WF HAMP denied, home value less than mortgage? HELP

beyoutiful

LoanSafe Member
Sep 12, 2011
2
0
0
Hello,

I've been working on getting a mod thru Wells for months now. I've been denied because my home is valued at $140K, but the mortgage is $196K. I got my last mod thru Wachovia a few years ago and I was even more upside down in my mortgage at that time. The "preservation specialist" stated they can't do a Mod for homes that are more than $1500 upside down. Has anyone encountered this? Is this new, or is this BS?? My goal is to keep the home. I meet income requirements/guidelines, but got denied because of the value vs mortgage ratio. What can i do at this point? Any advice would ge appreciated.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
The "preservation specialist" stated they can't do a Mod for homes that are more than $1500 upside down. Has anyone encountered this? Is this new, or is this BS?? My goal is to keep the home. I meet income requirements/guidelines, but got denied because of the value vs mortgage ratio. What can i do at this point?
This is BS, it makes absolutely no sense that you can't qualify for a loan modification if you are underwater more than $1,500, if this was the case hardly anyone would be able to qualify for HAMP. Did WF send you this in writing or was it simply a verbal denial? You have 30 days to appeal their decision and get your account back in review. However, with what you briefly explained, it sounds like you're dealing with an incompetent rep and I recommend you reach out to the executive's team immediately to escalate your case..

Wells Fargo Executive Office of the President
800-853-8516

[email protected]

[email protected]
 

beyoutiful

LoanSafe Member
Sep 12, 2011
2
0
0
Thanks for your response, Evan. I plan to appeal and will use the resources you've provided. I was just shocked when she said they wouldn't approve the mod because I was 56k underwater??!! I was told by the preservation specialist that it is some new requirement that has just been approved this month. I have not received my denial paperwork yet, but am going to email/call the resources you've provided today.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I was just shocked when she said they wouldn't approve the mod because I was 56k underwater??!! I was told by the preservation specialist that it is some new requirement that has just been approved this month.
I would love to hear what this new "requirement" is? Sounds like something the so-called preservation specialist made up and was hoping you wouldn't dig for details.. I'm almost positive you'll get a different answer today when you speak with someone else, this tends to be the case in a situation like this.

Keep us posted!
 

Lajazz947

LoanSafe Member
Oct 28, 2009
42
0
6
Heres my WF story and its very recent. I was just denied because they said that they could not reduce the principal enough to get the LTV to 115%. Our best friends are RE agents and loan brokers, they know what our house is really worth.

WF says our house is worth $810,000. In our neighberhood we have bidding wars at a million and we are probably at $1.3 million. We owe with arrearages about $869,000. They said to pay and get an appraisal and fight it. I'll declare chapter 11 if I have to and deal with it that way since I';m not going to let them win.

I have been told by our attorney that she thinks that the banks can do as they fit if the really want to . I told them to extend the terms, lower my rate, give me interest only and put the arreareage at the back. We want to be here another 10 yearsd until our youngest goes to college.

Our income is about $9,000 a month but should go up to about $11,500 in a few months or so.

No debt at all other than the mortgage.

Am I crazy?