I just started modification process with Wells Fargo. I have an I/O 7/1 ARM that won't adjust until 6/2012. Even at that point, refinancing will not be an option. I purchased my home four years ago for $450K and currently owe $435K; Wells Fargo first of $359k and credit union second of $72k. The current value is approx. $270k. I have never missed or been late on a payment, but am barely making ends meet with my wife staying home to take care of the kids.
I faxed my hardship letter, financial worksheet doc, and pay stubs on 5/20. I called Wells Fargo Loss Mit on 5/24, and they confirmed they received my info on 5/21.
Checked account online on 5/26, showed review was completed and agreement docs being processed. I called today and loss mit said they couldn't help me, without me even saying anything. They transferred me to someone else who initially tried to tell me that they were still waiting for my docs. After I informed her that I was previously told they had received them, she advised they had and she would update my account. I was told a negotiator had been assigned and to call everyweek for an update. I asked what departement she was in and she said, "Loss Mitigation". I had to laugh for a second. Guess everyone was right; the right hand does not talk to the left hand.
So far so good. Seems to be moving onlong. I was initially going to pay $4600 to a mortgage company to help me through this process, until I found this site and began reading everyone else's experiences.
Will post new update after call next week. May decide to just call executive team next time.