Wells Fargo as the investor - not participating in HAMP

[kjenkins7]

4frodo - If I may make a couple of suggestions, and I am NOT a professional, but have experience as I have been trying to get a loan mod with WF for over a year.

1. Driving you car off the bridge will be much much worse on your wife than dealing with losing your condo and having a deficiency judgement. You were probably being dramatic, but in the event that is a serious consideration, know it will make the situation for your wife worse, not better. Sounds like you are both still young, and you will have time on your hands to re-establish your financial security.

2. Since you know you're heading into default in 12 months, why not start now? Your credit will be ruined, but you're not getting assistance by making the payments. Put the payments into a special account, so you have the funds available to repay when the time is right, if the time comes. Once you are two weeks delinquent, send WF a hardship letter, updated financials and pay slips. Make sure you include that your wife was laid off and all of your efforts thus far trying to solve this financial crisis. Then see what they say and do? Just because your loan isn't with Fannie or Freddie, doesn't mean that HAMP isn't an option; that depends if your investor is participating.

3. Contact several attorneys. Many will give you a free consultation, take use of that time to get information and find one you like and trust. Find out the deficiency laws in your state. Re-read your origination loan docs, etc...

4. Definitely write your local Congressman, state Senator and the OCC. Immediately.

5. When you resubmit your paperwork to WF, email the Office of The President as well. The email address are all over this website. Send them a personal note and copies of the docs you are sending to Loss Mitigation.

That's a strong starting point. Then hold on tight and wait. Don't spend your mortgage payments you are putting aside. Your workout solution may require the payments later.

Stay strong and fight. Most likely you're going to want to move shortly after having a child, and if the condo is underwater, sinking more money into a sinking ship isn't worth it. If WF will work out a solution on your 1st, you may be able to settle your 2nd. There's some great threads about that as well, and those mortgage payments your holding might help with that settlement. A short-sale may also be a great option, so discuss it with the attorneys.

Best of luck. The housing crisis is nationwide, not just in your home. Once they get a grip on the housing crisis, they will need to combat all the people that have had their credit destroyed. You are not alone!

Could not of said it better myself Stillhoping.
The feedback above is exactly your best options at this time 4frodo. Your biggest obsticles right now are 2 fold, 1 you have a surplus of 30K sitting in your bank and 2 you keep making payments. Banks DO NOT help anyone with those 2 senarios right now. There are WAY to many people out there in much dier destress. Not to make it sound like i am disregarding your hardships but everything are "future" hardships to the bank. Having a baby that is not here (so you cant document and day care costs) and your re-set on the loan is alittle over a year from now.
I would suggest everything above but perhaps you can take some of that money and since you have good credit right now and think about a bigger place to buy. Take advantage of these low discounted homes (plan for the up-coming baby) then dump all your money on it and RENT the other property. This will help for a bit and once you run out of funds then apply for the Mods. Sounds backwards and crazy but banks will not help anyone that has money (surplus) in there banks right now.

[kjenkins7]

kjenkins - It is true, we did not choose our 'investor' and that is definitely yet another flaw in the system.

Forgive me, as I know we differ on our opinion about the bailout - but I think the bailout money was given before HAMP. As 'servicers' the banks have agreed to participate in HAMP, but the 'investors' are not obligated. (Another flaw.) So Wells can advertise and promote they participate, and as the 'servicer' they do participate....meanwhile making a decision 'not to participate' in their own investments.

Have you asked your servicer about 'in-house' options? The investors are the 'almighty oz' in this whole process. I think they draw up guidelines and the servicers work off that. I don't buy into the fact that the 'investor needs to approve' BS. I can't imagine the 'investors' are looking at all of our modification applications. They would want bottom line reports, not individual. If the guidelines were written and signed by the investor, the servicer has to have the authority to approve mods within those guidelines. (In my opinion.) If I'm right, the servicers KNOW or should know within a few days if we meet the requirements for any of the mod options available. So the servicers should also be held responsible for dragging us along.

Frankly, I don't understand why they wouldn't participate. I understand the incentives are not much, but at least there are incentives. An in-house mod doesn't give them any incentive, other than not having another foreclosure on the books.

Ugh, I'm so sick of thinking about these idiotic banks!!!

YEah total flaw in the system, I would bet if you asked everyone in your neighborhood who there "investor" is they wouldnt even know, but rather know who they pay there mortgage too (servicer). So with that idelogy how can people who took on these loans "PREDICT" the housing crisis happen and that the "investor" would not participate. I mean this impossible. I fee like we are trapped, and the investor is blaming the servicer and vise versa and in the end the homeowner gets screwed. Why i say we all hold fault here but lets get this done.
Yes we bailed out the banks BEFORE the HAMP but thats exactly to my point, we gave these banks billions to prop themselves back up (financially speaking) to NOW decide to not participate in HAMP. Bottom line the homeowner gets screwed. The treasury should make EVERYONE accountable to join HAMP and up the stakes for incentive(s) of course. Hello 80% of the reason the economy is in a recession and almost missed becoming the next depression in Am is soully due to the housing crisis. When will they get it...

Thanks for the feedback stillhoping wasnt ranting to you just making some points that iritate me...

[stillhoping]

kjenkins7 - That article also makes short-sale seem highly unlikely? Which I haven't even discussed yet. My file is being reviewed (for the millionth time in the past 13 months). At this point, I highly doubt any better offer than putting the delinquencies on the end of our loan (which they offered last month - then reneged over a signature!). Since we've already showed intent of that acceptance, by signing the doc and making the payment, what reason would they have to offer more? Besides the MBS hurdles.

Now our loan has been officially taken off the workout website, which I believe is due to the complaint. So I am in the dark and waiting..... good times!

There's another great thread, you may have participated, started by Podge - in which he just replied as well. He received a permanent mod, not outstanding terms, but if his loan was an MBS, like ours, it's definitely an achievement. I think he got 1% lower for 5 years than steps up; so he's working with approx. 5% interest rate. (We are requesting 4.5 but heck, at this point I'd be happy with 5-5.5%).

Also, Davephx reply yesterday said, the government nor the servicers can do anything to change the MBS guidelines/contracts. So yes, we're screwed and perhaps battling a battle that can't be one.

Our best outcome, get this situation resolved with WF, so we don't have to come up with 18+k out of pocket, make payments for 12 months, see where rates are (which most likely back to our same rate), but if they are still good, go for a FHA refi. At least that's my current strategy.

[stillhoping]

Oops - a battle that can't be won! (I type too fast sometimes....)

Also, Davephx reply yesterday said, the government nor the servicers can do anything to change the MBS guidelines/contracts. So yes, we're screwed and perhaps battling a battle that can't be one.

[Solange]

How do we short-sell/foreclose without Wells Fargo wiping us out years down the road?

Hello 4frodo - so am I.
I was going to post my link to a recent article in another forum but your name (and post) caught my attention, so I am dedicating it to you instead.

It may appear bleak but it is good news disguised as bad. In a far off future, it will help you and you may even want to contact the attorney doing it so that you will be on the list of plaintiffs at pay-off time.
Here is the link:

http://www.examiner.com/x-33820-Long-Island-Libertarian-Examiner~y2010m2d13-Wells-Fargo-faces-multibillion-dollar-class-action-lawsuit
Wells Fargo faces multibillion dollar class action lawsuit

You may ask why is it good for you, well if it becomes what I hope it will be, WF may change its attitude towards homeowners in order to do some damage control when facing the judge. But even more important, the credit bureaus will be forced to reconsider the ratings damaged by this predatory lender.

Still, this is a long way off and you need some closure on your situation.
The financial loss you have suffered in the devaluation of your condo is too great to carry. In your case I would file for Chapter7 and hand over the Deed to WF in lieu of settlement.

You are young and you are in a sea of foreclosures, if there ever was a good time to wipe the slate clean, it is now. Learn to be more financially conservative and go forward. I am speaking to you from personal experience and I did not have your assets.

I lost my home to foreclosure due to fraud as I turned fifty. Not only the home but its contents and my job. I was literally "in the street".

I had only two main assets left: the fighting spirit of a bulldog and a solid dose of common sense. I picked up my suitcase and moved on. Seven years later, I was free of the C7 burden, and I was buying a new home again.
I had the preservation reflex to go to law school so that no one would defraud me again. I first became a paralegal while still under the cloud of the foreclosure and my attorney colleagues were very supportive. In those days it was a bad load to carry but I was never ashamed of it because, like for you, it was not my fault.

Do not be afraid to break free, or your condo will drag you both under water too. You have better things to do with your life. Jump off and move on.

I wish you all the best Frodo,

Bilbo

[kjenkins7]

kjenkins7 - That article also makes short-sale seem highly unlikely? Which I haven't even discussed yet. My file is being reviewed (for the millionth time in the past 13 months). At this point, I highly doubt any better offer than putting the delinquencies on the end of our loan (which they offered last month - then reneged over a signature!). Since we've already showed intent of that acceptance, by signing the doc and making the payment, what reason would they have to offer more? Besides the MBS hurdles.

Now our loan has been officially taken off the workout website, which I believe is due to the complaint. So I am in the dark and waiting..... good times!

There's another great thread, you may have participated, started by Podge - in which he just replied as well. He received a permanent mod, not outstanding terms, but if his loan was an MBS, like ours, it's definitely an achievement. I think he got 1% lower for 5 years than steps up; so he's working with approx. 5% interest rate. (We are requesting 4.5 but heck, at this point I'd be happy with 5-5.5%).

Also, Davephx reply yesterday said, the government nor the servicers can do anything to change the MBS guidelines/contracts. So yes, we're screwed and perhaps battling a battle that can't be one.

Our best outcome, get this situation resolved with WF, so we don't have to come up with 18+k out of pocket, make payments for 12 months, see where rates are (which most likely back to our same rate), but if they are still good, go for a FHA refi. At least that's my current strategy.

Wait so your 18K delinquent ??? I assume what 3-4 months behind ? Sorry if you already posted, i tend to read alot of threads. My apologies.
And you said to re-fi is your strategy ? How are you doing this, my home is atleast 200K up-side down. So far only option(s) since i have WF as the investor is to short sale. Iwill resume payment but only reason I can/will is i collect from Uncle Sam. The same senario will repeat itself next year and will be late on 2 payments until Uncle sam comes around again. And heaven forbid i lose my job thats it for me.
What fustrates me is how i try for in house and they show a surplus, and on this website i hear you need a surplus, than a deficeit etc. I mean i dont know what the heck "poker game" these banks are playing. Just want help period and yes getting down to 31% of my gross would be perfect. No questions asked. If i didnt have a wife, and daughter i would walk in a second. They both are so attached to this house though.
I am calling HomEq again today to see where my progress sits. Wish me luck!!!
These MBS loans are rediculious, its what brought on the housing crisis but yet no one wants to put a provision for HAMP or any other program at his point ???

[stillhoping]

Refi isn't an option now. FHA has some good programs but you can't be delinquent in the past 12 months. I am counting on many things to fall in line, but obviously well aware they may not.

The 18k things is truly annoying. Our IO payment is $4685. We missed June, they waived Sept., then 3 month trial at $1400 less brought us to Dec and 14k delinquent. When they tried to put us in another trial, we refused, put our foot down and skipped Jan. Total 18.5k!!! Unbeknown to us, the put the mod (non-mod - just deliquency offer on back of the loan) Jan. 11, with first payment due 2/1 and a current FICO reporting status as of Jan. '10. The rest is history, we signed, paid, they reneged. Now they show that payment as the January payment, two weeks late and due delinquencies. A battle I haven't even attempted to unravel, since I'm not sure we'll be making our March payment.

So the good news, well, the news. I finally finally found out what series we're in on the CTSlink!!! We are 2006-10. I found it with much effort off the sec.gov sight with a suggestion of Podge8. It's annoying because it's hard to make sense out of any of it, but I kept searching for our loan number and finally came across a report that had our loan, mixed with 1000 others, and our terms, under the heading WF 2006-10.

The ctslink doesn't show our loan as of yet, but they have permanently modified ONE loan in this series. Doesn't the saying say, it only takes one? Anyway, obviously dealing with tight asses, but someone got through...and that always leaves the door open. Time to learn and read about 2006-10.

[ugh_2009]

probably the son/daughter of a WF executive...

[stillhoping]

LOL!! Thanks for that thought. Priceless!

[davephx]

If one loan was modified that may indicate the terms allow it but can have various limits.

Here is more info I found from a lawyer discussing it. Wonder if their is in the SEC filings for the security the actual PSA agreement.

An MBS is a security issued by a trust (SPV) that has been specially created for a securitization transaction.

The decision to modify mortgages held by an SPV rests with the SPV’s agent, call the servicer.

Servicers carry out their duties according to what is specified in their contract with the SPV.

This contract is known as a “pooling and servicing agreement” or PSA. PSAs frequently place restrictions on servicers’ ability to modify mortgages.

Sometimes the modification is forbidden outright, sometimes only certain types of modifications are permitted, and sometimes the total number of loans that can be modified is capped (typically at 5% of the pool).

Additionally, servicers are frequently required to purchase any loans they modify at par (100 cents on the dollar). This functions as an anti-modification provision. Moreover, all PSAs prohibit the servicer from undertaking any action, including many modifications, that would threaten the MBS’s pass-thru tax status.

In order to direct servicers to engage in large scale loan modification, it is necessary to amend the PSA; a servicer that does not comply with a PSA risks being sued by the SPV and by the MBS holders. PSAs, however, cannot easily be modified. This is to preserve pass-thru tax status for the trust in order to avoid double taxation; to preserve the bankruptcy remoteness of the trust, so that the trust’s assets cannot be seized by creditors of the mortgages’ originators; and to protect the MBS holders from liability for the trust’s actions.

[stillhoping]

Funny enough I have been researching their PSA. I can't find anything that allows or restricts modifications. The agreement is endless, so maybe I'm missing something. Slowly but surely, I am learning what hurdles they have to pass as well.

There's a thread from Podge8 - he also had a MBS w/WF and got a permanent mod. It was modest, 5%, but he did get one. He wrote the execs and quoted their PSA, which had specific language leaving the decision to the servicer. I am trying to comb through the PSA for my series for similar language. So far, no luck.

[kjenkins7]

Refi isn't an option now. FHA has some good programs but you can't be delinquent in the past 12 months. I am counting on many things to fall in line, but obviously well aware they may not.

The 18k things is truly annoying. Our IO payment is $4685. We missed June, they waived Sept., then 3 month trial at $1400 less brought us to Dec and 14k delinquent. When they tried to put us in another trial, we refused, put our foot down and skipped Jan. Total 18.5k!!! Unbeknown to us, the put the mod (non-mod - just deliquency offer on back of the loan) Jan. 11, with first payment due 2/1 and a current FICO reporting status as of Jan. '10. The rest is history, we signed, paid, they reneged. Now they show that payment as the January payment, two weeks late and due delinquencies. A battle I haven't even attempted to unravel, since I'm not sure we'll be making our March payment.

So the good news, well, the news. I finally finally found out what series we're in on the CTSlink!!! We are 2006-10. I found it with much effort off the sec.gov sight with a suggestion of Podge8. It's annoying because it's hard to make sense out of any of it, but I kept searching for our loan number and finally came across a report that had our loan, mixed with 1000 others, and our terms, under the heading WF 2006-10.

The ctslink doesn't show our loan as of yet, but they have permanently modified ONE loan in this series. Doesn't the saying say, it only takes one? Anyway, obviously dealing with tight asses, but someone got through...and that always leaves the door open. Time to learn and read about 2006-10.

Wow we are so identical its scary. Our I/O is 4579 so, with WF (well i find out this week from a QWR request and after my servicer skirted around who the investor was b.c they couldnt figure it out either), and we both end up with the shaft!! hehehehe.
On a serious note this is all i got so far Securitized asset act receivables mortgage loan 2008-1 grantor trust series 2008-1, SEC
and when i checked the Ctslink i still cant find it anything (hence why i asked for a full QWR now). I dont trust these fools without written proof anymore.
Hey atleast you got "trials" given to you. I cant get anyone to open a door for me period. I am now 2 months behind ($9158). ****s. Sad that we know our note info down to the science and yet no help.

[kjenkins7]

Funny enough I have been researching their PSA. I can't find anything that allows or restricts modifications. The agreement is endless, so maybe I'm missing something. Slowly but surely, I am learning what hurdles they have to pass as well.

There's a thread from Podge8 - he also had a MBS w/WF and got a permanent mod. It was modest, 5%, but he did get one. He wrote the execs and quoted their PSA, which had specific language leaving the decision to the servicer. I am trying to comb through the PSA for my series for similar language. So far, no luck.

Yes i am going to do the same once i get the EXACT name of the note this week. We need to find some leverage to move these MBS by WF. They are relentless.

[stillhoping]

Check out the secinfo.com site and get poke around. I can't tell you where to start, but start searching Wells Fargo and your 2008-1 series number, or Wells Fargo and your loan number.

It took me several inquiries that came up with nothing, but once I began to peel away some layer, I came across a page of docs with my loan number. From there, I was able to get my series 2006-10. Now I can't seem to get an info from the PSA. However, the ctslink shelf reports show the mods completed under each series. Actually, I'll do a quick check and see what comes up for your 2008-1.

(And by the way, if our loans our similar, watch out. 18k is a blink of an eye.)

[stillhoping]

Nevermind, I didn't see anything for completed mods in '08 at all. Try the secinfo and work backwards. (This is the blind, leading the blind....)

[kjenkins7]

Nevermind, I didn't see anything for completed mods in '08 at all. Try the secinfo and work backwards. (This is the blind, leading the blind....)

Exactly blind leading the blind. Let me give you exactly what i got PRE QWR ( i say that b.c i receive the final info tomorrow on Mon Feb 22nd) and this what they (homEq) told me : asset act receivables mortgage loan 2008-1 grantor trust series 2008-1
Now i assume i just shorten it on the secinfo.com page to Wells Fargo 2008-1. Once did i get "Wells Fargo Mortgage backed securities 2008-1 trust"
If this is the right path i should of taken my next question is than what do i do. There is ALOT of info it would take days to read all this. I dont want to come off lazy but rather how could i make this more simplified ? This is like a finding a needle in a haystack ? I got the loan Aug of 2007.

[stillhoping]

Yikes. Try: http://www.secinfo.com/$/SEC/Filings.asp?CIK=1283858&Find=asset+act+receivables +mortgage+loan+2008-1&Page=1&List=Docs&Show=Each

Then type in your loan number (select the pull down menu to view documents) and hit find. (That's how I found my info.) Your agreement may not be on the ctslink, since WF is not servicing your loan. (???)

Let me know if you find your loan number.

[kjenkins7]

Yikes. Try: http://www.secinfo.com/$/SEC/Filings.asp?CIK=1283858&Find=asset+act+receivables +mortgage+loan+2008-1&Page=1&List=Docs&Show=Each

Then type in your loan number (select the pull down menu to view documents) and hit find. (That's how I found my info.) Your agreement may not be on the ctslink, since WF is not servicing your loan. (???)

Let me know if you find your loan number.

Right WF is my investor.
I did all that above and get 155 filings, do i look under Filer? Issuer? Agent ? by date ? My original servicer was Equifirst that eventually got bought out by Homeq (who is funded by Barclays)

[4frodo]

do you live in a recourse state? if not you should take your 30K savings go buy a new place at the now lower current value why you still have good credit. then put the old place up for sale -- maybe try a short sale and walk away. if you live in a recourse state you should take your savings and maximize your IRA's for 2009 and 2010 -- perhaps Roth IRA's and go talk to a BK attorney. The bank will never deal with you when you have 30k in savings and you do not want to waste it trying to keep current on your underwater mortgage.

Thank you for the advice. Yes, there's recourse in VA...and my loan is basically a massive credit card/line of credit with a balloon. I talked to a lawyer yesterday and he said they will sue me without a doubt for the 70k. I probably need to put some of that money in a Roth like you said. OR...should I put the 30k towards paying off the baloon? Pay a bit each month? They're going to squeeze it out of me eventually by court order, so should I just start paying it down aggresivly? I mean, if I can knock that out, I might be able to live with the 80% I'm left with (and the expired ARM/interest rates). Only problem is, I'm not sure how I'm going to find the remaining 40k in a year to supplement the 30 I have now. Any thoughts? I wish I lived in California!! Also, I'm not sure I want to get into another house at the moment, especially if they can come after my assets. Wheter it's in cash or a new house, I'm not sure I want to lose two houses over the same mess. Thanks again for the thoughts. I'm curious to hear anything you might have to add.

[stillhoping]

Did you find your loan number in 155 filings? Once I found my loan number, I went back to the actual series, I'm assuming yours in Wells Fargo 2008-1 trust, then I looked for the pooling and service agreement. (I tried to locate it on yours, but haven't come up with anything.) Going back to the ctslink - I did find some reports with mods, but not like mine showed up and I really have no idea if it's the right report for you loan. (Let me see if I can paste it. Nope files is too big.)

Try going to the CTSlink, left hand side column, select MBS, select Wells Fargo investor MBS, series 2008-1, select tab SEC Edgar Filing, it's a long document, but near the end it shows a few mods that have been completed.

(This is all assuming you found your loan number on the secinfo. under WF2008-1).

Sorry, don't know how to be more help. It is a needle in the hay stack and just takes a lot of endless poking around. (I obviously have nothing better to do with my time. .

[4frodo]

4frodo - If I may make a couple of suggestions, and I am NOT a professional, but have experience as I have been trying to get a loan mod with WF for over a year.

1. Driving you car off the bridge will be much much worse on your wife than dealing with losing your condo and having a deficiency judgement. You were probably being dramatic, but in the event that is a serious consideration, know it will make the situation for your wife worse, not better. Sounds like you are both still young, and you will have time on your hands to re-establish your financial security.

2. Since you know you're heading into default in 12 months, why not start now? Your credit will be ruined, but you're not getting assistance by making the payments. Put the payments into a special account, so you have the funds available to repay when the time is right, if the time comes. Once you are two weeks delinquent, send WF a hardship letter, updated financials and pay slips. Make sure you include that your wife was laid off and all of your efforts thus far trying to solve this financial crisis. Then see what they say and do? Just because your loan isn't with Fannie or Freddie, doesn't mean that HAMP isn't an option; that depends if your investor is participating.

3. Contact several attorneys. Many will give you a free consultation, take use of that time to get information and find one you like and trust. Find out the deficiency laws in your state. Re-read your origination loan docs, etc...

4. Definitely write your local Congressman, state Senator and the OCC. Immediately.

5. When you resubmit your paperwork to WF, email the Office of The President as well. The email address are all over this website. Send them a personal note and copies of the docs you are sending to Loss Mitigation.

That's a strong starting point. Then hold on tight and wait. Don't spend your mortgage payments you are putting aside. Your workout solution may require the payments later.

Stay strong and fight. Most likely you're going to want to move shortly after having a child, and if the condo is underwater, sinking more money into a sinking ship isn't worth it. If WF will work out a solution on your 1st, you may be able to settle your 2nd. There's some great threads about that as well, and those mortgage payments your holding might help with that settlement. A short-sale may also be a great option, so discuss it with the attorneys.

Best of luck. The housing crisis is nationwide, not just in your home. Once they get a grip on the housing crisis, they will need to combat all the people that have had their credit destroyed. You are not alone!

Stillhoping:

Thank you so much for your uplifing words. I have been pretty down trodden about this and your encouragement meant a lot. As I said in the previous response to MSM, the lawyer said I'm in a pickle. I appologize for dropping my random plea for help on your original post....I'm not sure it is a good fit for the topic you have going here. I'm new to this forum and the interface was a little clunky at first. If you know of any good places for me to post my origninal note, please let me know. Also, I'll look around to see what I can find about settling my 2nd. Unfortunately, I think because it's essentially a massive credit card bill I'm on the hook. Might be best to pay that pig down so they don't ruin my future. Who knows. Anyway, thanks again. You give me hope that I'll make it through this.

[4frodo]

Could not of said it better myself Stillhoping.
The feedback above is exactly your best options at this time 4frodo. Your biggest obsticles right now are 2 fold, 1 you have a surplus of 30K sitting in your bank and 2 you keep making payments. Banks DO NOT help anyone with those 2 senarios right now. There are WAY to many people out there in much dier destress. Not to make it sound like i am disregarding your hardships but everything are "future" hardships to the bank. Having a baby that is not here (so you cant document and day care costs) and your re-set on the loan is alittle over a year from now.
I would suggest everything above but perhaps you can take some of that money and since you have good credit right now and think about a bigger place to buy. Take advantage of these low discounted homes (plan for the up-coming baby) then dump all your money on it and RENT the other property. This will help for a bit and once you run out of funds then apply for the Mods. Sounds backwards and crazy but banks will not help anyone that has money (surplus) in there banks right now.

Kjenkins:

Thanks for the advice. I'm still just trying to make sense of all of this. Like I said to MSM, I'm not sure buying a house right now is my best bet...but who the hell knows, right? Like you said, it's totally backwards. Thanks again.

[4frodo]

Hello 4frodo - so am I.
I was going to post my link to a recent article in another forum but your name (and post) caught my attention, so I am dedicating it to you instead.

It may appear bleak but it is good news disguised as bad. In a far off future, it will help you and you may even want to contact the attorney doing it so that you will be on the list of plaintiffs at pay-off time.
Here is the link:

http://www.examiner.com/x-33820-Long-Island-Libertarian-Examiner~y2010m2d13-Wells-Fargo-faces-multibillion-dollar-class-action-lawsuit
Wells Fargo faces multibillion dollar class action lawsuit

You may ask why is it good for you, well if it becomes what I hope it will be, WF may change its attitude towards homeowners in order to do some damage control when facing the judge. But even more important, the credit bureaus will be forced to reconsider the ratings damaged by this predatory lender.

Still, this is a long way off and you need some closure on your situation.
The financial loss you have suffered in the devaluation of your condo is too great to carry. In your case I would file for Chapter7 and hand over the Deed to WF in lieu of settlement.

You are young and you are in a sea of foreclosures, if there ever was a good time to wipe the slate clean, it is now. Learn to be more financially conservative and go forward. I am speaking to you from personal experience and I did not have your assets.

I lost my home to foreclosure due to fraud as I turned fifty. Not only the home but its contents and my job. I was literally "in the street".

I had only two main assets left: the fighting spirit of a bulldog and a solid dose of common sense. I picked up my suitcase and moved on. Seven years later, I was free of the C7 burden, and I was buying a new home again.
I had the preservation reflex to go to law school so that no one would defraud me again. I first became a paralegal while still under the cloud of the foreclosure and my attorney colleagues were very supportive. In those days it was a bad load to carry but I was never ashamed of it because, like for you, it was not my fault.

Do not be afraid to break free, or your condo will drag you both under water too. You have better things to do with your life. Jump off and move on.

I wish you all the best Frodo,

Bilbo

Solange/Bilbo

Thank you for the link and encouragement. I am so happy I found this forum! You are all so cool to take the time to offer me a few tips and share some of your experiences. I'm sorry that things happened the way they did for you and your home. But congrats on going to law school! I'm hoping that I'll be able to help someone out based on this exp. just like you're doing...like all of you are doing. Thanks to everyone! I'm going to check out the link for sure. If I can kick these a-holes where it counts, I'll take any chance I can get! The funny part is, despite my years of effort to get out of this mess, I'm still considered the bad guy for potentially defaulting on a predatory loan. I hope that someday, somehow, the skeezy dude that thought this loan product up loses just as much sleep as I do worrying about my future. It as consumed me. And I'm terrified. Thanks again for your kind words. They mean a lot.

[kjenkins7]

Did you find your loan number in 155 filings? Once I found my loan number, I went back to the actual series, I'm assuming yours in Wells Fargo 2008-1 trust, then I looked for the pooling and service agreement. (I tried to locate it on yours, but haven't come up with anything.) Going back to the ctslink - I did find some reports with mods, but not like mine showed up and I really have no idea if it's the right report for you loan. (Let me see if I can paste it. Nope files is too big.)

Try going to the CTSlink, left hand side column, select MBS, select Wells Fargo investor MBS, series 2008-1, select tab SEC Edgar Filing, it's a long document, but near the end it shows a few mods that have been completed.

(This is all assuming you found your loan number on the secinfo. under WF2008-1).

Sorry, don't know how to be more help. It is a needle in the hay stack and just takes a lot of endless poking around. (I obviously have nothing better to do with my time. .

yes a needle in a haystack. I tried looking up by my loan number and nothing came up. I dont know what to look for its all japanese to me. You give it a try. Its asset act receivables mortgage loan 2008-1 grantor trust series 2008-1
My Servicer is Equifirst who became Homeq who is owned by barclays capital
My investor is WF. Assume this is series 2008-1. Weird though i bought the house in Aug of 2007. Why wouldnt it be 2007-1 ? Does your series coordinate to the same year you bought ?
My loan number is 410890248

[stillhoping]

sjenkins7 - We bought our home in '06 and our series in '06, but I don't know if it has to be that way. Needless to say, I can't find anything, anywhere on your loan or loan number and have no idea where to tell you to look.

The ctslink, didn't show your loan number in the report I referenced in my last post. (But that doesn't mean anything, because my loan number doesn't show up specifically in the ctslink.) The secinfo is all over the place. I've searched homeeq, which comes up but then when I run your loan number - nothing! I've tried Equifirst - nothing and Wells Fargo 2008-1 series and your loan number - nothing! I don't know what to tell you.

I found mine by searching under wells fargo, then my loan number and it took me to a report for series 2006-10 with my loan number listed 17 times upon origination. I'll keep looking. (I'm a maniac!)

[stillhoping]

kjenkins7 - My head is going to blow up. I'm wandering, if WF is the investor, if the investor was once Wachovia? Then the servicer has also changed, which you knew, but wouldn't necessarily have know Wachovia was your investor - then they merged and now Wells Fargo. With all the changes, I don't know where to begin to look. I've tried everything, even good info. I also think the name of the series may have changed along with everything else. (If Wachovia was the original investor, they had the info under a different series or trust...)

Sorry.

[stillhoping]

4frodo - Loansafe is definitely a great find. I can't believe it took me so long to find it in my process, but I am continuously reading different thread and obtaining more and more information.

Not at all a worry about posting on this thread - that's what it's here for. However, if you have direct questions or concerns, start your own thread, that way more people can chime in and try to help. If you don't know how to, just got to the top of the page that says "Self Help Forum", click first Forum home, You'll be taken to a bunch of post. I tend to find the one titled Wells Fargo (since that is my bank and problem), click whatever you want. It will show you all the latest postings, but down at the bottom of that page there's a button to start a thread. (There may actually be an easier way, but that's how I do it.)

I hope you take the opportunity to speak with more than one attorney. Also, start withholding your payments and see if the bank won't work a modification. Also, google your congressman, senator and the OCC and start complaining. The last thing I would do, is use your 30k towards trying to bridge the gap. You'll end up with nothing, and a bill at the end.

The banks will take everything, even your 401k, and pension, if you make it available. I believe you can have 3 months of reserves without worry. (When you write your hardship, you just tell them you've already dipped into your reserves and now they are scarcely low to barely cover you for 3 months - you will need the money if you have to find a rental.)

If the bank won't modify the loans, look into short sale, but hire an attorney to make sure part of the deal is they CANNOT come after you for a judgement. Also, search this site for others in VA that have gone through the process. And google away about VA foreclosures and short-sales.

It's not time to give up, it's time to get educated! If you can't handle it mentally, find a good RE/Bankruptcy attorney, which will take meeting several to know the difference. (Try to get referrals if at all possible.)

Don't spend your savings on the condo!!! Don't spend your savings on the condo!!! Don't spend your savings on the condo!!!

If you think you can come up the additional 40k, then start adding to the 30 and see how far you are a year from now. Then re-evaluate your situation if need be. Right now, I would not add any additional payments to the upside down loan. Put the money under your mattress as a last resort, don't contribute any more until you know the outcome of your situation.

Sorry - I read a thread where someone had gone through their 401k and was trying to tap into their pension, while waiting for WF to assist them. My heart just sank. If you detach yourself from the emotional aspect that it's your home, it's an investment. None of these banks would invest in that condo or house that's upside down right now. If they owned it, they'd walk away and keep all they have in their pockets. (There was just a story about a man robbing a bank to pay his mortgage a few days ago.... it's insanity.) You don't have to walk away poor and homeless.

Best of luck!!!

[kjenkins7]

4frodo - Loansafe is definitely a great find. I can't believe it took me so long to find it in my process, but I am continuously reading different thread and obtaining more and more information.

Not at all a worry about posting on this thread - that's what it's here for. However, if you have direct questions or concerns, start your own thread, that way more people can chime in and try to help. If you don't know how to, just got to the top of the page that says "Self Help Forum", click first Forum home, You'll be taken to a bunch of post. I tend to find the one titled Wells Fargo (since that is my bank and problem), click whatever you want. It will show you all the latest postings, but down at the bottom of that page there's a button to start a thread. (There may actually be an easier way, but that's how I do it.)

I hope you take the opportunity to speak with more than one attorney. Also, start withholding your payments and see if the bank won't work a modification. Also, google your congressman, senator and the OCC and start complaining. The last thing I would do, is use your 30k towards trying to bridge the gap. You'll end up with nothing, and a bill at the end.

The banks will take everything, even your 401k, and pension, if you make it available. I believe you can have 3 months of reserves without worry. (When you write your hardship, you just tell them you've already dipped into your reserves and now they are scarcely low to barely cover you for 3 months - you will need the money if you have to find a rental.)

If the bank won't modify the loans, look into short sale, but hire an attorney to make sure part of the deal is they CANNOT come after you for a judgement. Also, search this site for others in VA that have gone through the process. And google away about VA foreclosures and short-sales.

It's not time to give up, it's time to get educated! If you can't handle it mentally, find a good RE/Bankruptcy attorney, which will take meeting several to know the difference. (Try to get referrals if at all possible.)

Don't spend your savings on the condo!!! Don't spend your savings on the condo!!! Don't spend your savings on the condo!!!

If you think you can come up the additional 40k, then start adding to the 30 and see how far you are a year from now. Then re-evaluate your situation if need be. Right now, I would not add any additional payments to the upside down loan. Put the money under your mattress as a last resort, don't contribute any more until you know the outcome of your situation.

Sorry - I read a thread where someone had gone through their 401k and was trying to tap into their pension, while waiting for WF to assist them. My heart just sank. If you detach yourself from the emotional aspect that it's your home, it's an investment. None of these banks would invest in that condo or house that's upside down right now. If they owned it, they'd walk away and keep all they have in their pockets. (There was just a story about a man robbing a bank to pay his mortgage a few days ago.... it's insanity.) You don't have to walk away poor and homeless.

Best of luck!!!

4frodo, Again excellent advice by stillhoping. You DO NOT want to give the banks a cent from this day forward. Meaning do not use any of the 30K to make/bridge payments, and please dont mention your 401K. Banks will take ever cent and dry you out before they will help. I know this first hand, i get on calls with my lender trying to **** every time out of me on the phone. I have done 5 calls now with them and how they try to nickel and dime me on everything. I personally would think about a short sale on that condo OR rent it out. I have a rental and its can be hard but as long as you think you can cover the mortgage that should be a sit and forget property. Since you plan on a family than you can get a very small house in Va (single family) in the 250K range easy now. I know b.c i live in Virginia. So that said you can drop10% down now. The homes are about as low as they will get so i wouldnt worry about that. Just make sure its a short sale or forclosure home. It takes about 6 month to get a forclosure/short sale home in this area due to banks taking forever to close but time you have if u get started now. Just make sure your new vendor you check out everything this time. No hidden fees, preferable a smaller bank not BOA, Wells, or those guys. As you can see they dont care about the little man. Meanwhile in about 5 Years the condo will come around. Again i dont know how bad your upside down but on avg most in my area are about 30% upside down from what they orginially paid. That equals to about 10 years until you will recover your costs. If you dont like any of these ideas than i would take the 30K and get it out of your bank account pronto and put under your mattress. Eventually the banks will want your bank statements so you need to move the money.

[kjenkins7]

sjenkins7 - We bought our home in '06 and our series in '06, but I don't know if it has to be that way. Needless to say, I can't find anything, anywhere on your loan or loan number and have no idea where to tell you to look.

The ctslink, didn't show your loan number in the report I referenced in my last post. (But that doesn't mean anything, because my loan number doesn't show up specifically in the ctslink.) The secinfo is all over the place. I've searched homeeq, which comes up but then when I run your loan number - nothing! I've tried Equifirst - nothing and Wells Fargo 2008-1 series and your loan number - nothing! I don't know what to tell you.

I found mine by searching under wells fargo, then my loan number and it took me to a report for series 2006-10 with my loan number listed 17 times upon origination. I'll keep looking. (I'm a maniac!)

Yeah i cant find anything either other than when i go onto SEC acutal website
Full Text Search

When i try and click on "advance search" and put in Equifirst who was the name of my servicer back in 2007 before changing over to Homeq i get some feedback to a 2007-1 series about Equifirst/Homeq. But than again its 2007-1 and when i ask the escalations team with Homeq they say 2008-1 so am confused. Why i requested a QWR so i can get all the details in writing instead of verbal conversations on the phone. Once i recieve the info i will try this again. Clearly i have a "sketchy" loan to change possible hands 2 times for the servicer and possibly 2 times with the investor. What a joke. Scary acually. ****s b.c when i send my letters to senetors, congressman, and complain i dont know who to complain to, Wells, Wachovia, Homeq, Equifirst it just keeps getting more sketchy.
What a mess.
I did call Homeq yesterday and they want more docs they said i needed to give to them (stale tactic again) all of which i have already given. Yesterdays excuse was "well we only have 2009 pay stubs now we need 2010" a new hardship (hello its the same as the one i sent 1 month ago). Then they continued to beat me up about how i am 2months behind and if i missed Jan why couldnt i pay Feb ??? That it concerns them to even want to work with me that i am 2 moths behind, that by taking off a month i should have enough to pay Feb. Im serious i dont make this stuff up is what they tell me. I was furious, and told them i dont know when i will be able to pay and to please just freakin help instead of stone-walling me and dont NOTHING. I cant get a trial NOTHING from these guys. Meanwhile you check there stats on financialstability.gov and HomeQ is the 2nd worst servicer in the U.S and Wells is the most stubborn investor in the US for HAMP. Wow!!! Feel like the i have the worst luck on the planet...

[stillhoping]

kjenkins7 - Has your loan number changed, when the Equifirst/HomeQ thing changed? Did you look at the series 2007-1 on the secinfo that had both names listed? Select the docs, and try to search you loan number? (Just a thought.) I wonder if the series changed with the Wachovia/Wells thing. When I googled your "asset acct recievables 2008-1 trust", Wachovia seemed to come up often. (That's where I got the idea that WF was not your original investor.) Which yes, all the changes make it difficult to research.

The PSA for my series, specifically says the borrower must be in default before a modification can be considered, and then the modification cannot permanent change the principal balance or the interest rate! So basically, last year, I spent five months staying current waiting for a solution, blaming WF, when their hands were tied. I still blame WF to stringing us along and using the process to rack up fees and ruin our credit; I just don't understand all the run around and BS. Send me a copy of the investor agreement, highlighted, with a nice note that says "we're really sorry, there's nothing else we can do". The problem is, when they say it over the phone, we've been lied to so many times, we don't believe a word.

Btw, if you're also in VA - do you know about the recourse laws? 4frodo is worried that one way or another he will be liable for the default amounts on his loans. Can't that be settled with an attorney if he does a short-sale? I thought I read an article that specifically suggested making sure it's part of the deal when you walk away? He really sounds like he needs some good legal advise; talking about a sketchy loan!

[kjenkins7]

kjenkins7 - Has your loan number changed, when the Equifirst/HomeQ thing changed? Did you look at the series 2007-1 on the secinfo that had both names listed? Select the docs, and try to search you loan number? (Just a thought.) I wonder if the series changed with the Wachovia/Wells thing. When I googled your "asset acct recievables 2008-1 trust", Wachovia seemed to come up often. (That's where I got the idea that WF was not your original investor.) Which yes, all the changes make it difficult to research.

The PSA for my series, specifically says the borrower must be in default before a modification can be considered, and then the modification cannot permanent change the principal balance or the interest rate! So basically, last year, I spent five months staying current waiting for a solution, blaming WF, when their hands were tied. I still blame WF to stringing us along and using the process to rack up fees and ruin our credit; I just don't understand all the run around and BS. Send me a copy of the investor agreement, highlighted, with a nice note that says "we're really sorry, there's nothing else we can do". The problem is, when they say it over the phone, we've been lied to so many times, we don't believe a word.

Btw, if you're also in VA - do you know about the recourse laws? 4frodo is worried that one way or another he will be liable for the default amounts on his loans. Can't that be settled with an attorney if he does a short-sale? I thought I read an article that specifically suggested making sure it's part of the deal when you walk away? He really sounds like he needs some good legal advise; talking about a sketchy loan!

Yeah at this point i am waiting on the written request from Homeq instead of spinning my wheels. Thats like finding a needle in a haystack at this point without having 100% the details of your loan from start to now. Which i have asked to be sent. Was suppose to gotten by now but shocker it hasnt. Once i know the originalities of this complex loan i will be able to search clearer. I will get the PSA and go through ths with a fine tooth comb. Then go start my complaints to whoever (i am pretty sure its Wells Fargo though).
Yes Va will come hunt you down for the negative equity. Why its makes it hard to walk away but if i was to go that route i will meet with a lawyer first to make sure we cover our butts. Knowing my luck they will come after me. Actually that very concept happened to a local Va lady that made it on cnn.com a couple of weeks ago.

BTW,
I started up with NACA a week ago. Had my phone counseling call this morning. Want to make sure i a trying all options. So far i have done the following:
Letters sent to U.S president, attorney general of Va, local congressmen, complained to FTC about Homeq (go a letter back from them that they have opened up investigation) complained to federal Resvere board (they regulate Homeq) same as going to OCC but they dont regulate Homeq same as Barclays capital, signed up and sent docs to NACA, emailed the office of president (VP an pesident of Homeq) and established a contact in the OOP, sent emails to all the contacts from WF listed on this website.
I believe i got all my bases covered

[stillhoping]

kjenkins7 - Awesome. You are definitely covering your basis by writing everyone. I just found out that we've been assigned a new rep due to our OCC complaint. (I don't know yet whether or not that is good news or bad.) Meanwhile, before knowing that bit of information, I sent our previous rep the following letter this morning:

This letter is in response to a letter we received on February 16, 2010 from your office, regarding our investor not participating in HAMP. We would like to thank you for taking the time to respond and give us a better understanding of our loan.

Since receipt of that letter, we have been researching our loan and believe our loan is part of WFMBS series 2006-10. We have read the Pooling and Servicing Agreement for 2006-10, between Wells Fargo, as the Servicer and the Master Servicer and the pool of investors, which has given us a better understanding of the limitations enforced. If our loan is not part of this series, please let us know.

Please understand, our financial hardship hit us very hard and we spent months depleting our reserves, running up our credit cards while waiting for assistance. Never in that time, were we told that assistance would not be available for our specific loan. When we were finally put on a trial forbearance, the rep specifically told me that everything was signed off and ready to be made permanent upon successful completion of payments. While we had been told several times, our investor is not participating in HAMP, we were never told our investor is not participating in permanent modifications.

The process has been extremely frustrating and our credit scores have suffered terribly. As I have mentioned several times in our phone conversations, we have long term financial goals and with our current salary, we can no longer afford to add principal to our payments. After reading and gaining more understanding of the restrictions placed on Wells Fargo as the Servicer in our loan, I would like to propose an amicable solution:
1-5 years interest rate reduction at 4.5% to include principal payments
6 yrs – 5%
7 yrs – 5.5%
8 yrs – 6%
9-30 – 6.375%

(From the records reviewed, loan number 0152621553 was temporarily modified similarly with a 3.625% interest rate.)

We believe a temporary modification like the one proposed will be sufficient to bridge the gap and allow us to keep our home. We would greatly appreciate serious consideration for a temporary modification.

I don't know what will happen, but I know that's our best shot at this point since they are completely prohibited to permanently modify the loan. (Wish us luck.)

I hope you will soon get the necessary information to research your loan and fully understand what is possible and what is not. Geez, I'm now back to blaming the HAMP PR, because they push like the banks are participating, however, the majority of loans fall into the MBS, which clearly restricts them from participating. Yet, the administration hasn't addressed that problem to the American people nor come up with a federal program allowing defaulted loans to be refinanced through the fed. Ugh.

I don't know if I should be hopeful about my letter. I tend to build myself up with hope just to land hard, face first.

[kjenkins7]

kjenkins7 - Awesome. You are definitely covering your basis by writing everyone. I just found out that we've been assigned a new rep due to our OCC complaint. (I don't know yet whether or not that is good news or bad.) Meanwhile, before knowing that bit of information, I sent our previous rep the following letter this morning:

This letter is in response to a letter we received on February 16, 2010 from your office, regarding our investor not participating in HAMP. We would like to thank you for taking the time to respond and give us a better understanding of our loan.

Since receipt of that letter, we have been researching our loan and believe our loan is part of WFMBS series 2006-10. We have read the Pooling and Servicing Agreement for 2006-10, between Wells Fargo, as the Servicer and the Master Servicer and the pool of investors, which has given us a better understanding of the limitations enforced. If our loan is not part of this series, please let us know.

Please understand, our financial hardship hit us very hard and we spent months depleting our reserves, running up our credit cards while waiting for assistance. Never in that time, were we told that assistance would not be available for our specific loan. When we were finally put on a trial forbearance, the rep specifically told me that everything was signed off and ready to be made permanent upon successful completion of payments. While we had been told several times, our investor is not participating in HAMP, we were never told our investor is not participating in permanent modifications.

The process has been extremely frustrating and our credit scores have suffered terribly. As I have mentioned several times in our phone conversations, we have long term financial goals and with our current salary, we can no longer afford to add principal to our payments. After reading and gaining more understanding of the restrictions placed on Wells Fargo as the Servicer in our loan, I would like to propose an amicable solution:
1-5 years interest rate reduction at 4.5% to include principal payments
6 yrs – 5%
7 yrs – 5.5%
8 yrs – 6%
9-30 – 6.375%

(From the records reviewed, loan number 0152621553 was temporarily modified similarly with a 3.625% interest rate.)

We believe a temporary modification like the one proposed will be sufficient to bridge the gap and allow us to keep our home. We would greatly appreciate serious consideration for a temporary modification.

I don't know what will happen, but I know that's our best shot at this point since they are completely prohibited to permanently modify the loan. (Wish us luck.)

I hope you will soon get the necessary information to research your loan and fully understand what is possible and what is not. Geez, I'm now back to blaming the HAMP PR, because they push like the banks are participating, however, the majority of loans fall into the MBS, which clearly restricts them from participating. Yet, the administration hasn't addressed that problem to the American people nor come up with a federal program allowing defaulted loans to be refinanced through the fed. Ugh.

I don't know if I should be hopeful about my letter. I tend to build myself up with hope just to land hard, face first.

Yeah its a roller coaster for sure. Some days you feel like you break ground then the next your blood is boiling for sure.
Anyways i just got me mail and got a yet another letter from HOmeq stating i was rejected for HAMP due to my investor does not participate. I will add this to the "pile" of rejections which is now 3 for HAMP and 1 for in-house. I will keep score for as long as i can. Anyways remember i asked for a QWR and was told last FRI I would get one this past week well instead they figured it was just easier to send me a rejection letter and not do what i asked. So i left YET another voice mail with my contact. Starting to think he is a waste of time. I need that info from the QWR so i can dig deeper like you did and present another email to WF.

Who did you sent the letter too ?

[stillhoping]

kjenkins - I sent the letter to the rep I've been dealing with, but she called me an hour later saying my file has been transferred to another rep because of my OCC complaint. Later in the day my new rep called to introduce herself, and I asked if she had my letter from this morning. She had it, but had to remind me that the outcome depends on a persons financials; so just because someone else in my pool received a 5 yr temp at 3.63%, doesn't mean we will. (???) I expressed how that makes sense, and that is why we specifically requested 4.5%; which in line with our financials needs.

If you've been told that your investor isn't participating in HAMP, I'd guess the original pooling and servicing agreement prohibits permanent mods, like ours. When it's broken up into pieces and groups of private investors, the agreement/contract is made at the time the loans are pooled together and sold. The investors in this case are not coming back to the bank and making a specific case NOT to participate, their original contract has language regarding defaults that specifically say the servicer cannot change the principal or the interest rate, or whatever guidelines they set up when the pool was originated (prior to HAMP). HAMP permanently modifies the loans to cap at todays rates, this is against the original PSA, therefore, against investor guidelines.

The PSA's can all be different, but if you're told they are not participating, most likely something in the structure of HAMP contradicts your loans PSA.

Funny enough, in todays mail, we received an application from WF for HAMP! This is the kind of stuff that makes everybody feel like they're losing their minds. I understand the crisis is overwhelming, but the banks have to pull their departments together and start communicating before calling and sending info to borrowers. The inconsistency is likely adding lighter fluid to a blazing fire.

[msm859]

stillhoping, how do you find out the PSA for a loan. I have Wells Fargo with Bank of America as the Investor.

[davephx]

If BofA is the investor its not a PSA issue. That is only for private securitized mortgages with zillions of investors buying up the pools.

[cahomeowner]

I agree sounds very fishy....hopeful it's legit and not just rumors. can anyone confirm this?

[stillhoping]

msm859 - It was a very long process, but I signed up for the ctslink.com (WF records) a while back. Then last week, after Davephx explained to me more about a letter I received from WF saying the loan was a MBS, I signed up for another website called: secinfo.com. (Between the two websites, I relentless, searched and pulled information, until I came across my loan number in a particular series of MBS.)

What had been throwing me off all this time, is WF told us that they are the investor, then tried to say it's more complicated and it's a group of investors. By then, I didn't believe a word they'd say. The MBS is under Wells Fargo (on the ctslink as the investor), but it is as Davephx mentioned a MBS.

Hope that helps. If you check out the ctslink, you'll want to select 'Bank of America' as the investor, then see what varies reports come up. It's quite confusing and by sheer luck and after a lot of time, I finally found the information.

[davephx]

So the confusion is a bank may say they are the investor when they really just securitised it into an MBS pool so they are more they underwriter selling the mortgages to "investors" but they (bank) is also called the investor, even though it doesn't have the mortgages, the investors in the pool own it... confusing.

But if its in an MBS pool you have the participation agreement to deal with.

[kjenkins7]

So the confusion is a bank may say they are the investor when they really just securitised it into an MBS pool so they are more they underwriter selling the mortgages to "investors" but they (bank) is also called the investor, even though it doesn't have the mortgages, the investors in the pool own it... confusing.

But if its in an MBS pool you have the participation agreement to deal with.

davephx/msm859/stillhoping

Or whoever has been following this tread. Why I suggest everyone get a qualified written request filled out and sent to there servicer now to get them to document everything from origination to now about your loan. THEN take this info to do the searches Stillhoping was saying to do to find out more about your series. Then go to OCC, Federal Reserve Board (whoever regulates the bank, in our case is WF). Get the investigation started. As everyone statd its confusing because the govt/banks advertise how HELP is on the way (HAMP, HOPE, loan mods in house etc) but really it depends on the "investor" and how its benifits there best interest. So have to dig much deeper than just assuming help is on the way. So far there are to many road blockes set up by these sneaky investors that help is more like denial at this point in there efforts to curve off this housing nightmaire.
I am still "waiting" on my QWR even though my servicer has skirted around getting it to me now like 2 weeks now. Rediculious.

Any one else get any new developments ??