Forebearance agreement

[Marlymar]

I have received a forebearance agreement on 12/23 to start makeing reduced payments of $870 the thing is my financials have changed I was hired back to work on 12/22 as of now I'am 3mo behind on payments I notified WF of this change and they told me to submit agreement anyway and send in check stub when I get one.I sumited my hardship letter and finacial doc's on 12/14 I used the LS template letter from this site . I was suprized on how fast they replied I do have a hud cert. counsler helping me .WF seems to be getting there act togther.I just wanted to let you all know my up dated situation and am open to all advice this site is AWSOME THANKS AND HAPPY HOLIDAYS TO ALL GOOD LUCK FROM MARLYMAR

[Marlymar]

To update I was laid off again in feb then rehired in june then hospitalized in july now recovered and working since sept each break in work I had to resubmit financials now oct 20 I have received a notice of defalt I have been In contact with my WF home preservation specialist and faxed all requiered docs I do not qualifiy for hamp my loan was refied in 2009. With my latest income I show a positive $260 after mortgage and expenses DO I HAVE A CHANCE FOR A MOD OR SHOULD I WALK . I owe $240,000 I am$80,000 underwater and $16,000 behind on payments it has been a year at this point I am not attached to keeping the house or walking .

[TomEason]

Marlymar

Thanks for your post.

Although I don't know your home's value, you might explore the possibility of a WF in-house mod. I recommend you visit this thread for help in that regard.

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

If they have no ideas for you, and the house is unaffordable, then I would advise walking.

Good luck to you.

[Marlymar]

THANKS for the reply TOM comps in my area have sold from 150,000 to 180,000.Iwill check out the thread

[Marlymar]

Good news on my mod I think? After receiving NOD Friday I was able to contact my Wells fargo preservation specialist she had me fax her my check stubs now that I am back to work since Sept 12,and told me she was sending my case to underwriting today for a Special Forbearance and a Loan Mod and that it would take 3 to 6 weeks to get an answer I am now 10 payments behind $17,000 I owe $240,000 and home value is 170,000 I did my part now lets see what happens . I will repost when I get any more news

[Marlymar]

Up date I have heard nothing from wells fargo on the modification docs wear sent oct. 21,2011 I have called my rep several times with no response nod was filed on oct. 17,2011 I have not received a sale date yet I suspect it will be comeing soon.

[Cat Damiano]

Hi Marlymar,


If you have not already done so, you may want to escalate your file to the executive team and also let them know that you are having trouble with the single point of contact that is assigned to your file, sometimes they quit or are let go and the homeowner is the last to know.

WF Executive Team
1-800-853-8516

[Marlymar]

Thanks Cat I will ecsculate if I don't get contacted this week. If I get a sale date when do I have to leave the property I am trying to be prepaired for all possibilities if the mod falls through?

[Cat Damiano]

You will have time to leave the property and the possibility to negotiate cash for keys as well if that were to happen.

[Marlymar]

Today I just got a paper taped to my door in 6 differant languages it reads - NOTICE OF SALE PURSUANT TO SECTION 2924.8 OF THE CIVIL CODE- Foreclosure process has begun on this property. Twenty days or more after the date of this notice,this property may be sold at foreclosure . If you are renting this property ,the new owner may eithergive you a new lease or rental agreement or provide you with a 60-day eviction notice. However ,other laws my prohibit an eviction in this circumstance or provide you with a longer notice before eviction . You may wish to contact a lawyer or your local legal aid or housing counseling agency to discuss any rights you may have. What is this it is not dated and it dose not say who it is from ?

[TomEason]

Marlymar

It's a statutorily required trustee sale notice posting. That Notice of Sale is originated by the trustee; the actual physical posting is done by a messenger. The same statute requires the trustee to run an ad in a local newspaper once a week for 3 consecutive weeks immediately preceding the sale date and to post the notice in a public place. Below is an excerpt from the statute.

"...notice of the sale thereof shall be given by posting a written notice of the time of sale and of the
street address and the specific place at the street address where the sale will be held, and describing the property to be sold, at least 20 days before the date of sale in one public place in the city where the property is to be sold, if the property is to be sold in a city, or, if not, then in one public place in the judicial district in which the property is to be sold, and publishing a copy once a week for three consecutive calendar weeks, the first publication to be at least 20 days before the date of sale, in a newspaper of general circulation published in the city in which the property or some part thereof is situated, if any part thereof is situated in a city, if not, then in a newspaper of general circulation published in the judicial district in which the property or some part thereof is situated..."

[Marlymar]

I now have a sale date of Feb, 24,2012 I was told by the wells fargo rep who resubmitted my mod request in Oct 2011 that she would postpone the sale date 10 days before the sale date but after several unanwsered phone calls to her she has not confirmed this. It looks like I am going to have to esculate to the executive team . I have been back to work since june 2011 working more hrs. makeing more money I dont understand the hold up this has been going on since sept 2010 in the mean while the amount I owe keeps going up I could of made payments 6mos ago I think they delay mods perposly to increase the amount I owe and not to mention ruin my credit I am tired of dealing with these RAT BASTARDS I would like to keep the house but know I am ready to just walk!! Advice NEEDED PLEASE

[Cat Damiano]

Marlymar,


You should definitely escalate to the executive team, here is the number;

1-800-853-8516

[Marlymar]

Update I was told by HPS for WF that sale date has been postponed and or frozen is there a way to verifiy this? It seems that when I left a voice mail to my HPS that I was esculating to exec team that she snaped to attention and finaly answered my call.

[TomEason]

Update I was told by HPS for WF that sale date has been postponed and or frozen is there a way to verifiy this? It seems that when I left a voice mail to my HPS that I was esculating to exec team that she snaped to attention and finaly answered my call.

You might visit the LPSASP site to confirm the sale has been postponed. I have frequently used that excellent and free site to view trustee sale calendars.

[Marlymar]

Update my loan mod is progressing I have just received a special forbearance agreement it is a 3mo. trial period with payments of $1600 mo. that is $100 less than my originale payment. I was told this would also be my mod payment after the trial is completed they are offering a 4.25% loan 1.25% lower than my orig. loan. I have accepted the agreement and start payments in April. I want to thank all the loan safe moderators who helped me get through this since Sep.2010 special thanks to MOE,CAT DAMIANO,TOM EASON . With out loan safe and the great people sharing there situations I doubt I would have got this far this site ROCKS.+

[Cat Damiano]

Hi Marlymar,


That is great news! Please keep us posted on how it goes throughout the trial.

[Marlymar]

Mod update I successfully completed the 3mo. trial forebearance agreement on June 1st and on June 25th I was approved for modification I accepted the terms 4.125% 30 yr.fixed on $260,000 orig.loan was 5.5% 30yr. fixed on $240,000 . I have been working for over a year now and could of been making payments since then but it is my opinion that Wells Fargo purposely drags out the process to add more principal to the loan my new payment is a little less than the orig. one so I am ok with that. I am just glad this 2yr. ordeal is finally coming to close and I can keep my home. I want to thank all that contribute to this site without all of your support I doubt I would have mad it this far, Sincerely MARLIN JOHNSON

[TomEason]

Hi Marlymar

Congratulations. It's gratifying to hear you've finally prevailed and received your permanent mod! Good luck to you.

[Cat Damiano]

Marlymar,



Congratulations!! That is really great news!!

[frank55]

Hi marlymar,

Did you have to resubmit paperwork after you made your third payment for the forbearance or did they just send you your modification paperwork after you made your third payment. I want to know because I just made my third payment on the forbearance plan and want to know if I am going to have to submit updated paperwork or should I expect my modification in the maail?

[Marlymar]

Hi Frank and no I did not have to resubmit paper work they just sent me the new mod agreement to sign 3 weeks after I made The 3rd payment good luck I hope your mod gets approved

[Marlymar]

Thanks for your help TOM and CAT