Posted on: 06th Sep, 2009 09:55 am
My husband and I got involved in a fraudulent loan modification company who advised us not to make a mortgage payment while going through the process. Long story short, they never worked with our mortgage company Wells Fargo and basically were put out of business. We fell far behind on our mortgage. On the advice of my cousin who is a lawyer he said to call WF and tell them our situation and get a modification with them. We did. We made four good faith payments and when I called the other day WF said that the modification went through. The payment is only about $175 less (but that's okay because my husband got a new job and we can cover it) and they told me we don't have to make our 1st payment until November 1st. (it is now September 5). They said they will be UPSing the paperwork to us. I'm worried why we don't have to make a 1st payment until Nov 1st. I called twice and got the same info from two different people.
Hi happymommy!
Welcome to forums!
In my opinion, you should contact your lender and ask them as to why you don't have to make any payments till November, 1st. As a lender they are obligated to explain everything in details to you. They will be the best person to tell you as to why you don't need to make any payments as of now. Moreover, you can even wait for the documents which they would be sending you. May be you would come to know about the reasons from those documents.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, you should contact your lender and ask them as to why you don't have to make any payments till November, 1st. As a lender they are obligated to explain everything in details to you. They will be the best person to tell you as to why you don't need to make any payments as of now. Moreover, you can even wait for the documents which they would be sending you. May be you would come to know about the reasons from those documents.
Feel free to ask if you've further queries.
Sussane
Sussane,
Thanks. That's what my cousin told me too. I'm just very nervous because we got burned from Hope Now Modifications. It's hard to trust anyone in this situation. I don't want to lose my house.
Thanks. That's what my cousin told me too. I'm just very nervous because we got burned from Hope Now Modifications. It's hard to trust anyone in this situation. I don't want to lose my house.
Happy, just to CYA as much as possible, you may want to request/insist that any reason they give you be memorialized in writing. That way, if anything goes south on you, you'll at least have a chance of being able to defend yourself.
If absolutely nothing else, request a physical address where you can send written correspondence (as opposed to e-mail) so YOU can memorialize the conversation i.e. "Per our telephone conversation of September 46th, I am confirming your instructions that the first payment per the modification of my loan is not due until November X, 2009. If this incorrect please provide me with the correct payment information *immediately*. " Send it certified return receipt so you can prove that it was received as well...
You may want to consult with an atty briefly just to be doubly sure as nothing anyone (including myself) ever says or anything you find on the internet should be construed as accurate legal advice... ;)
If absolutely nothing else, request a physical address where you can send written correspondence (as opposed to e-mail) so YOU can memorialize the conversation i.e. "Per our telephone conversation of September 46th, I am confirming your instructions that the first payment per the modification of my loan is not due until November X, 2009. If this incorrect please provide me with the correct payment information *immediately*. " Send it certified return receipt so you can prove that it was received as well...
You may want to consult with an atty briefly just to be doubly sure as nothing anyone (including myself) ever says or anything you find on the internet should be construed as accurate legal advice... ;)
thanks Mike, that seems to be the advise everyone has given me. My cousin is an atty and that was what he said as well. I will call them again tomorrow and ask for something in writing. I am feeling a little less uneasy and a little more in control.
I just wanted to post and let everyone know that we did get our paperwork from Wells Fargo and they came through for us. Mortgage is down and 1st payment is due Nov. 1st. They are very backed up so that is way the NOV. 1st date. By the time our paperwork gets back and processed it will be Oct. I am so relieved that this worked out.
Most of the lenders are askign this with the borrowers once the modification is done
They normally ask them to delay the payment, just for the paper work to catch up
But make sure every thign is in written
They normally ask them to delay the payment, just for the paper work to catch up
But make sure every thign is in written
It was all in the paperwork and we had it notarized and signed. Crossed my t's and dotted my i's.
sunnyca2009 ,
is it because of several applications? or some other reason.
How can one ask someone to delay the payment?
is it because of several applications? or some other reason.
How can one ask someone to delay the payment?