Wells Fargo tells me not to make payment

[jramberg]

WF called me today and asked me if I received the packet to start the 3 month trial starting Oct 1st. I told her I was still working on them and thought they were not due until Oct. 1st. She said you can send them in early if you like. I then said I need to make a regular payment for Sept and she said, no you do not have to make any payments if you accept the 3 month trial, so no payment for Sept???
I dont know what to do at this point. Should I send the packet in with the reduced amount or send in a regular payment??
Please advise.
Wells has me so stressed and confused with trying to do everything absolutly right.

[redsky01]

I have a similar question with GMAC....I have got an approval from GMAC for my 2nd loan...and they have sent me an approval for my loan modification....

and have asked me to send a down payment and said that my first modified payment will be due in october and so am wondering what I need to do for the sept payment....?

They have not explicitly told me not to pay but I am wondering what needs to be done.....and I would be skeptical to do that.....

[vavivo]

I started a trial mod w/ Gmac in june for 4 months. I skipped Mays payment per what they told me.

[redsky01]

What will be the effect of skipping the payment ? will it not effect the credit history ?

and in my case I do not think it is a trial mod...
as the letter says "you have been approved for loan modification..."
mine is a smaller amount though. (as it is second loan)

[Mandy]

I got a second loan approval too, but mine was a trial one. I was told that I had to send in the payment, that very same day that they called me. Then I was told I was going to receive a packet, but I never did. It is going to be two weeks now, so I don't trust them.

[redsky01]

Mandy,
You got the approval by phone or in mail ?
and this is from WFC or GMAC ?

[GettingBetter]

Hi jramberg,

I was told the exact same thing. My fist trial payment will be due on Oct 1st and I was told to send the signed documents ASAP so that they can start reviewing them. I was also told not to make my Sept payment because I am already in the Trial Plan but I really worried about my credit being hit since I never missed a payment in my life and my credit score is virtually perfect. I went ahead and made my Sept payment in the original amount, then someone from Wells Fargo called yesterday and tried to see if I would like to set up an automatic withdrawal for Nov and Dec payments. I was shocked and asked "what about my Oct payment? I thought my first trial payment is due Oct 1st?!" Then he said that my Sept regular payment has been used towards the Oct 1st trial payment. The excess amount is held in the suspense account....
Now my concern is when Oct 1st comes, should I make the regular payment or trial payment?! I was told that once I make the trial payment instead of regular my credit will be hard hit.....

[jramberg]

Getting Better,
I called WF again today and was told that if you make a payment (regular or otherwise) they do hold it and apply the reduced amount towards those months of the trial period. So sounds like thats what they did to you and will do to me if I send in a payment. I am going to send in my packet in 2 weeks so I have two more paystubs.
Oh, also I asked about the formula they used to come to my reduction stating I thought they were to use 33 percent of your income. She said they did, but the numbers say otherwise. Then she said alot of customers were complaining they were not getting the 33 percent and not happy with their reductions and actually turning them down. She said my rate went from 6 % down to 5%. Ive heard on the forums that they are not following the guidelines set forth by the plans but by Dec of this year they have to start doing them. Im happy for what I get but its still not at 33 percent of my income.
I asked about your credit taken a hit, she says for the 3 mnths its reported and then at the end of the trial they send notice that its under mitigation and thats supposed to clear it up.. why do they even report it in the first place? strange way to do things.

[angkorthom]

Well I'm having the same problem. My loan mod starts on oct 1st with GMAC and I haven't paid the Sept payment yet because I have a 15 day grace period. I'm not sure what to do? I think I will just pay the Oct 1st adjusted payment. I might get a hit on my credit but at least i save my home. Please help if anybody knows anything about it.