So, here is my story in a nutshell.
Originally applied for Hamp in Dec 2009. Made all 3 trial payments timely. Was denied in May for having excessive reserves, which happened to be a simple placement error on my financial worksheet. I corrected the very next day, but alas no dice. I was then moved to L&M for in house solutions, even though I was wrongly denied for Hamp. In August, I was denied an in-house modification for having too much of a deficit. This after several attempts of having them actually calculate my income/expenses correctly. I don't think they even look at my numbers. They basically insert whatever numbers they feel are appropriate in order to look more favorable to them, creating a major disadvantage to me. I'm not sure if anyone else is experiencing this, but they absolutely do not calculate income/expenses correctly. I work a second job that involves tips/commission, which they conveniently decide to exclude from my monthly income. Furthermore, instead of using my expenses for food, etc they use national avg figures and use outdated credit report information, even though I have repeatedly faxed documentation to support lower monthly credit card payments.
Finally, after receiving two denials, I receive an acceleration letter demanding arrears be paid in full by 9/1/10, which I refuse to pay. I contacted the OOP, thinking this may be my final shot at resolving these issues, and explained how my income/expenses are being egregiously miscalculated . The OOP rep was practically impossible to reach and never returned any phone calls. Even though I was told I would have an answer within 3 days, I was finally informed 3 weeks letter with another denial letter. Only this time, they actually DOUBLED the amount of my alleged monthly deficit, even though my financials reflect a small surplus. Needless to say, the OOP rep was worthless.
So, basically after not returning phone calls to L&M and refusing to pay arrears or make any payments at all, my PMI company contacts me to inquire about my situation and proceeds to conference call Wells Fargo. I was asked by Wells if I could afford to make a down payment on the arrears, and that if I did I would be prequalified for a loan mod. I informed the rep I could not pay the arrears, but I agreed to go ahead and make a full monthly payment for Oct. Suddenly, the rep informs me that foreclosure proceedings have been stopped and requests that I submit all updated documentation. Even though I was shocked they would accept a regular monthly payment given that I am several payments behind, I at least find it encouraging. The rep was asking questions that I have never been asked before, which literally involves several hundred phone calls. So, it sounds as if maybe my PMI company is taking the initiative in trying to collaborate with Wells to reach a resolution and avoid foreclosure? I was formally notified two months ago of acceleration and notice of default, so I clearly expected to be served with foreclosure notices, but yet I have received nothing. Only received an envelope requesting updated financials, etc. Trying not to get my hopes up too high, but at the same time trying to remain cautiously optimistic.
Does anyone else have any similar experiences they can relate to?
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