I received a loan modification from ASC AKA Wells fargo back in April 2010 on my 1st loan but it was a crappy one.
It was in an interest only loan and all they did was reduce my interest to 5% for the life of the loan and that reduced my monthly payment by roughly $50.00 and this was an in-house mod. I'm thinking of requesting another in-house mod to hopefully reduce my interest rate and have the mortgage amortized to 40 years to significantly reduce my monthly payments.
It is not impossible to secure an in-house mod from Wells Fargo but persistence is the key.
yes, I was denied fo HAMP on 12/17 and am quickly getting very nervous. CitiMortgage is servicer, I am told Wells Fargo is investor and does not participate in Hamp! I feel as though I can not get a straight answer. Have been working with approved credit counselor and also called HOPW when I was denied. they did not help at all. We did a three way with CitiMortgage phone rep and all they said is investor does notparticipate in HAMP.
Same woman said you can apply for in house mod on CitiMortgage website. Did all of that again on 12/18. Faxed everything over etc., etc. called back on12/21 and phone rep said Wells Fargo does not do modifications.
I refuse to believe this! We can not sell our house. Been on market for a year. My monthly income is going up rapidly, now make over $100k.
My credit counselor sent an email to HAMP escalation on 12/22, said it would take a month to get a reply? Also contacted Senator, sent emails to Wells Fargo, etc., etc. Got some form letter from Wells Fargo yesterday saying it is servicer's responsibility to answer my questions.
Please someone help with some answers or some contacts at CitiMortgage other than phone reps. Have sent emails to the generic [email protected] with no response.
I too have a loan with Wells Fargo as the investor. My servicer is Chase. Here are my stats. Owe 450,000, house is underwater mabe 30-50K.
My int. only payment is 2650.00 which is 44% of my gross. I am current. No real debt except a car payment. I am in 100-200 in red or positive every month. Just took a huge paycut hence the 44% thing.
Called HOPE and the counceler told me I should have no problem.
Mailed the Modification in early January and it was deemed complete on Thursday 1/20. They told me it would take 3-6 weeks to make a decision so not to call. I called today anyway. I was told that my investor, Wells Fargo, is not participating in HAMP. I said, I don't think so, they are listed on the HAMP website. Then I was put on hold and the rep came back and told me that I was denied because Wells Fargo is not approving any "imminent default" modifications right now. Called HOPE again, a different guy said they have a right to decline me because I am not in default. Imminent default means I have the right numbers to default, however I haven't. So in essence I am supposed to be 61 days behind to even be considered for a modification. I am taking out a payday loan once a month to stay current on my mortgage and feed my kid at the same time. I don't know why now. This mortgage was discharged in BK but I stayed current. A friend did the same, discharged in BK, Chase/Wells Fargo loan, similar numbers etc, got a trial mortgage mod after two weeks and a permanent mod after 4 months of trial payments. Go figure. I wonder if they sit around and throw a dice. Or, eeny meany miney mo...
I have a jumbo loan serviced by Chase with Wells as the investor. They will not even consider you unless you are two months late. I tried to stay current and was denied because I was not late. I stopped paying, resubmitted and then have been through underwriting, QA and to the investor (Wells) twice. The first time Chase sent my file to Wells for approval was in November 2010 and I have not been told what happened. Chase re-underwrote me and sent my file to Wells for approval again on 3/14. I am hoping for a decision this time.
How far behind are you? I am now nearly a month behind. Let me know what happens. I also just got a REST Report. It was VERY informative and I will send that in too. Did you wait two months to send in your new application?
I am nine months late. When I was denied, I was already one month late and about to become two months. My contact did not have me re-submit anything to get the file moving forward again. Early this year, and after the investor did not respond to Chase's request for approval, I was assigned a new negotiator. This negotiator had me re-submit everything since my information had become stale.
key1234 - Good to hear from someone on here in the same position as me: Chase servicer (mine is an I/O loan, non-jumbo though), Wells Fargo investor. I have been peppering Chase with trying to get contact info directly to my Wells investor for months. Not much luck really. I finally got Chase to give me some contact info for Wells, but it was only a mailing address with suite number. So turns out, lucky for me, the address happened to be 20 minutes from me so I drove there one day to find out it was a medical office... no sign of Wells anywhere.
I think the info you have on Wells NOT doing loan mods isn't exactly right, it may be a half truth at most. I was told that at one point too and then after probing further the real answer I got was that Wells wasn't doing loan modifications as per the HAMP minimum guidelines, for example, I'm told Wells won't go to an interest rate floor of 2% like HAMP allows. Per HAMP solutions center, the investor has the right to overlay their own guidelines on top of the HAMP ones. BUT, I'm told Wells will do loan modifications - just not in strict accordance with HAMP guidelines. I would ask Chase what minimum interest rate Wells Fargo will allow on your loan? Then go through the whole HAMP waterfall process: ask if they allow term extensions? principal forebearance and if so how much? If Chase can't tell you, open a file with HAMP solutions center at 866-939-4469 option 2, and they may be able to wrestle the info from Chase.
Similar to you, I was 1 month late when I started this mess... now I'm 9 months late. REST Report in hand, I tried to get someone's attention in the Chase EO for nearly 6 weeks in Jan/Feb but they were useless. If I were you, I would consider starting over - - I'm not sure how helpful my advice is but when I went to send in updated financials because mine were too old (stale), it just went back to the same underwriter who denied me, then confirmed the denial.
As I understand it, if you start over, you get a clean slate: new RM assigned to your file, new underwriter, etc. etc. PLUS, beware of Chase getting confused and having 2 (or more!?) modification files open for you - - I was stuck in that hampster wheel for 3 months last summer... make sure they CLOSE OUT one file, before you start over.
Sorry this isn't too helpful but I thought I'd reach out. I am currently working with Chase Homeownership Preservation at 866-326-0086 - they are just as informed (uninformed as the usual Loss Mit folks) but atleast there is less hold time, its a small office and there isn't all this press 1, press 2 crap before you can even speak to someone. Its also easy to talk to a manager at this number if you ask/your questions aren't getting answered.
I don't know where you are at. I am in the San Francisco Bay Area and I called the Chase customer care center. I told them, truthfully, that I had an address in San Francisco. (A chase rep accidently told me the name of a Wells Fargo person who emailed my underwriter to decline my application.) She corrected me and gave me this address:
9062 Old Annapolis rd
Columbia Maryland, 21045-1951
I googled this and found out that it is called Wells Fargo Mortgage Partnership Finance. The person in San Francisco works for Wells Fargo Insurance Services. She emailed someone at Chase working on my application. I might send my report to both of these places. The important thing to note is that I got this on the customer service side and I was calling from a work phone. Hence I was not routed by phone number which apparently they do when you call from your phone or whatever number they have on file for you.
Starting over is a good plan. I got a denial letter so I assume my file is closed but I will call to verify that my file is closed before sending in a new application. Good luck.