2nd Modification start

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knandwf

LoanSafe Member
Mar 14, 2012
1
0
0
I just called WF modification dept. and ask for infomation on a 2nd modification. The rep. asked several financial information from me and at the end of the conversation she mentioned that it might be difficult for us to get a 2nd. modification. Yesterday, I received a pack. from WF. Now I have to gather all paperwork. We will submit all the info. because we think that the 1st Modification have not being impactful enough to alleviate our financial situation.
We'll see how WF respond to all this.
Addittionally, I contacted the website "know your options" or something like that. I will work with them also, because their rep. was much more cordial than WF.
:suspicious:
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I just called WF modification dept. and ask for infomation on a 2nd modification. The rep. asked several financial information from me and at the end of the conversation she mentioned that it might be difficult for us to get a 2nd. modification. Yesterday, I received a pack. from WF. Now I have to gather all paperwork. We will submit all the info. because we think that the 1st Modification have not being impactful enough to alleviate our financial situation.
We'll see how WF respond to all this.
Addittionally, I contacted the website "know your options" or something like that. I will work with them also, because their rep. was much more cordial than WF.
:suspicious:
Welcome and thanks for joining the community.

You are referring to a 2nd modification on your 1st mortgage correct? If so, unfortunately most lenders will not allow a 2nd modification on a single loan to be done within a twelve month period after signing into an agreement..
 

karli05

LoanSafe Member
Jun 25, 2008
30
0
0
Is a second modification possible with ASC/WF? Need opinion from forum attorney!

:D Hello, I too am going through a similar situation. I was approved for a mod on my first mortgage. Since then, I settled out my second mortgage and then lost my job. ASC/Well Fargo approved me for a "Unemployment" forbearance and so I was paying 1/3 of my usual mortgage pmt. After that, I have started making self-emplyment income and so I re-applied for a 2nd mod. I just turned in all of my information and according to the ASC account preservation specialist, I have a chance of getting a second mod. The first one took my payment down from $2700 to $1500 per month by lowering the interest rate to 2% but it was for 5 years only. Now I hope to get it permanent at 2%, hopefully I can also get a principal reduction and of course I also hope to get my delinquent amount put at the end of the loan. I fell behind since I was not working (and unemployment was not enough). I have my fingers crossed!!! will keep you up to date as well.

Can one of the professional attorneys comment on my statement above? It would be nice to hear (read) your opinion!
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
The first one took my payment down from $2700 to $1500 per month by lowering the interest rate to 2% but it was for 5 years only. Now I hope to get it permanent at 2%, hopefully I can also get a principal reduction and of course I also hope to get my delinquent amount put at the end of the loan. I fell behind since I was not working (and unemployment was not enough). I have my fingers crossed!!! will keep you up to date as well.

Can one of the professional attorneys comment on my statement above?
Hello Karli05,

I'm not an attorney, however we've witnessed thousands of homeowners like yourself go through this process and many whom were able to achieve a second permanent loan modification. Unfortunately, it's extremely rare to receive a 2 percent fixed rate for the life of the loan. We've seen this happen MAYBE a half a dozen times and if I recall correctly they were all from Ocwen. Most modifications will either by fixed at today's market rates (currently around 4%), or a step-rate modification like the one you received several years back. The owner or your loan will be major factor as to whether or not you will qualify for a possible principal reduction. Do you happen to know if your mortgage is backed by Fannie Mae or Freddie Mac? If not, you can use the following links to find out:

Does Fannie Mae Own Your Mortgage? Loan Lookup Tool

https://ww3.freddiemac.com/corporate/
 

karli05

LoanSafe Member
Jun 25, 2008
30
0
0
no, it is not a Fannie Mae or Freddie Mac. Just spoke with WF and the underwriter is having a problem approving because I only have 1 1/2 month of self-emp income. Unfortunately, this is all I have to show.