Wells Fago Loan Modification Application in Process

S

Serious Biz

Guest
Wells Fargo. VA Loan. Went 120 days past due 3 days after modification application was submitted. Question: Do I make a normal payment before it reaches 150 days past due and keep making monthly payments while it is being reviewed to keep it at 120 days past due and no more, or do I set the money aside in another account each month (and not give it to WF)? Thanks.
 

Moe Bedard

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Loan Safe Mortgage
Aug 10, 2007
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The legal foreclosure process generally can't start until after you are 120 days behind on your mortgage so it may be too late and a waste of effort since they may start the process anyway so I would save the money. Your loan modification is your best bet to save the home and work out a deal to keep it.
 

isisis

LoanSafe Member
Jun 22, 2010
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Be careful. This can become a slippery slope. A lot of people were told not to make payments and many months later the modification was denied. Meanwhile unless you're especially diligent and disciplined those months accumulate, are increased by foreclosure fees and you can't catch up. Foreclosing may be more profitable so don't trust them.

That's how my story here started. I ended up not making payments for nine years fighting foreclosure the whole time and finally having to take them to court.
 

just_me

LoanSafe Member
Sep 14, 2015
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Don't go beyond the 120 day mark. So keep paying. Only bank your payments if they start refusing them or begin foreclosure.
 
S

Serious Biz

Guest
I believe these guys move slow to try and lull you into a sleep. They post a new requirement on their site (which I can see immediately), and then it's a full 2 or 3 working days later until they leave me a VM stating the same new requirement, and then I get a hard letter in the mail a week later stating the same thing with a deadline 4 weeks out? Are they really that slow and overworked or is it by design so you wake up and 6 months have went by before they formally make a decision? Unbelievable actually.
 

just_me

LoanSafe Member
Sep 14, 2015
460
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28
I believe these guys move slow to try and lull you into a sleep. They post a new requirement on their site (which I can see immediately), and then it's a full 2 or 3 working days later until they leave me a VM stating the same new requirement, and then I get a hard letter in the mail a week later stating the same thing with a deadline 4 weeks out? Are they really that slow and overworked or is it by design so you wake up and 6 months have went by before they formally make a decision? Unbelievable actually.
That's true too. The longer they delay, the longer they can collect a higher interest. And there's always the back-dated notices trying to take away any appeal rights. Hopefully, monitoring is strict and WF is on good behavior.