Wells Fargo Loan, B of A Investor - Denied Mod several times - in active13 BK... Help?

[Meagan G]

Hi,
I have an adjustable rate mortgage with Wells Fargo that has been adjusting annually since 2009. We have applied for a loan modification and been denied 3 times, last time was in 2009. We are in active Chapter 13 BK and have never missed a payment on our loan (we cannot while in BK or it will dismiss our case) I'm getting ready to apply again.. I know the process has changed some since 2009 and would appreciate any advice/guidance available out there. The first time I received a denial letter it simply stated, "does not qualify for HAMP" second time was "Not allowed by investor". Each time I applied I noticed the financial/monthly information I provided did not match the actual numbers WF was using to "qualify" us for a modification. We have an equity line that is being stripped/included in our Bankruptcy as well. A few questions - has anyone recieved a loan mod from wells while in active Chapter 13 BK? or without missing payments? With B of A as the investor? Our payment has not increased at any adjustment, but will eventually which is why we are asking for the modification, we just want a fixed rate. I don't know exactly what the value of our home is but it's probably equal to or a little less than our loan amount. Our incomes have decreased significantly since purchasing our home in 2006 due to slowing of business and economy. We have no savings but also no debt due to BK - only what we pay for our house - mtg, tax, ins. I've also heard a few different opinions on how much defecit/surplus monthly is key to being approved. Any help/advise/guidance is much appreciated!! Thank you.

[Cat Damiano]

Hi Meagan,


If you are still going through the process of bk, shouldn't the attorney be able to help you with the restructure of your loan through the courts? I have seen members receive a modification from the trustee in a bk 13 case where the attorney helps them.

HAMP Approval Success while in Chapter 13 Bankruptcy (Aurora Home Loans)



In your initial thread about this same question, a member who had been through a bk 7 and received a mod had been helping;

Wells Fargo loan modification allowable during Chapter 13 Bankruptcy?

[Meagan G]

Cat,

Thank you for providing a response and the links. I will read the information. We filed in 2009, hopefully our Attorney can assist us with the modification although we have already structured our plan.

Respectfully,
Meagan

[Cat Damiano]

Since you are still in the bk process, it would be the attorney who would need to help you with the process unless you ask WF's BK dept. if they can help you with beginning the process, maybe they can too.