Accepted Loan Mod - Now What?

[mickie]

After working with ASC for a year, I spoke with an Executive Mortgage Specialist two weeks ago. I returned the packet and within another week was approved for a private loan modification. I received the loan modification agreement on October 19, 2010. Signed, notarized and returned it on October 20. It was received and signed for by Wells Fargo on October 21.

According to the terms of the modification agreement, I won't have to make a payment until January 1, 2011.

I have not been able to speak directly to the mortgage specialist I have been dealing with, although I have called the executive offices twice to make sure everything is in order. I was told of course that it would take time for the docs to be scanned into the system. In reading this forum, however, I'm now paranoid that what I thought was a "done deal" can still fall apart, even though I've done everything I was asked to do.

Please advise. Is it safe to assume that all is well since the documents were returned with my signature and received within the 10 day period allowed? Should I go ahead and make my November 1 payment just to be safe?

[Evan Bedard]

Please advise. Is it safe to assume that all is well since the documents were returned with my signature and received within the 10 day period allowed? Should I go ahead and make my November 1 payment just to be safe?

Welcome and thank you for joining.

I would not assume everything is a done deal until your account is updated with the new terms you have been offered. Also, it is crucial that you make the payment by the due date listed on the mod agreement. Making your first modified payment early/late could cause them to cancel the modification.

It is very common for the person assigned to your account to stop picking up your calls or responding after a decision has been made, but it is very important you verify everything is in order and the first payment is indeed in Jan. Personally I would send an email to everyone on the list below to bring attention to your account as this is very time sensitive.

cara.k.heiden@wellsfargo.com; CEO, Co-President WFHM

mike.heid@wellsfargo.com; Co-President WFHM

jerald.banwart@wellsfargo.com; SVP WFHM

mary.coffin@wellsfargo.com; VP WFHM

sharon.cecil@wellsfargo.com; Assistant to Mary Coffin

todd.m.boothroyd@wellsfargo.com; General Counsel WFHM

BoardCommunications@wellsfargo.com; Board of Directors, WF

John.G.Stumpf@wellsfargo.com; CEO, WellsFargo

Howard.I.Atkins@wellsfargo.com; CFO, WellsFargo

James.M.Strother@wellsfargo.com; EVP and General Counsel, WF

Richard.D.Levy@wellsfargo.com; EVP and Controller, WellsFargo

Mark.C.Oman@wellsfargo.com; EVP, WellsFargo

David.A.Hoyt@wellsfargo.com; EVP, WellsFargo

Matthew.Heil@wellsfargo.com; Office of Presidential Communication
515-324-2360 Matt Heil's Direct Line

Sharon Cecil, Manager (sharon.cecil@wellsfargo.com)
515-524-2416 Sharon Cecil Direct Line

WELLSFARGO HOME MORTGAGE
Presidential Executive Communications Office
MAC X2302-02J800 S Jordan Creek Pkwy
West Des Moines, IA 50266
515-324-3130
515-524-2417 Fax

Rick Kephart, Team Lead
rick.kephart2@wellsfargo.com

[mickie]

Thanks for your post, Evan. I just spoke with Sonya in the Executive Offices. She verified that the documents were received and sent to the settlement department on Monday, and that the settlement process takes a while - could be a month, could be 3 months. She also said that my next payment is due on January 1, just as the mod docs state. Do you think that is confirmation enough?

[Evan Bedard]

That is great news that what she said reflected the modification. I would confirm this with several more reps just to be absolutely certain..

[Liberty]

Thanks for your post, Evan. I just spoke with Sonya in the Executive Offices. She verified that the documents were received and sent to the settlement department on Monday, and that the settlement process takes a while - could be a month, could be 3 months. She also said that my next payment is due on January 1, just as the mod docs state. Do you think that is confirmation enough?

It has to be in writing to be enough.
Many states have a statute of frauds provision that expressly prohibits verbal agreements from having standing in law.

This is what I learned the hard way.

[evel1999]

As long as you have the Loan Modification in writing stating the next payment is due in Jan 2011 you will be ok. It does take them that long to update the system.

I was one of the first to tell my story on this site in 2007, when I was in the process trying to get a loan modification from ASC/aka Wells Fargo.

Like you, I did receive my Modification in the mail. I did sign it and got it back to them. My first payment was due 1-2008. I have now been paying my payments for 3 years.

So yes, Modifications do work!

I did file bankruptcy in June 2008, after the modification Jan 2008, as I was very upside down and they would not reduce my principal, and at the time I had debts too, so the bankruptcy discharged my debts and also released me from this upside down loan. I did not reaffir the debt, but I continue to pay my payments, and all have been fine for me with the loan modification.

So save your money or pay other bills the next few months till your Jan payment is due. This break helps us get back on our feet after all the stress trying to get a Loan Modification has caused.

Good to see some folks are still able to get help. I know I appreciated being able to save my home.

Evel1999

[tamika256]

I have a loan with ASC/Wells fargo. I want to apply for HAMP. May I ask who you sent your paperwork too...ASC or Wells fargo

[Enchanted]

Mickie, has your loan modification been filed yet? Mine was approved before yours and still has not been filed and I continue to have issues with ASC getting these papers to settle. It's been 4 months now.