wells fargo loan modification

alieuallen

LoanSafe Member
Oct 7, 2009
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I just spoke to wells fargo regarding a modification.. immediatley they put me on a 3 month payment plan.. However, the payment plan is still more than what i could afford.. my monthly payment is way over the 31% or 38% DTI.. should they have tried to get it to that percentage.. does anyone know? HELP.. :confused:
 

rlhoneydew

LoanSafe Member
Jun 2, 2009
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Hi "alieuallen",
If you are doing the HAMP Modification, it should be at 31% of your gross income. The 31% INCLUDES P & I, plus Property Taxes and Homeowners Insurance.

When I was initially enrolled in the trial payments, they (Saxon) were not well informed and gave me 31% PLUS Taxes and Insurance... bringing my trial payment to around 38%.

Because that is what they calculated, I have been making this payment for the last 5 months (they could not alter it once it was submitted to gov) - my file has gone through underwriting, and they say my payment will be adjusted to the 31%.

If the stars align correctly, my new payment should begin 11/1. :rolleyes: I do not yet have my final documents though....
 

weneedpeace

LoanSafe Member
Sep 28, 2009
76
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Hi Alieu..

There's several variations that folks with Wells Fargo have posted. Make sure you check out the specific Wells Fargo sub-forum for more examples of stories.

Can say that folks that had ARMs that were transitioned to fixed rate, encountered an increase in their total payment (PITI), as they were previously not paying principal.

Can you post a little more details on what your loan terms were previously and what they offered you?
 

alieuallen

LoanSafe Member
Oct 7, 2009
4
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My loan is a 30 year fixed loan, includes PITI. My payment is almost 50% of my DTI.
Should I call them back and ask them about the HAMP program.. they didn't offer me that program.. they just immediatley told me they could put me on the 3 month payment plan. My worry is that my payment will not be lowered..