Throwing Hands Up in CA

[MaBear]

First, I'd like to express my gratitude for this site and the wealth of knowlege available here. I've been reading and educating myself here for several months. After getting the run-around, in frustration, I sent the following letter to all the WF Executive Contacts shared on this site.

We are among that group of homeowners the FederalGovernment sought to help when it expanded HAMP qualification criteria in Juneof this year. Despite clearly definedqualification guidelines (which we meet); WF has answered our requests formortgage assistance with false hope, resistance, misinformation, incooperation,and ultimately blanket denials. There seems to be an overall pervasive policyof non-compliance to HAMP at work. WFwritten communications to us include: 10/2009 Request Denied “Investor Declined”5/29/2012 RequestDenied “Payment Affordable” 6/12/2012 Request Denied“Investor Declined”Written appeals dated 6/19/2012 and 6/24/2012 have gone unacknowledged and unanswered despite a defined appealsprocess in the guidelines. Follow-upphone calls proved fruitless.According to HAMP guidelines, a denial based on low mortgagedebt to income ratio was improper. Theratio was miscalculated. A PITI paymentwas not used in the equation. Our mortgage debt to income ratio is 33% andwithin guidelines for assistance. Consideration of second mortgage brings ratioto 45%. A denial based on non delinquency is outside ofprogram guidelines. A denial based on declination of investor ismisleading and nonfactual when the loan is securitized in a Trust administeredby WF. Our mortgage is securitized inthe MASTR Asset Backed Securities Trust 2006-3. According to SEC filings, Prospectus, and MERS Servicer ID, U.S Bank isTrustee. WF is the Master Servicer, and Administratorof this Trust. As such, WF has the authority to modify loanswithin the Trust. In a letter dated, July 12, 2012, xx in your Written Correspondence Departmentwrote “The pool of loans is managed on behalf of the investors by Citibank,N.A.” I can find no documentation and/or filings indicating a change inTrustee. All I have is WF’sstatement despite evidence to the contrary. Today, a call to the Executive Complaints Dept resultedin a long awaited return phone call from Home Preservation Specialist xx. xx said, she can nolonger help us or reopen our case because Citibank, the “investor,” does notparticipate in HAMP; apparently there are no other retention options. Apparentlythe “investor” does allow modifications as the WF Monthly Report to certificateholders clearly documents, in detail, the modifications of loans in this Trust. Resistance. Misinformation. Incooperation. Untruths! Why? Please, I don’t need another form letter sayingprograms are available to help.

[Evan Bedard]

Welcome and thanks for joining the community.

I applaud you for doing extensive research in regards to the HAMP program and you seem to know the process very well. This is an excellent letter you have written and hopefully you will get a response back from WF executive department in a timely matter.

You definitely will want stick around this forum and feel free to join other discussions. Most everyone here is a homeowner just like you and going through the same things.

[MaBear]

Welcome and thanks for joining the community.

I applaud you for doing extensive research in regards to the HAMP program and you seem to know the process very well. This is an excellent letter you have written and hopefully you will get a response back from WF executive department in a timely matter.

You definitely will want stick around this forum and feel free to join other discussions. Most everyone here is a homeowner just like you and going through the same things.

No, thank you! All the info on how to conduct the research was found here. I'll post any response from WF and will definitely stay connected to the forum.

[Evan Bedard]

Awesome I'm so glad you have found the information you need here on Loansafe:-) I and many others here will be happy to help you anyway we can throughout the process.

Good luck!

[MaBear]

Received a call today to inform us the case is underview by the Office of the President. Was current, then missed payments in June and July and intend to send payment in August. Phone rep recommended not sending in Aug payment until review is concluded. I've read horror stories here from community members who followed this type of direction from the bank to thier detriment. Can anyone tell me if sending Aug payment could negatively impact the process?

[Evan Bedard]

Received a call today to inform us the case is underview by the Office of the President. Was current, then missed payments in June and July and intend to send payment in August. Phone rep recommended not sending in Aug payment until review is concluded. I've read horror stories here from community members who followed this type of direction from the bank to thier detriment. Can anyone tell me if sending Aug payment could negatively impact the process?

No this should not negatively impact the process. Be aware that if you fall more than 3 months behind on payments they are no longer going to apply any money to your account unless it is the entire past due amount along with any late fees you have acquired. So if you did make a single payment after 3 months it will be held in a suspense account until your situation has been resolved..