Loan Mod Denied

[liwa16]

I have been in this process since November 2009.
I was pre-aproved on January 2010 starting my trial payments on February 2010.
Since then I have been calling every other week and my file was all the time in "REVIEW".
And last Friday I received a call from customer service to let me know that I was not aproved for the Loan Mod, but Wells fargo was trying to do an In House Mod and file was still in "REVIEW".
I asked the reason Why I did not qualified, but the rep couldn't tell, she said that they mailed a letter regular mail with more information.
Has anyone been approved on an "in House" by Wells Fargo. Are rates at list less than 5%???
Is this process going to take also more than 6 months????

I will appreciate any information.

Thanks,

[MSHCPC]

Liwa16, I was approved for the in house modification by Wells Fargo. As for the rates being listed than 5%, I am not sure. My rate was lowered to 5% but the terms are favorable. They rolled all the past due amounts and escrow shortage into my loan modification. My payment got lowered by 300 dollars give or take. The process did not take long for me.....I started the trial period for in house mod May 2010. Trial payments done June, July, August. Received permanent mod loan agreement on August 19th to sign and first payment due Nov. 1st.

Good luck!!!

[liwa16]

Hi MSHCPC,

Did they offer you a 30 year fixed rate??????

[MSHCPC]

Hi MSHCPC,

Did they offer you a 30 year fixed rate??????

Yes they did. My original mortgage was on 30 years fixed rate so I do not know about those with APR or interest only mortgages.

[liwa16]

Yesterday I received the denial letter, and I noticed that they have income incorrect, I called the rep and he told me that I have to send again check stubs, bank statements, hardship letter, and financial sheet.
Does any one know how long is the process when disputing Bank's decision????
Are they going to take another 9 months to review again my information????