Mod denied WELLS FARGO

**cobian** · 08-01-2012, 02:53 PM

I started my modification in 04-2012 with WELLS FARGO. I received a letter on 06-25-12 that stated, I no longer wanted to continue with modification. I called my HPS, no answer left message. The next day I received another letter which, that I was denied no reason specified on letter received. However I called my HPS and I asked her about both letter. She stated the the first one was a mistake but, I was denied do to surplus income. One of the paystubs I submitted to them had more income because, I had worked 3 hrs over time and they based my gross income with that one. Also on my hardship letter I stated that, since the father of my children had moved out of the house, my family had been helping me out. I was never asked how much I was been helping with. She stated that I could request a review which, I immediatly did. I faxed over current paystubs and another hardship letter. I waited couple of days, and called to inquire if my fax was received. I spoke with customer srvs rep. she informed me that my fax was received, and that she would send an email to my HPS to review my documents. She stated that I would get a call if anything else was needed from me. I called several times after that to speak with HPS, left her many messages. Never received call back. I called again did not leave a message for my HPS, instead I spoke wtih customer srvs rep. She asked me if I had requested to cancel my request, I could not believe was she was asking me. I replied to her that I had never requested to cancel anything. She stated that it must be a misunderstanding. She also informed that a mod takes 6 steps and I was on the 2nd step. I explained to her that I have never been able to speak with my HPS, that I had left her about 10 messages and never received a call back. She said she would email the supervisor about my complaint. Well, that did not work still no call. I called again yesterday 07-31-12, of course voice mail. did not leave her a message. I spoke with CSR and asked to speak with my HPS supervisor. Finally was able to speak with CSR supervisor, I told her my story. OMG unbelievable, she asked If I had requested to cancel my request because, this is the reason my case was on hold. She transfered me to a HPS, Hillary very nice. She told me what docs I needed to fax, She gave me my HPS direct number. She said my case should be process quickly, since it was put aside due to misunderstanding. She also asked me to call my HPS tomorrow to inquire about my fax. I called this morning Wednesday 08-01-12 to her direct number and guess what not answer. I spoke another HPS who infomed my that my fax was received and, she would email my HPS to left her know my docs where received. And should get my case ready for review by under writing dept. I should hear from them in about 10 days. I dont know what or who to believe anymore. I also sent a email to Jennifer Boothe from the OOP on 07-26-12, have not heard from her either.

**Ms.shan** · 08-01-2012, 08:09 PM

Just curious, who is your hps?

**cobian** · 08-02-2012, 07:02 PM

My HPS is Jessica Friday

**cobian** · 08-11-2012, 04:23 PM

Hello, can any one help me. My mod was denied. Received letter that states that my mod was denied because, I have been able to maintain my payments. Since Im currently working with HPS, on determining if workout options are available for me, my financial inf. has been sent to that department for their review. The other letter states "we received the docs you sent and we are moving forward with your request for mortgage assistance. I dont understand whats going on, Was I denied or not???? I stopped making payments 06-2012, Im not longer receiving help from my mother. 1st letter dated 08-06 and other dated 08-07.

**Cat Damiano** · 08-12-2012, 09:56 AM

Hi cobian,

Unfortunately the letters are auto generated and come from different sources, if you want to find out exactly what is happening with the modification process you can try contacting the executive team here;

1-800-853-8516

**savingrace** · 08-12-2012, 10:26 AM

I am having a very similar situation with Wells Fargo with no return phone calls and then a denial letter. I also was denied based on my "having the ability to pay my current mortgage using cash reserves or other assets" If I do I would sure like to find those!! I have requested details on the denial of my modification and have had no phone calls back from my HPS. Remember to document when you call, who you speak to, what their response is..I have faxed but will also send the request to my HPS via return receipt requested even though she not returning numerous phone calls. I don't know if others on the forum are going through this but the lack of response from the HPS is pretty blatant. I also inadvertently didn't enter the right extension when calling my HPS for the tenth time and received a rep that gave me more info in one call than my rep did during the four months they reviewed my loan mod request. So its is imperative for me to be able to review the figures they have inputed because I suspect errors. I am also in California. I hope you keep posting your progress and I will too if I find something that will help other members of the forum.

**savingrace** · 08-12-2012, 10:28 AM

Thank you Cat for that info!

**cobian** · 08-13-2012, 07:14 PM

Thanks for the number, I will be calling tomorrow. I will keep posting my progress. I called this morning again of course I was not able to speak to my HPS. The lady I spoke to gave me the same inf. I was given last week. Nothing has been done on my request, again she will email my HPS and her supervisor regarding my request. She also informed me that, she does not understand why my request has not been sent out for review since all the documents are there.

**Cat Damiano** · 08-14-2012, 11:24 AM

No problem, Please do let us know what you find out.

**DogsandtheCity** · 08-15-2012, 04:13 AM

Cobian,

I am having the EXACT SAME thing happening with my HPS…His name is Nick Lieman and really helpful…I have left him over 10 messages in the last 1.5 months and not one phone call…I finally received a letter stating he will not be assisting me with my modification and to call the collections department…Like you, I am so surprised the HPS wouldn't at least return my call or leave me a message…I wonder if WF is changing the rules and making it more difficult to get a mod…It does make me nervous...I talked to a young nice guy named Jessy who told me Nick was still my point of contact…Jessy spoke to Nick & Nick said he will call me…this has happened before & no call from Nick…He delayed my sale date over 6 weeks once I was in review…I hired a loan foreclosure delay company costing me $1000.00 to delay my sale Feb 23rd, as I wasn't in the system anymore and the foreclosure would resume with a new sale date..I wanted to keep fighting, so I rather pay a delay service at the last minute to postpone it..
So far, no new date is recorded…It is Aug 15th and almost a month since my sale was postponed by So Cal Home Services once again…I've used them at least 4 times & they delayed my sale… By the way, I have been playing this game with WF since June 2008 (my last payment)..I have spent money on different services & tactics..Filing BK…6 months of using delay foreclosure companies..filed an injunction against WF..SENDING INCOMPLETE PAPERWORK, wrong dates on my Profit & Loss Statements.. always missing a few documents etc…It has been almost a full time job fighting to stall the foreclosure trustee sale date…I have had renters in this property and once they start getting the foreclosure notices, they stop paying their rent…I am giving them discounted rent for their stress & uncertainty...
By the way, I filed for the new Hamp Tier 2 Program that rolled out June 2012 for non owner occupied properties…You get kicked out of the system automatically in 30 days..Must faster than the original Hamp…If you need help with the program, let me know..
Please keep us informed if you have a new HPS, I'm glad you were able to speak to a supervisor..

Keep fighting..apply for new mods..send incomplete documents…leaving voice mails and keep calling and driving them crazy…Always state how much you love your house & want to keep it…It wouldn't hurt to become an actor & sob a little…ha ha ha !

Hope this helped a little !
Cheers,
DogsandtheCity

**Cat Damiano** · 08-15-2012, 08:28 AM

Originally Posted by DogsandtheCity

Cobian,

I am having the EXACT SAME thing happening with my HPS…His name is Nick Lieman and really helpful…I have left him over 10 messages in the last 1.5 months and not one phone call…I finally received a letter stating he will not be assisting me with my modification and to call the collections department…Like you, I am so surprised the HPS wouldn't at least return my call or leave me a message…I wonder if WF is changing the rules and making it more difficult to get a mod…It does make me nervous...I talked to a young nice guy named Jessy who told me Nick was still my point of contact…Jessy spoke to Nick & Nick said he will call me…this has happened before & no call from Nick…He delayed my sale date over 6 weeks once I was in review…I hired a loan foreclosure delay company costing me $1000.00 to delay my sale Feb 23rd, as I wasn't in the system anymore and the foreclosure would resume with a new sale date..I wanted to keep fighting, so I rather pay a delay service at the last minute to postpone it..
So far, no new date is recorded…It is Aug 15th and almost a month since my sale was postponed by So Cal Home Services once again…I've used them at least 4 times & they delayed my sale… By the way, I have been playing this game with WF since June 2008 (my last payment)..I have spent money on different services & tactics..Filing BK…6 months of using delay foreclosure companies..filed an injunction against WF..SENDING INCOMPLETE PAPERWORK, wrong dates on my Profit & Loss Statements.. always missing a few documents etc…It has been almost a full time job fighting to stall the foreclosure trustee sale date…I have had renters in this property and once they start getting the foreclosure notices, they stop paying their rent…I am giving them discounted rent for their stress & uncertainty...
By the way, I filed for the new Hamp Tier 2 Program that rolled out June 2012 for non owner occupied properties…You get kicked out of the system automatically in 30 days..Must faster than the original Hamp…If you need help with the program, let me know..
Please keep us informed if you have a new HPS, I'm glad you were able to speak to a supervisor..

Keep fighting..apply for new mods..send incomplete documents…leaving voice mails and keep calling and driving them crazy…Always state how much you love your house & want to keep it…It wouldn't hurt to become an actor & sob a little…ha ha ha !

Hope this helped a little !
Cheers,
DogsandtheCity

In order to be looked at for the Tier2 HAMP you would have to be denied HAMP, which isn't mentioned in the posts as to what type of mod the denial was for. Also if the denial was based on having too much income and was HAMP, then the current payments would need to be 25 percent or higher of gross income.

**savingrace** · 08-15-2012, 05:25 PM

After being denied for Hamp 1 8/4 and still trying to clarify reasons for denial and verification of figures they used (to no avail) I just received a letter "impt update about your mortgage assistance. I have been your primary contact working to help you through the mortgage assistance process. At this time, I am not able to help you find a mortgage assistance solution. For that reason, the normal collection process will resume, if appropriate." I am not in collections but was late on my taxes because I chose to make the mortgage payment instead. So my current statement shows in year to date escrow disbursement, the amount they are assessing and also an amt for Homeowners ins which I am current on and showed them evidence of prior1 mod. So now they are setting up an escrow acct " As a result of your request for consideration for mortgage assistance, an escrow acc"An analysis will be performed which will adjust your future payment to begin collecting to repay the advanced that the disbursement created." Any refunds for duplicate or overpayments "must be returned to Wells Fargo Home Mortgage to reduce the deficiency advance on your loan."
I did call the executive team Monday and he said he would check into the reasons for the Hamp 1 mod denial and get back to me in 24 hours as there was discrepancies in what I reported and what info he had. He stressed that documentation of hardship is very important in assessing eligibility.
Also in computing rental income (I have rented rooms in my house to increase income) I was told somewhere along the line that
they only give you 75% credit for that and 125% credit for social security or disability. Can any forum person experienced with this verify if this correct information?
I have tried to do this on my own because every $ has gone towards keeping current and I have done as much research as possible to try to educate myself, sometimes all night! Default is imminent! It is difficult to address their decisions or figures when you can't get them, so I plan to contact Loan Safe for help possibly applying for Hamp 2 once I hear back from WF. I think it is imperative to have numbers in place before submitting. Hoping to hear back from the person I spoke with. Thanks DogsandtheCity please keep us updated..every bit of info helps.

**DogsandtheCity** · 08-16-2012, 12:05 AM

Thanks Cat !!
I was never denied for a HAMP on this property as it is a rental….HAMP was for primary residences only...
That is why I waited until June 2012 to apply for Hamp Tier 2 for rental properties..It is also supposed to be doing principal reductions..Lets see if that ever happens..Actually my HPS @ WF told me he received an approval for a $250,000 reduction !!!!!

**Cat Damiano** · 08-17-2012, 10:29 AM

Originally Posted by DogsandtheCity

Thanks Cat !!
I was never denied for a HAMP on this property as it is a rental….HAMP was for primary residences only...
That is why I waited until June 2012 to apply for Hamp Tier 2 for rental properties..It is also supposed to be doing principal reductions..Lets see if that ever happens..Actually my HPS @ WF told me he received an approval for a $250,000 reduction !!!!!

I should have also added and not meet the eligibility for HAMP Tier 1 which in your case you didn't due to it being a rental. In cobian's situation, they are not showing imminent default by remaining current.

**cobian** · 08-19-2012, 12:07 PM

Hello, I have a question. I called the OOP on Tuesday 08-14-12 spoke with a gentleman Ron Lawrence. I explained to him my dilema, he assured be that my HPS would return my call by wednesday, he gave me his word that I would be getting a call back if not call him back. Well I did not get a call from my HPS as he promised. I called him back on Thursday 08-16-12, no answer I left him a message. He was to return me call within 24 hrs, it did not happen. I called him back again in Friday 08-17-12, still no answer again left message. I also called my HPS of course I did not speak with her, the HPS who I spoke to infomed that she could not give me any inf. since I went thru the OOP. She informed me that from now on I have to deal with them directly. What does that mean??? does any one know.

**savingrace** · 08-19-2012, 06:14 PM

Keep trying Cobian...I don't know if this is unique to those of us going through this with Wells Fargo at this particular time, but I have experienced the same process with the Executive Complaint Dept. I think they are just stalling call backs until the thirty day period after denial is up! Keep fighting...they count on us giving up.. which on certain days I have been close to doing. I would send a certified, return receipt letter stating you haven't received a promised call back and keep calling and speak with someone else in the OOP office that can get Mr. Lawrence to call you back. Remember to document every call. I have been trying to get them update info. I finally have concluded after going over all the numbers relating to my recent denial, that they have counted my husbands debts and assets treating him as a co-borrower when he was a non-owner contributor and that was the reason for my denial. Before you let that 30 days run out, you might try contacting your local congressman...ours has been very helpful to many a homeowner battling foreclosures and denials in Ca. Best of success with this...Don't give up!!! Pulling for you!!!

**cobian** · 08-22-2012, 09:28 PM

Hello, I received a call back from Ron from OOP today. He informed me that my case was still not sent out for review that, he will be taking over. He will call me back Friday to inform me what doc's are still needed. Does anyone know if the process will be faster or doesnt make a difference.

**Cat Damiano** · 08-24-2012, 11:00 AM

Originally Posted by cobian

Hello, I received a call back from Ron from OOP today. He informed me that my case was still not sent out for review that, he will be taking over. He will call me back Friday to inform me what doc's are still needed. Does anyone know if the process will be faster or doesnt make a difference.

The process could have reached a stall with the first RM that you had, now that you have escalated your file, it should go a bit faster.

**cobian** · 08-24-2012, 08:46 PM

Thanks for the answer. I have another question, yesterday I received a new packet for the mod process. Why do I have to complete a new packet? Does this mean i start from zero again????

**Cat Damiano** · 08-26-2012, 12:12 PM

Originally Posted by cobian

Thanks for the answer. I have another question, yesterday I received a new packet for the mod process. Why do I have to complete a new packet? Does this mean i start from zero again????

You shouldn't, but that would be something to ask the RM about.

**cobian** · 08-28-2012, 09:16 PM

Hello everyone. Today I received a call from Ron from the OOP. He requested some doc's which, I faxed over right away. He informed me that my loan was a fannie mae, and these reviews are usually quicker. Does anyone know what that means?? It being a fannie mae loan do I have a greater chance for approval for the mod??

**savingrace** · 08-28-2012, 10:41 PM

Good luck Cobian. Had you ever check prior on the fannie mae site to see if you loan was with them? So is Wells just your
servicer?) Also would you please post contact info for Jennifer Boothe and Wells OOP ?
Thank you so much

**Cat Damiano** · 08-29-2012, 10:27 AM

Originally Posted by savingrace

Good luck Cobian. Had you ever check prior on the fannie mae site to see if you loan was with them? So is Wells just your
servicer?) Also would you please post contact info for Jennifer Boothe and Wells OOP ?
Thank you so much

I had posted this information in several threads, here is it for you;

WF Executive Team;
1-800-853-8516

Call directly and your loan will get assigned to a rep.

**Cat Damiano** · 08-29-2012, 10:29 AM

Originally Posted by cobian

Hello everyone. Today I received a call from Ron from the OOP. He requested some doc's which, I faxed over right away. He informed me that my loan was a fannie mae, and these reviews are usually quicker. Does anyone know what that means?? It being a fannie mae loan do I have a greater chance for approval for the mod??

The modification process may go quicker due to the fact that Fannie Mae has most likely given authority to the servicers to modify the loans rather than having to approve the modification.

**savingrace** · 08-29-2012, 02:05 PM

Thank you Cat. Sorry, I wasn't sure if the OOP was the same as the Executive Complaint Department.
Appreciate you answering.

**cobian** · 08-29-2012, 06:17 PM

Hi Cat, thanks for the answer. Im keeping my fingers crossed. This would be a life changer for my family.

**cobian** · 08-29-2012, 06:22 PM

Hello savingrace. I was not aware there was a way of checking who your loan was with. Yes wells is just the servicer. Good luck to you, call the OOP at wells. Hopefully you'll get someone as nice as Ron Lawrence. Very helpfull person.

**cobian** · 09-05-2012, 08:01 PM

I received a call from Ron on Thursday, he was informing me that the received my forms. He need me to refax the form 4506T and on line 6 add 2010 and 2011 I did. I asked If he needed a form for each yr, he said no. He said If he did not received the form by 08-31-12, which was Friday he would close my case because Fannie Mae he only has ten days to submit for review. He would reopen it as soon as he received the form. I refaxed the form just as he asked on Thursday night 08-30-12. I received a call from him today Wednesday 09-05-12 he was letting me know that, there was an issue with the form I faxed him to call him right back so he could explain the issue. I called him back, no answer left message for him. I dont understand what the issue is, its a very simple form. I've completed this form before. Is he just looking for an excuse to denied my request. Im so overwhelmed I just feel like quitting, my stomach is in a knot. Too much stress im not sure its worth it, I cant even sleep well. Now im loosing hope!!

**savingrace** · 09-05-2012, 10:53 PM

Cobian: I am so disgusted with Wells Fargo...but they were my servicer not the "owner/investors of my loan. I spoke with an attorney in L.A. that does Loan modifications and they won't work with Wells Fargo anymore because they are so difficult. Just keep calling and remember to get your local rep involved. Why don't you contact someone at Loansafe to help you. Doing this on your own when it gets this complex gets to be overwhelming...That's exactly what they want us to do is quit..A family I know wrote to Obama that had a Fannie Mae loan last year and five months later the Dept of Treasury called and helped to get their mod through and rate down. I realize this is rare but it did happen..Anything is worth a try to know we did the best we could. Get some help doing this. Take care

**savingrace** · 09-06-2012, 06:13 PM

Cobian: You can ask Ron Lawrence who owns your note and who services it...In my case I thought Wells owned it but they say BONY (Bank of New York Mellon) does and they are the servicer (pay to them) Some notes are registered with MERS you can find online and that may give you info. I found the Home Preservation Specialist (that's an oxymoron) would not give me that kind of info..had to get up to Executive Complaints. Basically it comes down to can they make more foreclosing on you or modifying...they could care less about the suffering many of us are going through. The sad part is they make money either way...they are not losing out!! Try calling your local state representative and asking them for help...that can get the wheels churning if they are jerking you around and playing the "let me find some way to deny you" game. Keep us posted...Good Luck

**savingrace** · 09-06-2012, 06:16 PM

Wouldn't Fannie Mae make you eligible for HARP? Check program online...

**JANEDEE** · 09-19-2012, 07:04 AM

I am new to this forum.. I too and tyring to remod through Wells Fargo. I started my remod in August 2011. The first HPS I had Rosalyn Trammel strung me along until December 2011 with you guess it , not returning phone calls, not answering the phone even, no contact . When she did finally call back it would take like 3 weeks. Then low and behold she calls me and says I so sorry, my department was not the proper department to handle your remod (4 months later).I was then hooked up with HPS named Mia Thompson who I have been dealing with ever since. I was denied finally on May 26th 2012 a week before the new HAMP qualifications came out. So I started all over again on June 10th and am still waiting. My file has been sent to underwriting for review. It is in the "2nd phase" of remod. It FINALLY got passed the her manager. I think my constant nagging and determination is moving this along.. just don't know what the outcome will be. I did have a remod in 2010 and unfortunately was hooked up with a loser boyfriend who decided to have legal issues come about instead of being responsible and I defaulted on my first remod 11 months in. They first originally denied for the second remod because I defaulted before a year.. BY ONE MONTH!!!! couldn't believe it. Anyway that is my story. Wells Fargo is the absolute most horrible company I have ever dealt with, and the fact that they "do not want you to send a payment in " .. total bull crap. Oh and I did also write a letter to Obama about getting denied for HAMP and he sent me an email back telling me how the HAMP loan could help me. UGH!

**Cat Damiano** · 09-19-2012, 01:41 PM

Originally Posted by JANEDEE

I am new to this forum.. I too and tyring to remod through Wells Fargo. I started my remod in August 2011. The first HPS I had Rosalyn Trammel strung me along until December 2011 with you guess it , not returning phone calls, not answering the phone even, no contact . When she did finally call back it would take like 3 weeks. Then low and behold she calls me and says I so sorry, my department was not the proper department to handle your remod (4 months later).I was then hooked up with HPS named Mia Thompson who I have been dealing with ever since. I was denied finally on May 26th 2012 a week before the new HAMP qualifications came out. So I started all over again on June 10th and am still waiting. My file has been sent to underwriting for review. It is in the "2nd phase" of remod. It FINALLY got passed the her manager. I think my constant nagging and determination is moving this along.. just don't know what the outcome will be. I did have a remod in 2010 and unfortunately was hooked up with a loser boyfriend who decided to have legal issues come about instead of being responsible and I defaulted on my first remod 11 months in. They first originally denied for the second remod because I defaulted before a year.. BY ONE MONTH!!!! couldn't believe it. Anyway that is my story. Wells Fargo is the absolute most horrible company I have ever dealt with, and the fact that they "do not want you to send a payment in " .. total bull crap. Oh and I did also write a letter to Obama about getting denied for HAMP and he sent me an email back telling me how the HAMP loan could help me. UGH!

Welcome to the forum and thank you for joining...........

I am so sorry to hear of the trouble that you are having with WF and the loan modification process. If at anytime you need to escalate your file due to the lack of communication with the rep assigned to your file, you can contact the executive team and they will do this.

They can be reached here;

WF executive team;

1-800-853-8516

**Jrm1070** · 09-19-2012, 02:03 PM

Cat,
I need some advice from you or Moe or Evan. I have had an ongoing fiasco with Citi, Acqura and US Bank. If you look back at my last post, or, I'll sum it up. Did Trial Mod with Citi, after 3rd payment, they sold my acct ot Acqura....then had to do the whole process over, did a trial mod with Acqura for 12 months! Then the last month, after someone had been replaced at Acqura, they had not sent my ins info to my agent for payment, and then decided upon there error, since the insurance had not been paid, to drop me out of the "trial" mod phase and force foreclosure. Then I retained an atty, who got the foreclosure post poned....7 times in a row.....Acqura was ready to do the loan mod, and US Bank told them no, and they went ahead with foreclosure sale AFTER we had filed a QWR a few months prior with Federal Court. US Bank seems to be the one driving the bus on this....Funny thing, they sold the property to themselves for 250k, property value is 550k, and loan balance is 330k...Interestingly enough, we got a call from all 3 Defendants to go to mediation as ordered by the judge. Interestingly enough, US Bank is the one placing blame on Citi and Acqura and basically saying they had no idea that the servicer misbehaved. We sat in a nice office yesterday for 12 hrs. They initially tried the intimidation route, where they told the mediator we had 3 options.....1.Walk away from the property and get 10k cash in fist in 60 days. 2. Get ejected and pay a "fine" of the diff from 250k in foreclosure vs the payoff....or 3. Pay 430k at 7% interest for 30 yrs.
We thanked them for the offer, demanded payoff of the property, and 350k for pain and suffering, basically loan forgiveness and pain and suffering......2 hrs later they come back with more threats of ejectment or pay 330k at 6% x 30 yrs, and I pay my own insurance/taxes....we mull it over and go back at 285k x 30 at 2%......they come back with more posturing and best offer of 300k x 4%..... We mull it over and go 300k at 3%, plus some settlement package for pain and suffering, and they walked away.....The mediator says he will talk to the judge because all the parties involved were not present and the guy on the phone was the one trying to play hard ball. The last request is that US Bank thought wer cant afford the property and my best bet would be to move out, or they will force us out. That really makes me angry. They feel they have some leverage, but my atty is confident, and the mediator says I have a great position and is really suprised that they are being so aggressive in this climate. I know it is because my house has equity and US Bank is gonna blame Acqura and plead ignorance. Should we still try to work this out, or dare them to eject us from our house and get EVEN more damages. Citi is willing to settle, but since we are doing this globally, none of them want to go first it seems like and US Bank seems to be the bully in the room. They swore that 4% for 30 yrs was the best rate and 300k was the lowest they should have to come down. I am ready to go to court.

**Cat Damiano** · 09-21-2012, 12:01 PM

It looks like you have a handle on what you need to be doing here and are still in the negotiating stages. The only advice I can give is to make sure that you know the consequences of the actions prior to accepting any offer. Good Luck and please keep us posted as I am curious of the outcome.

**cobian** · 09-28-2012, 06:33 PM

Hello, I received a call today from the OOP regarding my mod request. My request was denied, not the news I was expecting. I was told that I did not qualify for modification because my loan was from 2010 is this true??. I was also told that Fannie Mae has strict rules for modifications. They are offering me a repayment plan. My mortage payment will be $45 less monthly. I ask about NACA, I was told that the outcome would be the same. Because my mortgage payment is 39% of my gross income. And that If I dont accept what they are offering, Fannie Mae may begin forecloresure process and Wells Fargo will not be able stop the process. I have no Idea how they figure 39% because, when I entered my gross income and mortgage payment it calculates that my payment should be at least $400 less than what Im am paying at this time. I need advise. Please help. NACA will be in L.A. 10-05 thru 10-09.

**Cat Damiano** · 09-28-2012, 07:25 PM

Originally Posted by cobian

Hello, I received a call today from the OOP regarding my mod request. My request was denied, not the news I was expecting. I was told that I did not qualify for modification because my loan was from 2010 is this true??. I was also told that Fannie Mae has strict rules for modifications. They are offering me a repayment plan. My mortage payment will be $45 less monthly. I ask about NACA, I was told that the outcome would be the same. Because my mortgage payment is 39% of my gross income. And that If I dont accept what they are offering, Fannie Mae may begin forecloresure process and Wells Fargo will not be able stop the process. I have no Idea how they figure 39% because, when I entered my gross income and mortgage payment it calculates that my payment should be at least $400 less than what Im am paying at this time. I need advise. Please help. NACA will be in L.A. 10-05 thru 10-09.

I am so sorry to hear that the modification request was denied. NACA does have agreements in place with all the major lenders/servicers and investors, Fannie Mae being one of them so I would encourage you to definitely go to the Save the Dream Event when it comes to your area, because they may be able to help regardless of what the WF rep states. NACA's restructure program is a separate program from the servicers.

Unfortunately what the rep has indicated is in fact true with a Fannie Mae HAMP modification;

Any first lien loan meeting the criteria for eligibility, originated on or before January 1, 2009 and secured by a borrower’s principal residence is eligible, even a loan currently in foreclosure.

For the Fannie Mae Standard Modification program in order to be eligible you would have had to receive and defaulted on a Fannie Mae HAMP modification. The modification must result in a principal and interest (P&I) reduction of at least 10% from the current contractual monthly P&I payment.

**savingrace** · 09-29-2012, 10:38 AM

Cobian: After my denial they finally gave me the figures they used for my gross income which were entered incorrectly...
If you suspect that they don't have them entered correctly call the OOP...speak with whomever picks up and ask to go over all the figures they entered. I was fortunate to get someone there (not my original contact person) that co-operated in this. Best of luck!
Thanks Cat for all your great answers on this forum.

**cobian** · 09-29-2012, 01:11 PM

Thanks Cat, I will be going to NACA event this coming weekend. It start Friday, does anyone know what the best time to be there is? I've seen the news before and people camp out for 1 to 2 days before . Its that what I have to do?