Wells Fargo ... A Little history. My original loan was with Wachovia and I was granted a modification back in 2009, I was told by Wells Fargo that the Modification expired this June. I started asking for some consideration for a modification in early April 2012. We are not or have not been past due . We were just getting by with the Wachovia Modification. My current 1st has a 6.63% and my second is 9.59%
My story Ö.we were given a single point of contact to work with at Wells Fargo and was supplying information as requested when asked. There always seemed to be one more piece of information needed and it just seemed like they were dragging the process out. Then on May 10th 2012 I was informed that I had a new single point of contact (so much for single point of contact).I was told that I qualified for the Hamp program and that we would have a offer no later than 30 days but most likely sooner. I again provided the requested information most of it already supplied to the 1st single point of contact and again there always was this call that they needed another piece of information or the underwriters needed some answers of some questions. I was told that all looked good and all the need documents were sent to be reviewed and we should here something soon! Needless to say the 30 days passed and I received a call informing me that the Hamp program was experiencing a delay but we should know something soon. Well on 7/20/2012 I received the phone call...Quote" the goverment approved a 3/8 Of one percent reduction on my cuuent 1st mortgage" This equates to less than $100.00 a month.....We waited over three months for this kind of offer!... and the offer is 6.25% on my 1st and absolutely nothing on the second and this is their best offer? At the rates the government is loaning money to the Wells doesnít 6.25% seem high.
There is a $1400.00 increase difference in the new monthly payment vs the Modified Wachovia payment. Our financial situation has not changed, If anything it has become tighter with now with two kids attending college. Our home is 50k underwater. I donít get it! Why would Wells Fargo not want to make it affordable for us to continue to make payments and stay in the house? I am being forced to make a decision to walk away!
Any suggestions? ..best way to make our exit?