Post Your Wells Fargo Success Stories Here!

HerculesHouse

LoanSafe Member
Jan 28, 2013
4
1
1
Hey Everyone,

This is something that should have been done a long time ago and I figured we should stick a thread here for Wells Fargo success stories. Whehter you have received a loan modification, refinance, or even a short sale/DIL, please feel free to share your success stories here for everyone's benefit:)
Hi All:

I haven't had a chance to post my success story but success with Wells Fargo IS possible. It was a long four year fight but we were finally able to secure a permanent loan modification February 2013 through HAMP.

Original Loan balance $586,000 (the original principal balance was $517,000 but it was through the horrible Pick a Pay loan program and our interest was inflated by 2% every June beginning 2010)
Interest Originally 4% and ended at 8%
Monthly Payment of $2,600
*Plus an additional bankruptcy monthly payment of $1650. Throughout the course of the modification process, Wells Fargo attempted to foreclose on my home as were in arrears. The first time we called to inquire about a loan modification, we were told by the Loan Mod Officer that we our application would not be reviewed unless we were at least 3 months behind. We had to file for BK to save the house and continue the modification process (which is inconsistent with HAMP guidelines stating that foreclosures would not occur if we were in the middle of the modification process).

New terms:
Loan balance of $326,000
Interest 3%
Amount forgiven $260,000
New monthly payment: $2,018.00 (this includes property taxes and hazard insurance)
Bankruptcy has been discharged
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Congratulations HerculesHouse!

I truly appreciate you sharing your story and I wish you the best from here on out.
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
Hey Everyone,

This is something that should have been done a long time ago and I figured we should stick a thread here for Wells Fargo success stories. Whehter you have received a loan modification, refinance, or even a short sale/DIL, please feel free to share your success stories here for everyone's benefit:)
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
Hey Everyone,

This is something that should have been done a long time ago and I figured we should stick a thread here for Wells Fargo success stories. Whehter you have received a loan modification, refinance, or even a short sale/DIL, please feel free to share your success stories here for everyone's benefit:)
Well I can say that I have had success with Wells Fargo as far as a modification. They gave me a permanent modification but it includes the entire arrearages. Which comes out to 50,000. They did not forgive a thing. I am wondering if I should agree to this.
 

Myrwyn

LoanSafe Member
Jan 27, 2014
38
1
8
kdarcel - a lot of whether you should agree or not comes down to the payment. Can you afford the new one ?

We received a loan mod through Chase last fall and they lowered our payment by $500/month fixed for 30 years. Since the new payment was very affordable, we decided to accept the 12k in arrears as a balloon payment at the end of the loan. This worked best for us.

It is so hard to remove the emotion and look at your home from a practical and business-like view point, but it is what it takes to make the right decision for you. If you are only putting off the inevitable, should you stay? From what I have been reading over the last 6 months, most people who walked away wished they had done it sooner.

Dont know if those thoughts help, but I hope so. This is just my 2 cents. It all comes down to what you believe works best for you and your family.


Myrwyn
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Hi All:

I haven't had a chance to post my success story but success with Wells Fargo IS possible. It was a long four year fight but we were finally able to secure a permanent loan modification February 2013 through HAMP.

Original Loan balance $586,000 (the original principal balance was $517,000 but it was through the horrible Pick a Pay loan program and our interest was inflated by 2% every June beginning 2010)
Interest Originally 4% and ended at 8%
Monthly Payment of $2,600
*Plus an additional bankruptcy monthly payment of $1650. Throughout the course of the modification process, Wells Fargo attempted to foreclose on my home as were in arrears. The first time we called to inquire about a loan modification, we were told by the Loan Mod Officer that we our application would not be reviewed unless we were at least 3 months behind. We had to file for BK to save the house and continue the modification process (which is inconsistent with HAMP guidelines stating that foreclosures would not occur if we were in the middle of the modification process).

New terms:
Loan balance of $326,000
Interest 3%
Amount forgiven $260,000
New monthly payment: $2,018.00 (this includes property taxes and hazard insurance)
Bankruptcy has been discharged
 

candle1

LoanSafe Member
Feb 8, 2011
45
1
6
Hi HerculesHouse, your post is makin me hopeful. My problem is, how can I work directly with Wells Fargo. I am under Ocwen as a servicer but they tell me that WF owns my loan and that WF does not allow loan modification.