My wellsforgo Loan

[kasiarasu]

I have a house loan serviced by wellsforgo and owned by B OF A. Two years back my loan got modified through NACA because I lost job for 6 months.They gave 2% interest rate for the present value for 30 yrs( My house is deeply underwater even now)and set aside rest of the loan without interest but balloon payment at the end of 30 yr.

Now I am trying for the PR because I definitely can not pay balloon payment which is around 200 K, the WF bank says I am not qualified because WF is not the lender.When I ask B of A, they say they don't have loan details because they are not serviced.

Please advice me what are the ways to get PR through AG settlement.

FYI -Citibank write off the whole set aside amount for my friend which is around 175000

[Evan Bedard]

It is definitely true both BofA and Wells Fargo are participating in the DOJ/mortgage settlement, but it seems that only those who have their mortgage serviced and owned by the same bank will be eligible. Here is some text from Wells Fargo website in regards to the qualifications of the program..

Q6: How will I know if I qualify for the modification program?
This particular expanded modification program, which begins March 1, is for qualified borrowers with:
• Financial hardship
• A first and/or second loan on their primary residence
• A loan that is owned and serviced by Wells Fargo — that means it is not an FHA, VA, Fannie Mae, or Freddie Mac loan, nor is it a loan owned by a private investor
Any further detail would be based on each customer’s loan status and financial situation, and dependent upon the completion of a review.
Keep in mind that there are other modification and/or payment assistance options available for customers whose loan is owned by entities other than Wells Fargo.

[Cat Damiano]

I have a house loan serviced by wellsforgo and owned by B OF A. Two years back my loan got modified through NACA because I lost job for 6 months.They gave 2% interest rate for the present value for 30 yrs( My house is deeply underwater even now)and set aside rest of the loan without interest but balloon payment at the end of 30 yr.

Now I am trying for the PR because I definitely can not pay balloon payment which is around 200 K, the WF bank says I am not qualified because WF is not the lender.When I ask B of A, they say they don't have loan details because they are not serviced.

Please advice me what are the ways to get PR through AG settlement.

FYI -Citibank write off the whole set aside amount for my friend which is around 175000

As Evan pointed out above, for WF the loan would have to be serviced and backed by them in order to be eligible. You can read through the actual consent judgement in the following link, they are on the right hand side under settlement documents;

Federal Government & Attorneys General reach landmark settlement with major banks | NationalMortgageSettlement


If you go to the top of the forum you can search for other members with WF servicer and BofA investor as a new thread asking for particular members to reply may get lost in the shuffle. This way you will see if there are any members with both.

Here is one thread of a members having similar issues;

National Mortgage Settlement - My experience