Still Trying for Loan Modification with Wells Fargo

[frankie]

Well I have been trying since November for a loan mod with Wells. I found out Monday that all docs are in and they will let me know their decision by this Tuesday. I am very scared although I am not currently late on my mortgage I have barely been scrapping by.I noticed that Wells recently paid my hazard insurance and I am wondering if that means they might be giving me the mod? I called to ask them and they said the bill was due so they paid it but I had already paid the first payment so the bill was not due? They told me if they do not approve the mod that I will have to pay them back for the ins payment. Has anyone had their insurance paid and not been given the modication?

[Evan Bedard]

Hello Frankie,

It is quite common for the lender to pay your insurance dues or taxes for you when pursuing a modification. This is a good sign but we all know loan mods are never really guaranteed. Things are sounding good though and I hope you are approved for the mod on Tuesday!

Good luck and keep us posted!

[frankie]

Evan
Thanks for your reply I too hope for good news! I was just surprised they the insurance was paid when I had already made a payment. Fingers toes and eyes crossed until Tuesday! Thanks

[msdjsd]

Wells Fargo will never even consider a loan mod if you are current, they say they will but I was rejected twice

[brandoncheah]

Wells Fargo will never even consider a loan mod if you are current, they say they will but I was rejected twice

I 2nd that...im going on 3 months late now and just waiting for them to send the NOD...they arent getting another penny out of me until they help me....its so ridiculous we have to go through this just so we can be considered for help....put yourself in their shoes....Why would you want to help someone that is current and making every last effort to be on time? What incentive do they have to help you?

Ive come to the conclusion that my credit will take a hit and am willing to walk away from the house.....however, im pretty confident that once they see the missed payments, the phone calls will start coming with a 'stay in home' plan.

[frankie]

What was there reason for not approving you? I thouhgt that the Hamp guidlines state you can qualify even if you are current?

[suzeegb]

Wells Fargo will never even consider a loan mod if you are current, they say they will but I was rejected
twice

Sorry to hear that you were rejected.

But they do occasionally work out a mod - we are current and they considered us and came up with a $300 reduction in what we have to pay, how they got to that number I have no idea, as they said there are no changes to the terms - we are supposed to be starting the trial period for 3 months on July 1st - still not sure if to take it or not, as I am now waiting to hear back from someone else at WF, to see if we can get in on the Attorney General Settlement - we apparently qualify, and our application is with underwriting at the moment.

[brandoncheah]

What was there reason for not approving you? I thouhgt that the Hamp guidlines state you can qualify even if you are current?

'HAMP' guidelines say you can qualify of course....however, the banks are so greedy that they want to squeeze every penny out of you before they even 'consider' you for a mod.

They have no incentive to want to help you out if you are current, that shows no 'hardship' if you can make the monthly payments, they dont care if you have to beg, borrow, or steal....you are still current.

[Evan Bedard]

Well I do not disagree it is much harder to achieve a loan modification while current, it is most definitely possible to do so like suzzegb above has and dozens of others who have joined the forum over the years.. But we all know loan mods are never guaranteed and even two people in the same exact situation will most likely get different results from their lender..

[frankie]

Update: Still waiting to hear back from Wells I was told they would have an answer on Tuesday but today I called and asked for an update since I have been unable to reach my loan preservation specialist to be told they are still reviewing it! The wait is killing me but still trying to stay positive

[Bradyw]

Update: Still waiting to hear back from Wells I was told they would have an answer on Tuesday but today I called and asked for an update since I have been unable to reach my loan preservation specialist to be told they are still reviewing it! The wait is killing me but still trying to stay positive

I hope that WF works faster than Chase. I started the process March 1 and didn't get to UW until May 28. Was told it would take 15 to 20 days. Today is the 20th day. I've called three times this week and was told twice it was in final review and I should hear something by today (this from the executive office, not my rep, because she refuses to tell me anything at all. What the h is the big secret?? Everytime they tell me that they appreciate my business, I say "No, it's obvious that you don't." I've asked what the holdup could possibly be, since it's a simple file to underwrite. Just keep getting stonewalled. I'm sure it's just sitting on some bozo's desk. It is maddening, what they put you through. Today I requested that my rep be changed for the fourth time, because I can't stand talking to her. She sounds like a robot, talks in this sing-song voice. Cannot stand it. I told the executive office to please get me someone who will at least pretend to be my advocate instead of my adversary. I don't know if they're waiting to see if I miss the second payment, since that would probably change things slightly, or what they're doing. Well, at least I got to rant, even though nobody will probably read this!

[Evan Bedard]

I hope that WF works faster than Chase. I started the process March 1 and didn't get to UW until May 28. Was told it would take 15 to 20 days. Today is the 20th day. I've called three times this week and was told twice it was in final review and I should hear something by today (this from the executive office, not my rep, because she refuses to tell me anything at all. What the h is the big secret?? Everytime they tell me that they appreciate my business, I say "No, it's obvious that you don't." I've asked what the holdup could possibly be, since it's a simple file to underwrite. Just keep getting stonewalled. I'm sure it's just sitting on some bozo's desk. It is maddening, what they put you through. Today I requested that my rep be changed for the fourth time, because I can't stand talking to her.

Unfortunately, these servicers are still very overwhelmed with modification requests and some underwriters from my understanding have dozens, if not a 100+ files on each desk they are working on. Usually it takes about 30-60 days for a file to pass underwriting.

[Bradyw]

Unfortunately, these servicers are still very overwhelmed with modification requests and some underwriters from my understanding have dozens, if not a 100+ files on each desk they are working on. Usually it takes about 30-60 days for a file to pass underwriting.

Well, then, they shouldn't tell the borrower that it takes 15 to 20 days, and that you should hear something by Friday (today). And what's the big secret, that they can't give you some idea of what program they're aiming for? If it's in final review, which I was told twice this week, that means they've arrived at something, or else they're denying it. It's just all part of the game they play.

[frankie]

Well got an update ..... denied for hamp due to NVP not sure how since we ran numbers and clearly qualified...Also they stated it was due to a new rule that came out and the way in which you can qualify. He said that they just updated their software with the new info and we were denied. I asked if I could reapply he said we would just get denied again. They said they tried for an in house mod and said we do not qualify because we are current. Now what can we do this has been a year long process oh and the kicked they Pd my hazard insurance and are demeaning we pay them now in full. Yeah right not going to happen I can barley pay my mortgage plus my hazard ins was paid until August. So not sure why they paid in advance????? Any advise

[Evan Bedard]

Well, then, they shouldn't tell the borrower that it takes 15 to 20 days, and that you should hear something by Friday (today). And what's the big secret, that they can't give you some idea of what program they're aiming for? If it's in final review, which I was told twice this week, that means they've arrived at something, or else they're denying it. It's just all part of the game they play.

I definitely understand where you are coming from and it is very ridiculous how they will make borrowers jump though hoops to achieve a modification and do not really have any specific information or details about the loan they can give you until the process is complete. Most servicers are doing a much better job processing accounts then they were two years ago when it could easily take 1-2 years before they made a decision..

[Evan Bedard]

Well got an update ..... denied for hamp due to NVP not sure how since we ran numbers and clearly qualified...Also they stated it was due to a new rule that came out and the way in which you can qualify. He said that they just updated their software with the new info and we were denied. I asked if I could reapply he said we would just get denied again. They said they tried for an in house mod and said we do not qualify because we are current. Now what can we do this has been a year long process oh and the kicked they Pd my hazard insurance and are demeaning we pay them now in full. Yeah right not going to happen I can barley pay my mortgage plus my hazard ins was paid until August. So not sure why they paid in advance????? Any advise

It is not uncommon for the lender to step in and pay your insurance when your account is being processed for a loan modification. In regards to the in-house modification it is not true that you must be in default in order to qualify for assistance and I would reapply as soon as possible, just not through the same person you have been dealing with. Here are some executive contacts you can use that should be able to get your account back in play and assigned to a new rep in a timely matter..

Executive Specialist, Office of the President
Wells Fargo Home Mortgage
MAC X2302-02J
1 Home Campus
Des Moines, IA 50328
PH: 515.324.5925
PH: 800.853.8516, ext. 45925
FX: 866.972.0924
Jennifer.N.Booth@Wellsfargo.com

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

[frankie]

I was already with the escalation department? I was told that they changed the way they can calculate the NPV and thats why now I do not qualify for Hamp? As for in houseyes he told me that I had to be behind in order to qualify for an in house mod.

Not sure what to do?

[frankie]

Evan I received my denial stating that I was denied due to negative net present value for a hamper mod but they did not give me the hamper denial with calculations? It was just on wells letterhead thanking me for my time and stating that I was denied and should try to contact the refit Dept don't they have to provide the hamper denial?