Wellls Fargo loan serviced by Homeward residential

#1
I need some advice. I just received a loan modification in the mail today. The numbers are fantastic with a drop of almost 700.00 per month. The big drawback is that they are asking for a contribution of 7500.00 from us. The most I have is 1500.00. What do I do? Do I contact them ask them about the loan mod and the lack of up front money? My heart sank when I read the amount of the contribution. Do I sign the papers and send them back without the money?? Do offer a payment plan to pay that amount? Any advice would be appreciated.

Mark
 
#2
Homeward Residential contats???

I have received a loan modification to my liking but I cannot afford the upfront money they are asking for. My relationship manager number is always busy and I cant contact anyone other than a run of the mill telephone rep. Are there any links or information for contacts to escalate this? They screwed up my original modification by putting my wifes income down as weekly instead of bi-weekly, they admitted their mistake but now I get this modification that asks for 7400 upfront. The original mod asked for nw money but higher interest and payment. This one asks for alot of money and lower home payment.
I would like a person or a negoiators number I can contact directly.. The loan originates with wells fargo.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#3
I need some advice. I just received a loan modification in the mail today. The numbers are fantastic with a drop of almost 700.00 per month. The big drawback is that they are asking for a contribution of 7500.00 from us. The most I have is 1500.00. What do I do? Do I contact them ask them about the loan mod and the lack of up front money? My heart sank when I read the amount of the contribution. Do I sign the papers and send them back without the money?? Do offer a payment plan to pay that amount.

Hello Mark,

Most modifications (almost all) do not require any upfront fee besides the first new modified payment. I'm surprised the modification you have been offered asks for such a significant amount upfront. Homeward should have all of your financial information including bank statements so they should be well aware you do not have these funds available. You definitely need to contact Homeward immediately to discuss this payment and see if they would be willing to accept it over x amount of payments, or possibly get them to add this amount to the back of the loan. Do not send in the paperwork without contacting them first because they may void the modification if they do not receive these funds along with it..

Homeward Residential
1525 S Belt Line Rd
Coppell, TX 75019-4913
(469) 645-3000
 
#4
Evan,

Is there a contact person there that you would know of. I am looking at my documents now and it states borrower contribution of 7262.56.

Mark


Hello Mark,

Most modifications (almost all) do not require any upfront fee besides the first new modified payment. I'm surprised the modification you have been offered asks for such a significant amount upfront. Homeward should have all of your financial information including bank statements so they should be well aware you do not have these funds available. You definitely need to contact Homeward immediately to discuss this payment and see if they would be willing to accept it over x amount of payments, or possibly get them to add this amount to the back of the loan. Do not send in the paperwork without contacting them first because they may void the modification if they do not receive these funds along with it..

Homeward Residential
1525 S Belt Line Rd
Coppell, TX 75019-4913
(469) 645-3000
 
#5
Evan,

I called the number you provided and they told me that the money I have to contribute is money that is in my suspense account. I have no money to pay out of pocket. I still find this a bit odd that they would write the document that way. However I did document my relationship managers name date and time I called. I would assume that this is correct information since she did check on the information.
If this is the case they we have another Wells Fargo Loan Mod success. Payment went from 1852 with tax to 1130 by dropping interest rate and offering a balloon payment in 21 years. Plenty of time to get back on our feet.
 
#6
Evan,

I called the number you provided and they told me that the money I have to contribute is money that is in my suspense account. I have no money to pay out of pocket. I still find this a bit odd that they would write the document that way. However I did document my relationship managers name date and time I called. I would assume that this is correct information since she did check on the information.
If this is the case they we have another Wells Fargo Loan Mod success. Payment went from 1852 with tax to 1130 by dropping interest rate and offering a balloon payment in 21 years. Plenty of time to get back on our feet.
If they are stating that is money from your suspense account, then it would not be from out of pocket, but rather it would be if you had made trial payments which are reduced payments that are held in suspense. Here is another contact for you to try to clarify this new information;

Jim Davis
[email protected]
1-904-996-9696
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#7
That is great news and I definitely agree with Cat! I was surprised when I first read your post about the $7,500 fee, but this makes total sense now and it seems you are another Wells Fargo success story!! I'm glad to see your hard work and diligence these past few years has paid off!

CONGRATS!