First of all, thank you to everyone on this forum for all of the valuable information we have received in regards to a loan modification we have been trying to get from Wells Fargo since March. Our household income fell dramatically when my husband lost his job last year. He has since found work, but at a third of his old salary. We sent in everything requested of us to Wells Fargo. We were told for months that we were approved for a modification and our paperwork would be on the way. But in August, after having sent out new paperwork for HAMP (which we had thought we were being considered for all along, but weren't) we were denied because it was not in the investor's guidelines. Whatever that means. Then we find out that $95 has been charged to our account for an appraisal, even after we'd been denied a modification!
I then found this site, and e-mailed the Executive Offices in Des Moines. (I will post the letter we sent after this post, as it really got the attention of the executives!) We were assigned an Executive Mortgage Specialist, and then we also got a call from our assigned negotiator himself! From what I've read here, WF never lets you talk to the negotiator! He told us that an executive had personally asked him to take care of our case. We then find out that the numbers used to deny us were way off. They said we had a $2500 deficit every month! Ridiculous! We get a copy of the financials they used for us. $171/month in child care and alimony? We don't have kids. $375/month for dry cleaning? My parents own three dry cleaners. I NEVER have to pay for dry cleaning. They basically pulled numbers from thin air and made them up! The negotiator told us that working with him, there would be no more mistakes.
Within two weeks, he had told us we were approved for a modification, lowering our interest rate 1% for five years, and that is all they could do. We would also have to do a three month trial. He said the trial was required by our investor, which is a lie because WF has wide latitude in modifying loans, according to the pooling and servicing agreement that governs our loan. We get the agreement to sign, and it is a mess! The dates are backwards (saying we have 0 payments due from Nov. 2009 to Oct. 2009), saying we are delinquent even though we are not (it was a struggle, but we are current), and stating that after a successful trial, we would be "considered" for a modification. This we cannot accept. We cannot accept getting our credit ruined only to be "considered" for a modification and then denied, like I've read happened to so many here.
I'll also post the letter I drafted in response to the forbearance agreement. I'd like to get people's feedback. I kind of feel we have nothing left to lose! We're done with this greedy company!
So in closing, some tips on getting Wells Fargo's attention:
1. Complain to everyone that will listen. Not just the WF executive team and everyone's name you can find there, but your congressperson, senators, the President, the state attorney general, the Federal Trade Commission, the Treasury Department, and the Office of the Comptroller of the Currency. The OCC has an online form to fill out! The more of us that do the better to get the feds attention. Also, I made sure in our complaint letter that I cc'd all of the federal agencies and elected officials, and also every TV news station and newspaper in the Bay Area. I think they really don't want any more negative publicity.
2. Make sure the financial numbers they have for you are correct. If not, complain (see above).
3. Be persistent. Call as often as you can. Make sure the person on the phone makes notes in your file that you called. The squeaky wheel gets the grease. If nothing happens, complain (see above).
4. Keep reading the loansafe forums and get yourself educated to defeat these bastards!
5. Find out who owns your loan. From the forum I found the mortgage backed securities trust our loan was a part of and read the pooling and servicing agreement saying how WF can modify loans.
Thanks again to everyone that helped, and I'll keep you updated on our progress!