Wells Fargo loan mod - mass mailing of applications

[delaysmom]

i applied for a mod on 4/18/09. just like everyone else, i call every couple days, no update. about a week ago, i recieved a huge packet in the mail, with a "Hardship afidavit", official financial sheet to fill out and a list of everything i need, taxes, pay stubs etc. I submitted this all months ago but without the specific forms. it appeared to be a mass mailing, so i called and they said to fill it all in and send it because at this point, they will need updated financials. they are better now so i was actually glad.

I faxed it all in and called to make sure they recieved it. I was asking all kinds of questions about time frames and such and he said "so, looking at this, it looks like you got our mailing last week". i said yes, but i have been working on a loan mod since april. he said that was a very good sign. he also said that there were a million very eligilbe people who all applied in March/April and due to the number of them, everything slowed down and errors started ocurring, they couldn't keep up and it's been taking too long to get mods thru (duh). So he said that Wells Fargo sent these packets out to everyone to fits into the "most likely easily qualifies" catagory. if you fill it all in, they have everything they need and they are going to try to do a general "push through" of the no brainers to get them done and out of the way so they can work on the rest. because i've already had my appraisal and everything he said he didn't want to give me a time frame, but that he would expect something to be completed within just a couple weeks, maybe quicker.

He seemed very honest, the nicest i've talked to there. he seemed to know what he was talking about. i had thought they probably sent that package to everyone in case they want to apply, but i hadn't thought that maybe they sent it to "easy qualifiers". he said wether you had applied previously or not, they sent them out.

SO. i'm not trying to get my hopes up too much, but if all that he said is true, i'll be pretty pumped to stop the electric company from shutting off my power soon!! i'm right on the edge...

oh yea-- he looked at what i sent to see if there was anything obvious that was missing and here's a head's up. when you provide copies of your taxes, if you're like me, you'll fax the copy you kept for your files. I hadn't ever signed that copy, it's just for records and he said that he has seen big delays because of small things like that. so i'm refaxing that page signed and crossing my fingers....

has anyone else heard anything like that or recieved a package from Wells Fargo in the mail?

[Evan Bedard]

Yes I have seen lenders send out packages similar to this one as well.. Now you will definetely have all the documentation needed and hopefully this gets your process going smoothly.

Keep us posted

[MaryJune123]

I know I have posted before with my story but I received this same package overnighted by Wells' Exective office when I began to question my denial. The denial was because I did not fall in the investor's guidlines. So when I pressed the Executive office, I was told I had an income shortfall of $2,500. So then I further questioned that because no way do I have that shortfall (I am current on my payments and if I really had a $2,500 shorfall, my house would have foreclosed by now). When I questioned for them to send me what they have as my income/debts she said she would send me a copy of my financial worksheet (one page that really doesn't show much especially a $2,500 shortfall) and she would not send me printouts of their records because "something doesn't match". At that point she told me to reapply and overnighted the new papework. Of course this gives me some hope but this will be the THIRD try!!!!!!! I want to be extra careful before sending the third package in and any tips are SOOOOO appreciated !!!!!!

[lgastel]

My question is for anyone with ASC/Well's Fargo that has been put in the H4H program. I have been waiting since February and calling every week for updates. I am told they are waiting for written guidelines from congress but didn't congress just go on break for August? I have submitted my financials, had my bpo. I have also had 2 denials from ASC, 3 foreclosure dates and 1 chapter 13 to stop the first foreclosure which by the way only stalled for more time. Now, I am 4 months from completing my chapter 13. I have tried NACA, written to every person with any authority, including George Stump. I also have a 2nd I haven't paid on in months that I would like to get stipped, if only I could reach my attorney without having to go through his legal assistant who makes me feel like the sole reason for all the problems with our country.

[Evan Bedard]

Maryjune123,

When they ask you to send in new paperwork I suggest you fill out the financial worksheet yourself with all of your personal financial information to make sure that it is correct this time..

[micheleM]

Hi Delays Mom,

I was so happy to read your post!

I have the same story as you. I applied for a mod in April with ASC/Wells. I submitted all the info without the specific forms also. They did not log my paper work till 5/5/09, and just like you I called every week. An apprasal was done, and one note on 6/25/09 that they were still working on it.

I also got the packet last week ( on 7/27/09). I faxed, mailed, and Fedex'd the package, to make sure they received it.

A few days before I got the package, I decided to call the Exec team, to see if that would get the ball rolling. A few days latter I got the package. I assumed I got the package because I called the exec team, but it looks like from the information you received that is not the case.

I called the exec team again and they told me it was a good sign I received the package, so I also feel hopefull

I modified last year with ASC/ Wells and it was a horror story. It took a year to get it modified. The mod fixed the interest rate at 9.75% and increased the payment $900. At that point we were happy to get a fixed rate, but unhappy about the increase in payment. On top of all that it took them a month to FEDEX the mod to us. They also reported us as paying late for three months , when every payment was ontime, It took a month of calling everyday, but I got it off the credit report

This time around ASC/ Wells has been much more on the ball.

This is the first time I am posting, and I want to express how happy I am with this web site.

[Mandy]

MaryJune 123,

You are giving me some hope. I hear your story and that is the same thing that is happening to me. I do not qualify, because I am outside the investor's limits. They have me on a deficit of 2000 or so. But, like you said, if that was the case, I would had foreclosed by now, because our income hasn't changed a thing, except that I am not working now, but I go back to teaching on the 31st. I just called the negotiator and told her that I want a copy of their financial sheet where I have a deficit of 2000. Let's see what they say....... I am current on my loan and yesterday I gal told me from LM that they were going to put me on a 3 month trial, but that I did not qualify because I CAN'T make my payment...... I told her, I am not late now, and how do you know, if I am going to send a payment?

I AM SO UNHAPPY with WF. I have been on this since February.

[Evan Bedard]

Hi Michelem welcome and thank you for joining our community.

Good luck and keep us posted on your progress!

[nworbirol]

Hi.

First post.

I want to join the Wells Fargo "since FEBRUARY" club.

Briefly: Husband lost job in Dec. Sent everything to WF (the servicer, loan is owned by BOA) Feb. 16. Called weekly, sometimes 2x's a week. Denied June 24th. "outside of investor guidelines". The only thing I could get from them was that I had a $1472 deficit. whaaa?

I called WF again July 16 and spoke with someone kind who suggested I resubmit everything. Which I've done. But everytime I've called since then, they tell me they want something else. "a more current pay stub" "another hardship letter".

Today I was home for lunch and WF called looking for $10,500. (we are now 3 months behind). After I yelled at the nice man for a while, he took the financials AGAIN and told me he would send it to me and to send everything (pay stubs, letter, financial statement) ALL TOGETHER.

Seems like good advice.

Then he asks if I can send $2725 by Aug. 25th - 25% of what I owe - to stop foreclosure.

Here's the thing: I could scrape that together. But they could still foreclose, then I have no place to live and no money to pack up my house, my kids, my dog and go.

Suggestions anybody?

I have yet to call the executive number floating around here. Would it be worth it?

Also, I've been running numbers through FDIC's mod-in-a box. Moe, you said not to take it to heart, but it doesn't look good for me. Depending on what value is put on the house I fail the NPV test by around $30k. (take out the cure rate - I hate that concept - I pass). The tricky thing is I have an equity line of $42K owned by WELLS FARGO. Seems smelly to me.

Thanks anybody whose read this far.

I like this website lots.

Lori

[MaryJune123]

I am still trying to figure out where Wells comes up with their figures. They said my monthly debt is over $9400 and that my monthly "net" is about $6000. Wells said my debt is over by about $2500.

I am not sure first why they use "net" and not "gross". When you apply for a loan they use "gross" so why is it different now? In any event, if you look at my true "net" is more like $7385. They shortened my net at least $1000.

Then of course, HUD completed my financial worksheet and HUD's worksheet figures show a debt of $8200. The debt compared to what wells says is off by about $1200. They said the negotiator made notes that this is credit card debt but there is no way I have credit card payment of $1200.

Where do they get figures from? Of course Wells said I could resubmit a new package (this will be my fourth try !!!).

Any suggestions? What should debt and income ratios be? How could I get them to actually look at my pay stubs so they use correct figures or do they have a standard method to reduce "net"?

[Mandy]

Mary Jane,

You know what, it is the same thing with me, just a bunch of lies. They have been given me those explanations too. I even had a credit card of $3000, figure that out.

I don't see why they tell us to call those hud numbers, when they do not even take them in to consideration. They are just playing with us. I say we should all get together and complain......

[SillyWorld]

Originally Posted by Mandy

Mary Jane,

You know what, it is the same thing with me, just a bunch of lies. They have been given me those explanations too. I even had a credit card of $3000, figure that out.

I don't see why they tell us to call those hud numbers, when they do not even take them in to consideration. They are just playing with us. I say we should all get together and complain......

+

Thats how NACA started they went to bankateers and Investors Homes and complianed

[COLLOG]

My financials were off for a third time last week. They had my car payment doubled. This is what I did on Friday. I faxed my bank statement showing my monthly payments, my car statement, and both copies of our credit reports that way they can't say I did not supply them proof.

Right now I was granted a moratorium two weeks ago but have gotten nothing in the mail. I was told on Friday there was no notes showing a letter had been sent out yet. But he did not know why so was sending an email asking where the letter was?

On Saturday I called to confirm the 14 page fax was received that it was and that he would put through a request for us to be re-reviewed. I was told more than likely we will not be looked at again until November but he would ask. Also we need to send in 15 days before the moratorium expires our financials, pay stubs and hardhip letter again. I was also told that even though I am behind since I can pay now I can continue to pay my monthly payment. So I plan on doing that so I do not fall further behind.

[Mandy]

What else is knew??????????

[COLLOG]

I sent a mass email yesertday @ 230 pm yesterday. At 930 this morning I had a voicemail on my home phone from Carl Medeiros from the Presidents Office. He stated they will be reviewing our file and will be getting back to us shortly and we can contact him anytime. So lets see where this goes.

[KelEdwins]

To COLLOG - Can you share the email address you used?

[MaryJune123]

I have spent the last month going in circles again ! If you recall my last posts, I was working on figuring out where the $2500 income shortfall came from. I spoke to one Rep at the Exec office and she clearly told me it was credit debt from the credit report. When I challenged that with a new Rep at the Exec office she spent a few weeks talking with the negotiator and she came back and said no it was not the credit card debt or the credit report but instead the financial worksheet debt. So I asked that they send it to me and when I did the math, there was no way a $2500 shortfall. So this time I used the contact email list found in prior loansafe postings and I sent my questions to Wells' VP. She quickly had one of her staff call me and basically asked me to resubmit my paperwork (fourth time now?? I lost count). So after in about 10 days I heard back from the new Rep. He said we did NOT qualify ! Surprise !!! This time though we did not qualify because we made to much money !!!
He said that the investor did not participate in the Home Affordabiltiy program and that the investor has made up his own workig rules for the modification and that the investor ONLY looks at gross income and the first mortgage and if you are in a range of 31%-38% you do not qualify and if you were to go seek out a new loan that is the criteria they use. The investor calculated my housing expense to income ratio at 35.8%. So of course I did not agree and found that they do not include the second loan as part of the housing expense only the first. I argued that if I was to take out a loan of course they would include the second loan as part of the housing debt ratio; and yes the Rep agreed but his hands were tied. So now after submitting package after package for a year now, I learn that the investor only looks at gross income compared to first loan expense and nothing else !!! I asked Wells for the name of the investor and they refuse to give it to me as it is their position that Wells is the agent of the Rep. Do I give up now or what would be my next step?????????

[Mandy]

COLLOG,

Any news from Carl...... He called me two weeks ago too..... Guess, what still no modification or anything whatsoever.......

[COLLOG]

I was put on a 36 month forebearance agreement the same day I heard rom Carl. I am okay with that. I am paying $188 more a month but I am safe. There is a $3000 balloon payment at the end of the agreement but by then I will be able to pay that up with my tax return in February. There are no other options for me right now until VA loans are included in the Obama plan.

[kgeriak]

I just got a Wachovia (WF) modification. As I have stated in my earlier posts I had applied 3 times - always denied - My wife got fed up so she Contacted our Senator - Sen Dodd in Mid August. His Associate contacted us in the Senators name and asked us to send her all information on our loan modification requests. Sen. Dodd is the head of the Banking and Finance Committee and I think that was a big part of my success so far. We applied for modifications on our own home and on a rental we have. Wachovia has the rental. We received a letter from Sen Dodd office on August 29, stating that he was personally contacting The Controller of the Currency, Chase Bank and Wachovia Bank Presidents on our behalf. On Monday September 21st, we received 2 phone calls - one from Wachovia Executive office and One from Chase who stated he was out personal representative. On Tuesday I got a call from Wachovia requesting a signed updated P & L - I am self employed. I faxed and signed the P & L's. This morning I received my Loan Modification via UPS. I opened it and was pleasantly surprised. They forgave my past 3 payments. The made my old World Interest Pick a payment loan to a fixed rate of 4.8% (it was originally 7.2%) - 40 years - and payment for the next 6 six years would be $2077.24 - a $575.00 decrease from my original loan. A full PI loan started in 2015 and the interest rate was 5.25% for the rest of the life of the loan. The reduced my principle by $5200. I don't think I could have asked for anything more. My old loan could have gone as high as $12% so I think I will sign in. I am having a mortgage expert look it over for me before I send back but I think it is the best I could probably do. Now let's hope that Chase comes through with equally good news and then life will be alot better. My advice to everyone is to Call your Senators and Representatvies - they are the reason we are all having these problems anyone. They should be responsible to help us!

[inmyview]

I too started my request with WF back in Feb. My husband and I are both self employed (Realtor and Contractor/builder) and our incomes have taken a huge hit. After resubmitting paperwork endlessly I found this site and sent out an email to all the execs. I recieved a call an hour later and was asked for updated information.
I sat down with microsoft money for approximately 10 hours to get everything in fine order (I highly recommed this for ultimate time savings). I have been contacted again and they are in receipt so I am keeping my fingers crossed.

[kgeriak]

Originally Posted by inmyview

I too started my request with WF back in Feb. My husband and I are both self employed (Realtor and Contractor/builder) and our incomes have taken a huge hit. After resubmitting paperwork endlessly I found this site and sent out an email to all the execs. I recieved a call an hour later and was asked for updated information.
I sat down with microsoft money for approximately 10 hours to get everything in fine order (I highly recommed this for ultimate time savings). I have been contacted again and they are in receipt so I am keeping my fingers crossed.

We did what you did with little help - if it works great! I really think that our contacting our Senator helped the best. Our Wachovia loan (WF now) was for a rental and we still got help so that is a good sign.

Good Luck - I will keep my fingers and toes crossed for you!