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Wells Fargo Modification SUCCESS!!

Discussion in 'Success Stories - Homeowners Who Fought Back & Won' started by scott1, Jan 4, 2009.

  1. scott1

    scott1 LoanSafe Member

    this is my situation i was in between jobs and i got behind on my mortgage so my loan servicer which is wells fargo gave me a forbearance. i made my 3 payments on time like they said so i could be considered for a loan mod. i asked them at least 10 times who my investor was before they would tell me. they did not tell me until i got behind. they said it is citigroup. i wish i would of found this website before. i have a feeling my hardship letter i sent them was a little long even though it explained the situation i was in. im in 2 yr fixed arm and it has all ready adjusted to 9.375. my hours have been cut due to the economy. wells fargo told me if i made my payments on time for 2 years they would refinance. but my house lost value and they said i owed more than it was worth. i think i was a fool for listening to them. this was my first house i lived in. it seems every time i call wells fargo they always transfer me to collections and tell me they can do the same thing as loss mitigation. i live in washinton state can naca help me if they dont have a location in my state. is there another dept at wells fargo or another number i can call to talk to some one else. any help would be appreciated.
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: loan modification

    Hi scott1,

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

    Wells Fargo in general is very difficult to work with..........I am not sure that by calling another dept. you will be able to have a different outcome.....but try this one
    Wells Fargo Executive Resoltution Team
    1-800-853-8516

    You may want to try NACA..........if there isn't a workshop in your state, you are able to do a phone consult instead........
    click on the link for the info.....
    https://www.naca.com/refinance/refinanceTenStep.jsp
  3. scott1

    scott1 LoanSafe Member

    loan modification with wells fargo

    well i thought this day would never come. but i was watching tv and my wife was in the bedroom talking to wells fargo. i heard some yelling could not figure out what was going on. she came out and said you wont believe it but they modified our loan and there sending the paperwork ups. i prayed a while back and asked god if you could ever help me with one thing it would be to save my home. i talked to lady in the executive resolution team about a week ago. i told her i was not getting anywhere with loss mitigation and she was very nice and understanding and said she would have a decision in about 3 days. what a relief you dont know how many nights i laid awake and every day i thought about it was gut wrenching. citigroup was the investor on the loan. my payment was dropped by about 445.00 a month. i typed up a significant hard ship letter to discuss my situation with every thing that was going on. me and my wife were in constant contact with the mitigation dept on a constant basis. every one out there trying to get a modification of there loan there is hope. i pray to the lord that he helps each and every one of you stay in your home.

    hello cat thanks for info even though im new to your site. you helped me out tremendously. scott
  4. schwefls

    schwefls New Member Guide & Litton Success

    Scott great news, kudos to you, party hardy, you deserve it. :)
  5. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Scott,


    That is great news!!!! Congratulations!! I am glad I was able to help..:)


    Please let us know when you receive the docs and if you have any questions on them.......
  6. meljane

    meljane LoanSafe Member

    My son has lost around $100,000 in his home, with a first mortgage with Wells Fargo for $216,000 and a second with Suntrust for $54,000. The homes are going for around $180,000 now, so has lost about $100,000.

    He has just lost his job and may take this time going back to school. His wife still works, and they probably are paying no more than 38% of their income towards the mortgage. The first is an interest only fixed for another 6 years before going to amortizing for 30 years at 6.5%.
    They want to either short sale or get a loan modification. Which way is the best way to go given their banks and the situation?
    Thanks for all your help. I am a real estate broker (and Mom), and really wish I could help!
  7. scott1

    scott1 LoanSafe Member

    wells fargo loan modification

    well i got the paperwork ups to me in 2 days from wells fargo. i had a rate of 9.375. they dropped my interest rate to 7.0 and fixed it for the next 28 years. this dropped my payment to 1445.00 a month down from 1914.00 a month the new payment includes the property tax and taxes. they payment is definately better. im just glad they fixed the interest rate for the next 28 years when they restructured the loan. it sure makes me sleep a little better at night. especially haveing children and 2 dogs to take care of. i thought when i typed up my hardship letter about a month ago it would be a miracle if some thing turned out good for me for a change. just glad the good lord is looking out for me and my family. cat these are the terms of my loan modification. i talked to a loan counselor from naca and he said i should take the modification i was given. i have signed the paperwork and i am going to send it out in the pre paid ups envelope they gave me. thanks again cat. if any one is haveing a problem with the loss mitigation. you could try executive resolution team at wells fargo that cat posts. it seems when i had problems with loss mitigation. they got me a answer within a few days. thanks cat for the great advice and moe for creating this great website. there is a wealth of info you can learn from here.
  8. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Scott,

    Congrats Again! That is a great mod!!:)
  9. jcg109

    jcg109 LoanSafe Member

    Big Congrats to you and your family! I just started the Mod process with Chase, so stories such as yours help to keep my spirits up!:)
  10. procedures

    procedures LoanSafe Member

    Ditto....and much success on your process:)
  11. elpjohnson

    elpjohnson Successful Homeowner / Loan Safe Guide

    Scott......

    Congratulations! Enjoy your family and enjoy your home!;)
  12. Brighter tomorrow

    Brighter tomorrow LoanSafe Member

    Re: loan modification with wells fargo

    Hi. It is good to see how the LORD works in our lives. "Trust in the Lord with all your heart, and lean not unto your own understanding. In all your ways, acknowledge Him, And He will direct your path."
    Proverbs 3:5-6

  13. elpjohnson

    elpjohnson Successful Homeowner / Loan Safe Guide

    AMEN!!!!! God bless!
  14. procedures

    procedures LoanSafe Member

    That is absolutely wonderful! I don't really understand the Modification papers that were sent to me today but I hope it's comparable to yours in savings and terms:)

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