Denied a Loan or Loan Mod or Given information you don't understand

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
have you asked them if they allow 40 year term amortization on your particular loan?

we know that citi does allow 40 year terms on some of their own loans, it makes them more in future interest payments as well.
 

troubleinriverside

LoanSafe Member
Nov 30, 2008
773
18
18
have you asked them if they allow 40 year term amortization on your particular loan?

we know that citi does allow 40 year terms on some of their own loans, it makes them more in future interest payments as well.
no. I have not approached them. I was waiting out my 10 yr int only term and planned to seek a Mod after it expires. My plan was to seek your services once it expires, and hire you to help get the Mod
 

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
ok thanks for letting us know, feel free to login to your account and send them a secured email asking if the investor of the loan allows 480 month amortization on loan mods and see what they write you back in the meantime.
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Michael, I finally to talked to Ocwen. I told them that my loan mod denial came in within a week, did they really review it. my relations manager said that they input everything in the computer and the investor does not allow loan mod and they even went through their in-house modification. SO their offer of short sale is it for me. So i asked if Deen in lieu can be an option. He said yes. I'd like to know your and others' opinion: I have 2 more months that I can afford the pmt. Should I pay those 2 mos, then not pay the Sept? He said that the 1st 3 mos of nonpayment, I will only be charged late, but the 4th month they will no longer accept any pmt., then foreclosure proceedings will start. So if i dont pay Sep, Oct and Nov, then do a short sale in Nov. I can technically stay in my house in Dec (Christmas), or be done with it and not pay July, Aug Sep, apply for short sale in Sep, if property sells in 2 mos. Oct, I move out in December.
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Hi Michael, I think we do not want to go through the stress anymore. at this point I just want to make sure that I will not be personally liable if I did a short sale. My BK lawyer advised me to ask the lawyers that handles my loan mod after the discharge if the loan was reaffirmed. Why wouldn't he know? My real estate law group who handled my loan mod advised me to ask my BK lawyer. I guess I'll never get them to give me a straight answer. Is there a way to check myself? Will I be able to know by looking at my credit hisoty? My aunt gave me a property profile which says Notice of Rescision in Sep 2012, that's when the loan mod started.

Also another thing, if my loan was indeed discharged, does that mean the bank will initiate foreclosure right away? Their loan rep said that foreclosure starts when the 4th pmt is not received, but I dont even know if he knows the history of my loan.
 

Gail Colon

LoanSafe Member
Mar 28, 2014
10
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I had reached out to Wells Fargo for help as I knew I was going to fall behind due to a loss of income. They sent me loan mod packets for which I returned, they denied me then sent me another loan mod packet for which I returned as well to be denied again. After I complained they admitted that they never had any intent to assist me they basically strung us along and put us further in arrears for appx 18 months now. They are not following Mass Laws (chapter 244 &35A) They are lying, deceiving and stringing me along and need to be held accountable for their unfair practices. They need to start using the bailout money they got to assist the distressed Homeowners like the money was intended for. PLEASE HELP


I was just told by the Attorney Generals Office that they wont help me with Wells Fargo. This is insane that they can do this to people. Does anyone know who I can report my Attorney General to?
 

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
Hi Michael, I think we do not want to go through the stress anymore. at this point I just want to make sure that I will not be personally liable if I did a short sale. My BK lawyer advised me to ask the lawyers that handles my loan mod after the discharge if the loan was reaffirmed. Why wouldn't he know? My real estate law group who handled my loan mod advised me to ask my BK lawyer. I guess I'll never get them to give me a straight answer. Is there a way to check myself? Will I be able to know by looking at my credit hisoty? My aunt gave me a property profile which says Notice of Rescision in Sep 2012, that's when the loan mod started.

Also another thing, if my loan was indeed discharged, does that mean the bank will initiate foreclosure right away? Their loan rep said that foreclosure starts when the 4th pmt is not received, but I dont even know if he knows the history of my loan.
hi candle1 - you can check with the bk court file at the court or your copy of the file from the bk attorney to see if a re-affirmation agreement is in the case file to see if you re-affirmed the debt.

you could also write in to the servicer using the secured online account access to ask the same question.

your credit report will not show re-affirmation.

the servicer may initiate foreclosure at any time if the loan is not performing after discharge.

the rights will be enforced against the property and not you as an individual that is personally liable for it.

re-affirmation of the debt waives the discharge of the debt so the debt could be collected on again after discharge of bk.

most judges would not allow homeowners to re-affirm a mortgage debt that exceeded the value of the property at the time of the bk.

- michael
 

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
I was just told by the Attorney Generals Office that they wont help me with Wells Fargo. This is insane that they can do this to people. Does anyone know who I can report my Attorney General to?
hi Gail when i saw this post, i emailed you with three items below to try to see if we can help resolve this nonsense with wells fargo.

one was the case file and submission and third party authorization form so we can get correspondence to wells with your permission.

one was a raw monthly budget form with all expenses.

one was the net present input values chart.

we will investigate and respond back via email or preferrably via phone and we will post your progress here with your permission.

the attorney general's office correspondence if you have anything in writing or a log of what happened that would want you to complain about the AG, that would help the CFPB.gov and the justice.gov who are federal, but first lets start with why the AG's office can't help you.

-michael
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Thank you Michael. I am looking into short sale, but I 'll work on getting my bankruptcy papers together so I have it straight in my head. The 2nd grp of people who helped me with the loan mod said they did not touch my BK, so that gives me 90% sure that the loan was not reaffirmed. I' looking into doing the short sale, real estate people said it can drag for months with that one. I guess that will buy me time.
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
P.S. To my last post...Am I allowed to ask Ocwen (servicer) to give me a paperwork that shows basis of denial and can I ask for a formal letter form Wells Fargo (owner of the loan) that verifies that they do not allow loan modification?
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Hi Michael, it's me again with a twist of my scenario. Short background, i was the one who filed BK and was discharged Jan 2012 but my servicer gave me a "loan mod" for 2 yrs. Now my pmt will double in Sep and I cannot afford it. My parents and sisters have been thinking of a way to help me not all into depression, as I will be losing my home of 20yrs. My sister found properties in Las Vegas NV which are in the low $200k. She said I can afford the monthly on those. I paid 23 months out of the 24, last pmt on the pseudo loan mod is August 2014. Servicer said I can only do short sale and deed in lieu, I guess because there isn't a loan that they can modify as it was discharged. Here are more twists, principal loan is $580k, value of home is at $550k
1. my current loan servicer seem to be reporting my monthly pmts, because my credit report shows I owe the $580k
2. servicer called me for pmts last weekend, i was going to just forget about paying since they're not going to matter
3. except now i may be able to buy a house with fha, but my credit report shows my loan (that was supposed to be discharged)
4.i can afford pmt in august,$1707 but not sep $3550
5. I would like to try buy the house in Vegas if i can

do i tell current servicer that the loan was discharged so that my income/debt ratio will allow me to buy? do i apply for fha loan and then do short sale after? do i just forget the pmts and use it for buying into another. thanks so much for all your help
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Michael, we are filing a lawsuit for fraud and predatory lending. Our legal rep says after the BK was discharged, loan mod given to us was not correct...it was loan mod to original loan that was wiped out in BK, terms did not change, loan amount increased, terms go back to original terms of original loan, length of loan is whatever is left on the original note.
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Michael, I think you are sick of me now. anyway, just to update on the status, I saw a list of people to email at Wells Fargo on another forum, and I decided to email them. I gor a response form the Litigation Dept that Wells Fargo is not the investor or owner of my loan. Where are my payments going...almost $50k since jan 2012 of trial pmt and supposedly loan mod!
 

blessed526

LoanSafe Member
Feb 25, 2015
11
1
3
40
Someone please help!!!!!!! I've been fighting with PHH and Wells Fargo for years to finally get them to say I had a complete package just to deny me a few weeks later. My home is in foreclosure I don't have a sale date but I received the denial letter on yesterday. Should I write an appeal letter to the mortgage company? Also I was told that since my mortgage had a pledge account which the case manager told me I had to use to pay down the mortgage in order to get a modification that I should hire a company to research/audit my loan. I feel as though the mortgage company took advantage of me. Now that I've paid down the mortgage they don't want to work with me. I don't believe they ever planned to modify the loan. Is the audit I'm being offered a scam? It's pretty pricey. Please help the companies I've been referred to are Holmes and Galt and also a company that goes by Client Processing Center.
 

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
blessed526 - NACA has been definitely helpful to many loansafe users and some have had bad experiences.

alternatively, you can try googling the term "foreclosure avoidance counseling HUD" and it will lead to a HUD counselor near you to help you with the loan modification.

a competent chapter 13 bankruptcy attorney recommended by the state or county Bar association can also help you out as well on a loan modification.
 

blessed526

LoanSafe Member
Feb 25, 2015
11
1
3
40
blessed526 - NACA has been definitely helpful to many loansafe users and some have had bad experiences.

alternatively, you can try googling the term "foreclosure avoidance counseling HUD" and it will lead to a HUD counselor near you to help you with the loan modification.

a competent chapter 13 bankruptcy attorney recommended by the state or county Bar association can also help you out as well on a loan modification.
Thank YOU
 

SisterB

LoanSafe Member
Jan 27, 2016
11
1
3
65
sure, welcome back - first find the right section of the forum pertaining to your problem or question and start a new thread if you don't see a thread that addresses your problem or question.
Also having trouble on how to post. Was approved with KYHC for a Principle Reduction but Wells Fargo will not approve it for lowering my payments only for reducing years on loan. Totally confused.
 

distressedny

LoanSafe Member
Mar 6, 2016
10
0
1
45
I recently applied for a load mod with Wells Fargo thru an attorney and was denied. The attorney is sending me a release form to sign , he is willing to send me 3 months of payments to the law firm. I am not sure if I should sign this - please provide any advice if you can. Thank you.