294,500 at 6.5%. So our payments right now are $2200. Plus, we have run up our HELOC to $40K because we have been living off it for 10 months.

    I just spoke to a Wells Fargo exec guy and he said that they take unemployment into consideration but want us to let them know ASAP when my husband lands a job.

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