HAMP rejection letters from Wells Fargo 02/16

[Daisy Cutter]

Some people have asked what a HAMP rejection letter looks like. I have received 2 HAMP rejection letters from Wells for a property I am tying to modify. I knew I was not eligible for HAMP, but obviously they tried to run it through anyway. I might be in the OOP at Wells Fargo for this - not really sure- because of some activity that occurred with some other accts.

I got one rejection dated 2.16 and another exact same letter 2.18, these are on Wells letterhead. Both signature stamped by Ben Windust Sr VP. I scanned it through my optical reader so the formatting is not good but this is the text.

If anybody can see anything different about these 2 letters let me know!

FIRST rejection===========================

Page 1 of "2
WELLS FARGO HOME MORTGAGE RETURN MAIL OPERATIONS
PO BOX 10368
DES MOINES IA 50306-0368
February 16, 2010

008711 1 AT 0.357 04135100871 l/007151 0035 2AGNEW1
Jane Doe (me)
123 Nowhere Street
Santa Clara CA
11111111.1.11111111111111n111111111n11nII1uI,nlilu IlI Ill II
Account Information
Online: you rwel lsfargomortgage. com
Fax: (866) 278-1179
Telephone: (800) 416-1472
Correspondence: PO Box 10335
Des Moines, IA 50306
ours of Operation: Mon - Fri, 8 AM - 11 PM
Sat, 9AM-3 PM ET
Loan Number: 123456
Property Address: 456 Maple St
Santa Clara CA 12345

RE: Decision on your request for mortgage assistance

Dear Jane Doe:

We're writing to provide you with the results of our efforts to find a solution that might help with the mortgage payment challenges you're facing.

Decision on the Home Affordable Modification Program
Unfortunately, after carefully reviewing the information you've provided, we are unable to adjust the terms of your mortgage through the Home Affordable Modification Program because you are current on your mortgage loan and after reviewing the financial information you provided us we have determined that you are not at risk of default because you have sufficient new income to pay your current mortgage payment.

We will review your loan for alternative loss mitigation solutions and notify you separately of the results of that review. You may contact us at the number listed in the account information section if you wish to discuss any of these solutions.

Additional assistance is available
If monthly expenses other than your mortgage payment are creating part of your financial strain, we encourage you to contact a HUD-approved, non-profit, community based Credit Counseling agency who can work with you, at no charge, to lower your monthly payments. You can find a local agency by calling (800) 569-4287 or call the HOPE Hotline Number at (888) 995-HOPE. A counselor will work closely with you, take your financial circumstances into consideration, create a budget plan that may work for you and provide assistance in understanding the Borrower Notice by asking for Making Home Affordable HELP.

Be sure you avoid anyone who asks for a fee for counseling or a loan modification, or asks you to sign over the deed to your home, or to make your mortgage payments to anyone other than Wells Fargo Home Mortgage.
Together we'll go far

2nd Rejection letter=====================================

WELLS FARGO HOME MORTGAGE RETURN MAIL OPERATIONS
PO BOX 10368
DES MOINES IA 50306-0368
February 18, 2010

006063 1 AB 0.360 01164/006063/001834 0029 2 AGNEWF
Jane Doe (me)
123 Nowhere st
Santa Clara CA

Account Information
Online: yourwelisfargomortgage.com
Fax: (866) 278-1179
Telephone: (800) 416-1472
Correspondence: PO Box 10335
Des Moines, IA 50306
ours of Operation: Mon - Fri, 8 AM - 11 PM
Sat, 9AM-3PMET
Loan Number: 12345678
Property Address: 123 Maple St
San Jose CA 12345

RE: Decision on your request-for mortgage assistance

Dear Jane Doe:

We're writing to provide you with the results of our efforts to find a solution that might help with the mortgage payment challenges you're facing.

Decision on the Home Affordable Modification Program

Unfortunately, after carefully reviewing the information you've provided, we are unable to adjust the terms of your mortgage through the Home Affordable Modification Program because you are current on your mortgage loan and after reviewing the financial information you provided us we have determined that you are not at risk of default because you have sufficient new income to pay your current mortgage payment.

We will review your loan for alternative loss mitigation solutions and notify you separately of the results of that review. You may contact us at the number listed in the account information section if you wish to discuss any of these solutions.

Additional assistance is available
If monthly expenses other than your mortgage payment are creating part of your financial strain, we encourage you to contact a HUD-approved, non-profit,-community based Credit Counseling agency who can work with you, at no bhargeto lower your monthly payments. You can find a local agency by calling (800) 569-4287 or call the HOPE Hotline Number at (888) 995-HOPE. A counselor will work closely with you, take your financial circumstances into consideration, create a budget plan that may work for you and provide assistance in understanding the Borrower Notice by asking for Making Home Affordable HELP.

Be sure you avoid anyone who asks for a fee for counseling or a loan modification, or asks you to sign over the deed to your home, or to make your mortgage payments to anyone other than Wells Fargo Home Mortgage.
Together we'll go far

10111 11II 1111 FI 011101111111100 hF DID II11 II11 II11 II11 II Ii *
006063/001634 AGNEWF S2-ET-M1-0002
Page 2 of 2
Account Information
Loan Number: 12345676
Property Address:123 Maple St
Santa Clara CA 12345

If you have any questions about the decision we've made on your mortgage request, please call a Wells Fargo Home Mortgage representative today at the number listed in the account information section. We'd also like to hear from you if any of your circumstances have changed, or if you can provide us with additional information for consideration.

Sincerely,
Ben Windust
Senior Vice President
Wells Fargo Home 1 Mortgage

This communication is an attempt to collect a debt and any information obtained will be used for that purpose. However, if you have received a discharge of this debt in bankruptcy or are currently in a bankruptcy case, this notice is not intended as an attempt to collect a debt and, this company has a security interest in the property and will only exercise its rights as against the property.
With respect to those loans in the state of California, the state Rosenthal Fair Debt Collection Practices Act and the Federal Fair Debt Collection Practices Act require that, except under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They may not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or misleading statements or call you at work if they know or have reason to know that you may not receive personal calls at work. For the most part, collectors may not tell another person, other than your attorney or spouse, about your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more information about debt collection activities, you may contact the Federal Trade Commission at 1-877-FTC-HELP or www.ftc.gov.
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, *** or marital status, or age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is Office of the Comptroller of the Currency, Customer Assistance Group, 1301 McKinney Street, Suite 3450, Houston, TX 77010-9050.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N A ©2009 Wells Fargo Bank, N A All rights reserved.
~ I 11111 DhI DIE El IIID III III DIII DII II II II El II *

[Evan Bedard]

Thank you for sharing this Daisy Cutter.

[mikedonovan85]

>we are unable to adjust the terms of your mortgage through the Home Affordable Modification Program because you are current on your mortgage loan and after reviewing the financial information you provided us we have determined that you are not at risk of default because

I am being reviewed by OOP as HAMP solutions got involved and im a case in their system. the OOP generally is not talking to me even though i ask to be contacted which i find strange. the loan processor refuses to talk to me, the OOP exec doesnt return my calls. they say there is some stuff in the mail from the processor/exec person. i have not received anything after 5 days. I know they were considering HAMP.

in my case, I am in default as im over 60 days, so im wondering what excuse my letter will state. I rand the NPV calculator at the HAMP site and it comes out positive if i use a realistic BPO. i have a 2/2 house, though it is incorrectly listed in the county as a 3/2 and in san jose, thats a massive 100's of K type difference. i suspect they will come back saying its BPO was high and npv failed as another excuse. Can I appeal and get my own BPO done , a walk in. Added to my pricing is the fact is there is NO garange, and that is 25-30K alone here. I suspect the outstanding loan is almost the same as the BPO. however, i have 2-3 payments behind and also 5K in escrow, so im assuming that these are also costs to the foreclosure. I really want to fight them as prices are moving down and i fit all the other requirements. they really will loose on my house, im almost 100% sure. the BPO wont be sold for that price and there is attorney fees, etc...

so i am in default 60 days and i may need to dispute heavily their rejection. Does default this far help get into HAMP ? and what about disputing the BPO as i know the games that they will try ?

[Cat Damiano]

For the value there are steps that they take, it may be difficult to disput the value. What you may need to do is to have a real estate agent put together a CMA (comparative market value) or you can pay for an appraisal of the property, but unfortunately it may not help.

6.8 Property Valuation

Servicers must obtain an assessment of the current value of the property securing the mortgageloan being evaluated for HAMP. Servicers may use either an automated valuation model (AVM),provided that the AVM renders a reliable confidence score, a broker’s price opinion (BPO) or anappraisal. Confidence scores deemed reasonable by bank examiners are also consideredreasonable for purposes of this program. A servicer may use an AVM provided by one of theGSEs. As an alternative, servicers may rely on their internal AVM provided that:



The servicer is subject to supervision by a Federal regulatory agency;



The servicer’s primary Federal regulatory agency has reviewed the model; and



The AVM renders a reliable confidence score.If a GSE AVM or the servicer AVM is unable to render a value with a reliable confidence score,the servicer must obtain an assessment of the property value utilizing a BPO, an appraisal or aproperty valuation method acceptable to the servicer’s Federal regulatory supervisor. Suchassessment must be rendered in accordance with the Interagency Appraisal and EvaluationGuidelines (as if such guidelines apply to loan modifications). In all cases, the property valuationused cannot be more than 90 days old as of the date the servicer first evaluates the borrower fora TPP using the NPV model. The information will remain valid for the duration of the TPP anddoes not need to be updated for any subsequent NPV evaluation. Servicers should followregulatory and investor guidance when selecting the appropriate valuation method to determinethe mark-to-market value of the property and use this value for both the NPV model and the PRAmark-to-market LTV ratio calculation.Treasury does not provide any reimbursement for property valuations. Servicers should review

investor guidelines to determine the applicable property valuation reimbursement policy.