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beachy

LoanSafe Member
Aug 22, 2009
11
0
0
Hey Beachy,

It definitely sounds like one department has no idea what the others are doing.. This letter was only for your 2nd mortgage correct? What is the current status of your 1st mortgage?
Yes, WF only holds our home equity loan. We have not put our house up for sale, never have, we've lived here 22 years and don't intend to put it up for sale. BoA has our first mortgage. We went thru modification hell with them for years.... they gave us the runaround for 3 years, put us on a forbearance then modified us, then denied us, then modified us down to a 2% rate, then told us because we were making our payments it was clear we no longer had a hardship and therefore denied a modification, then sent us modification paperwork a year later which had to be notarized (so we did) and they returned a set back to us, then sent us a series of letters saying to disregard any modification paperwork and to continue to make our payments as we have been. ugh. So as directed by BoA, we continue to send the lowered payments with the 2% interest rate (from the "first" modification that they told us to ignore).... and they're happy. Our house is worth less than we owe on it, WF can go jump in a lake. Honestly, do we care what WF thinks happened with our house if we have a letter saying they don't intend to ever pursue us for the debt? BUT one thing irks us, WF used to send us copies of their privacy notice via Fed Ex but a letter absolving us of our debt to them comes in a flimsy little window envelope. Where's the fanfare, lol... Something seems fishy about the whole deal so we are not turning our backs on them but we are not contacting them about it either. We were curious if anyone else had this happen with them. Thank you for this site, for the advice - we so appreciate you and everyone who contributes their story, their time and their expertise.
 

Tony W

LoanSafe Member
Apr 2, 2013
2
0
0
Hello Evan,

It is at 23% of my gross income however with my job we also have a "taxable gross income" in which it is 25% of my gross. However, I explained to WF that our dental is mostly paid out of pocket due to a healthcare plan change at my job (which is one area where I got hit hard with), a leak from my toilet that caused damage to the property that I had to pay out of pocket and an excessive water bill along with my student loan payment that had just kicked in this January. She did mention that they may be able to modify it and tag on the amount owed to the end of the loan which I will be fine with. I explained to them that my situation was improving as I got a raise and paying off my credit cards next month, deferred my student loans until next year to allow me to free up any available funds, and my car will be paid off next june, and I have reduced all non-essential things like internet.
 

laragh

LoanSafe Member
Jan 11, 2013
1
0
0
Hi
I posted on here a few months back and was up to my neck with Wells Fargo's bs. I'm delighted to say after two years of tough work we finally signed our remodification last Friday. We had been approved for the 3 month trial period originally in January of 2012 with payments to begin in March, only to have it all fall through for no legit reason in August 2012. I caused hell, got Senators, and Congress reps involved. I wrote weekly letters to Wells Fargo and sent copies of each and every letter to Fanny Mae, politicians, NY Times, Dept of the Treasury, literally everyone in the hope that it would put Wells Fargo's back to the wall. I called the Office of Exec Complaints every day and would deal with only one person. I refused point blank to be put through to anyone else. It was exhausting. In January 2013 we again got approved for the 3 month trial, we paid on time like we had previously done but again I kept calling to make sure that everything was fine. And here we are at the end of a long road but at least it worked. Our original monthly payments were $3,650, they are now $1,500 spread over 40yrs. Not that I'll be around in 40yrs, but my next step is to make them bi-weekly instead of monthly as this will shorten the term. I had called and spoken to lawyers when things were looking really bad but one of the lawyers told me that what I was doing with regard letters, and phone calls and Congress etc was all that he would do so to keep it up myself and save legal fees, basically keep the pressure on and don't give them an inch. This site was a great help to me, so please don't give up, I didn't and it worked.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hi
I posted on here a few months back and was up to my neck with Wells Fargo's bs. I'm delighted to say after two years of tough work we finally signed our remodification last Friday. We had been approved for the 3 month trial period originally in January of 2012 with payments to begin in March, only to have it all fall through for no legit reason in August 2012. I caused hell, got Senators, and Congress reps involved. I wrote weekly letters to Wells Fargo and sent copies of each and every letter to Fanny Mae, politicians, NY Times, Dept of the Treasury, literally everyone in the hope that it would put Wells Fargo's back to the wall. I called the Office of Exec Complaints every day and would deal with only one person. I refused point blank to be put through to anyone else. It was exhausting. In January 2013 we again got approved for the 3 month trial, we paid on time like we had previously done but again I kept calling to make sure that everything was fine. And here we are at the end of a long road but at least it worked. Our original monthly payments were $3,650, they are now $1,500 spread over 40yrs. Not that I'll be around in 40yrs, but my next step is to make them bi-weekly instead of monthly as this will shorten the term. I had called and spoken to lawyers when things were looking really bad but one of the lawyers told me that what I was doing with regard letters, and phone calls and Congress etc was all that he would do so to keep it up myself and save legal fees, basically keep the pressure on and don't give them an inch. This site was a great help to me, so please don't give up, I didn't and it worked.
Thank you for coming back and sharing your success with us. We are so glad that the information on LoanSafe was able to help you with the process of modification. Congratulations on your modification!!
 

crazyeyes

LoanSafe Member
Mar 6, 2012
40
0
0
We just concluded a successful DIL with Wells Fargo and got $20,000 cash, with no deficiency judgement. No questions asked. They just did an appraisal and that was it. I highly recommend this option if it is offered to you. We read the fine print with our attorney and he said to take it. BTW Wells Fargo handled everything. It was very easy.
 

ricktrag

LoanSafe Member
Mar 11, 2011
6
0
0
What state are you in and what did they value your house at? I live in Fl. value of 400k+. They offered me (2nd offer) 1k and waiver of deficiency plus 120 day sale date. Mine ****s compared to yours.
 

kayjay

LoanSafe Member
Jan 21, 2013
24
0
1
I am blessed. It worked out for me after months of anguish. I am 2 months into my permanent agreement (HAMP) with Wells Fargo. This forum helped alot and offered alot of great advice. I have to admit that I didn't /don't owe a fraction of what some of the borrowers on here owe and some of the monthly payments that I have seen on here take my breath away. My hat is off to all of you. I also realize homes etc are much higher in California than here in Florida. I had 6 years remaining and 45k left on my home when I lost my job. Monthly payment of 877.00. I went through what every person on here is experiencing..... Lost paperwork...getting the same letter in the mail every day for 5 days in a row, threats to foreclose, new "specialists", on and on. I literally can't believe these places call themselves "banks" and operate with such dysfunction.
My numbers... (Let's face it...they wanted my home) I could sell for 190k-200k. I have been in my home for 17 years and I was not going down without a long dirty fight. I lost my job and it all started from there.
I owed 45k 6 yrs remaining on a fixed 15 yr term. 6% 877.00 (I had no escrow acct and I paid ins and tax at year end)
I now owe 53k 10 yrs remaining 640.09 at fixed 4%. (Its a little higher for the first 5 yrs due to adding the escrow acct which was mandatory.
There was no explanation for the addl 8k in principle balance. It was called "new money". Adding arrears doesn't make sense since it was fixed.
The permanent modification agreement was suppose to waive late fees.... Atty fees etc... The only thing new money could be is the force placed insurance premiums. ***I have a real issue with the amount of force placed insurance".**** I could get cheaper insurance if I bought it at a pawn shop. I will be posting more on that topic in the next few months. Now that I am out of the foreclosure mess, I plan to go after that topic and they haven't heard the last of me. ***
My whole process (I absolutely had an attorney to make the calls and fax and refax paperwork) took 12 months and that included the 3 month trial modification. The trial mod payments were about 100.00 higher than the permanent payments.
My advice.... Be persistent. Don't take no for an answer. My hardship letter was 1 paragraph. Short,sweet, direct and to the point.

If you truly believe you can pay for your home (long term) and you believe you should be in your home, then don't give up.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thanks for coming back and sharing your success story in detail with the community kayjay!! We appreciate the kind words and it was only a matter of time before your hard work and diligence paid off!! Would you mind briefly sharing your story in our "Success Stories" section as well?:)

Congrats!!
 

ajaye

LoanSafe Member
Nov 22, 2013
1
0
0
53
Nightmare Over, yay!...

Sometimes I wondered if I was going to have a "Wells Fargo Success Story." I missed my 1st mortgage payment in January 2012, and from that date until almost 20 months later, I was going through hoops trying to get a loan modification through HAMP. I have encountered inept people all along the way - people inept mostly because they didn't care, is what I finally concluded - from HUD to every different person I spoke with at Wells Fargo, each of whom gave me different information whenever I called, to the attorney I basically wasted a retainer on. I thank God, this forum (I was lurking and reading), and the person from my mortgage insurance company for finally getting me to the permanent modification point.

I lost count on the number of times WF said they needed more information and I started the whole process over again. I know they billed HUD each time I was forced to reapply and I figured that was the point. But finally, I got approved for a trial modification and after that, a permanent modification. I was given access back to my account to make my payment online, and from reading on this site, I knew that meant the deal was done. :huh: My interest rate was modified to 2 percent for years 1-5; 3 percent for year 6; 4 percent for year 7, and 4.625 for years 8-32. They tacked on the amount in arrears I was to the end of the loan, extending the maturity date. My monthly mortgage payment under this modification agreement was reduced by approximately $650 a month. I don't know if I could've gotten better terms, but considering the long arduous process this was, I was very happy with the terms I got, and that finally I could put this nightmare behind me.

Thanks again to everyone who posted your struggles, victories, and FYI on this forum... I had nothing to contribute then; I just needed to read and learn, and a lot of your advice helped me, so I'm paying it forward now as best I can.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thanks for joining the community and sharing your success story, the terms you received are excellent and you can't beat a $625 a month reduction!! I'm glad the forum helped guide you through this grueling process and it was only a matter of time before your hard work paid off:)
 

alandkimber

LoanSafe Member
Aug 5, 2009
25
0
0
3 years of ups and downs and we are APPROVED 2 weeks prior to a foreclosure sale date!!!!

We qualified for Keep a Your Home California modification program $25,000 applied to past due plus we offered a $30,000 contribution. Wellsfargo just started fully participating in the KYHC modification program. We had over $120k past due. I fought and fought, went to HUD counselors, called HOPE hotline, contacted my Congressional office which questioned WF. We got an in house modification. Years 1-5 4%, year 6 5%, years 7-37 5.375 %. They extended our loan to 37 years.

So thankful we get to stay on our home our 1st trial payment is due Feb 1st!!!!

Don't give up!!!!!!!
 

WalkinBlues

LoanSafe Member
Jul 11, 2012
50
5
8
Finally long five years battle is done now.

I never thought it could happen to me for real.

Thank you Loansafe staffs~

no payment since 2011 Aug.

first contact from wf Aug 2012. sent settlement offer 3%

they deinied. resubmit settlement 5%. denied twice.

second contact Feb 2013.

They ask me do I still want to settle with last amount I sent. I said Yes.

They accepted.
bionicle, where did you send it? i get no response to my WF counteroffers.
 

Coyote

LoanSafe Member
Jan 21, 2010
25
0
1
Full extinguishment of second loan!!!!!!! I just got the letter in the mail. Wells Fargo has finally released the lien on my second mortgage. I had been trying to settle with them for around 19 months. Out of the blue...no communication I received the loan extinguishment letter in the mail
Had this loan been charged-off and did you receive a 1099?
 

Coyote

LoanSafe Member
Jan 21, 2010
25
0
1
We received a letter out of the blue from Wells Fargo today. We have been following the plan on 'settling your second' and maintaining radio silence for just about a year now. They don't call us and we don't call them...
Where can I find info on "settling your second" plan?
 

portlandhomeowner

LoanSafe Member
Oct 7, 2013
10
0
1
Found out yesterday that we will receive a full extinguishment on our Wells Fargo 2nd mortgage equity loan (40K.) We are thrilled. We rec'd final Hamp Modification two months ago on our B of A 1st mortgage. We understood that papers would be sent to Wells Fargo in 90 days so allowing us to try and modify 2nd loan. Last month when I contacted Wells Fargo to make some back due payments on the loan, the rep said that I should hold off on paying because the loan had been recently been reviewed and since it showed there was not much equity in the home, that the loan was going to be 'written off.' This means that no more interest would accrue on the loan and it was up to us to make payment arrangements at our convenience, but that the loan would still be attached to the house in the event we wanted to sell it at some point. I told him that we were recently modified on our 1st through Hamp and he said in that case, since the loan being written off, then when they rec'd the Hamp papers, that in most cases there would be a full extinquishment. So yesterday they called and said they rec'd the papers and that they have started the extinquishment process. In 60 days we should get something from them confirming everything. Yea!
 

Coyote

LoanSafe Member
Jan 21, 2010
25
0
1
Found out yesterday that we will receive a full extinguishment on our Wells Fargo 2nd mortgage equity loan (40K.) We are thrilled. We rec'd final Hamp Modification two months ago on our B of A 1st mortgage. We understood that papers would be sent to Wells Fargo in 90 days so allowing us to try and modify 2nd loan. Last month when I contacted Wells Fargo to make some back due payments on the loan, the rep said that I should hold off on paying because the loan had been recently been reviewed and since it showed there was not much equity in the home, that the loan was going to be 'written off.' This means that no more interest would accrue on the loan and it was up to us to make payment arrangements at our convenience, but that the loan would still be attached to the house in the event we wanted to sell it at some point. I told him that we were recently modified on our 1st through Hamp and he said in that case, since the loan being written off, then when they rec'd the Hamp papers, that in most cases there would be a full extinquishment. So yesterday they called and said they rec'd the papers and that they have started the extinquishment process. In 60 days we should get something from them confirming everything. Yea!
WOW, that's the type of news we'd all like to receive! Congratulations! I still have my WF 2nd (non-purchase) lien even though it was written off almost 4 years ago. I was successful in getting my WF 1st mortgage modified (not HAMP) also about 4 years ago. My mod ends next March when it converts to a fully amortized 30 year loan at 5% fixed (it's interest only now). Problem is that the new payment will go up about $900/mo. which I clearly can't afford. I've already called WF about the increase but they said there is nothing they can do until I can prove a "hardship" AFTER the loan mod ends. So, I'll tackle both the 1st and 2nd lien at that time and see what happens because we do not want to move. Again, congrats and please keep us posted on your progress with removing the 2nd lien!
 

kelliewheeler

LoanSafe Member
Apr 11, 2013
7
0
1
Started loan modification process in January of 2013. Today, we finally got the final closing documents! It has been a long, complicated road with many ups and downs, denials, having to re-work papers, but it's finally done! It is possible. Keep the work up and don't hesitate to call the executive team if things are not working in a timely manner. Just wanted to share our joy. It's hard, but just keep on trucking!
 

Country boi

LoanSafe Member
May 19, 2014
2
0
1
44
Started loan modification process in January of 2013. Today, we finally got the final closing documents! It has been a long, complicated road with many ups and downs, denials, having to re-work papers, but it's finally done! It is possible. Keep the work up and don't hesitate to call the executive team if things are not working in a timely manner. Just wanted to share our joy. It's hard, but just keep on trucking!
 

Country boi

LoanSafe Member
May 19, 2014
2
0
1
44
Kelliewheeler,
How long after you returned your permanant mod documents did it take for them to finalize your modification? They have had my documents about three weeks now an I'm still not finalized. They have partially updated my account on line but still no champagne and balloons yet.