Posted on: 22nd Oct, 2009 04:47 pm
Has anyone successfully been through the final review for their loan modification? If so, what is the process? We've been working on this for a year and I don't want any surprises.
We are on a three month trial forbearance, have made two of the three payments (sending the payment "priority mail" just to be sure) and realized that our credit has taken 175 point drop. (We were 60 days late prior to the trial, but apparently our credit is getting hit every month we make the reduced trial payment. Does this get cleared up in the end?
We contacted WF for six months before we were late, sent hardship letter, etc... that we were going to run into trouble - they didn't respond until we were at the end of our rope. We had very high credit in the low 800's that's now in the low 600's. Unbelievable.
We are on a three month trial forbearance, have made two of the three payments (sending the payment "priority mail" just to be sure) and realized that our credit has taken 175 point drop. (We were 60 days late prior to the trial, but apparently our credit is getting hit every month we make the reduced trial payment. Does this get cleared up in the end?
We contacted WF for six months before we were late, sent hardship letter, etc... that we were going to run into trouble - they didn't respond until we were at the end of our rope. We had very high credit in the low 800's that's now in the low 600's. Unbelievable.
Hi claudia,
I guess your forbearance plan would get completed next month. The lender may require your financial documents in order to find whether or not you qualify for a loan modification. You can contact your lender and ask him to clarify as to why he requires your financial documents. He will be the best to answer your query.
Thanks
I guess your forbearance plan would get completed next month. The lender may require your financial documents in order to find whether or not you qualify for a loan modification. You can contact your lender and ask him to clarify as to why he requires your financial documents. He will be the best to answer your query.
Thanks
again I ask has anyone out there continued to pay forebearance amount even after 3 month trial was over? How long did this go on and what was the final result
Welcome Guest,
Once the forbearance period is over, you won't be able to pay the reduced amount any longer. You can reapply for forbearance and if the lender agrees to it, then you may continue to pay the lower amount.
Once the forbearance period is over, you won't be able to pay the reduced amount any longer. You can reapply for forbearance and if the lender agrees to it, then you may continue to pay the lower amount.
i have been advised to continue to pay forebearance amount by loss mitigation dept and asc. also told i have still not been assigned to a person to review my file. my question is how long can this go on and if i am denied what's my next step
Hi Guest!
Welcome to forums!
You should ask your lender to speed up the process so that your loan modification gets approved. In case, your request is rejected, you would be able to re-apply for a loan modification.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should ask your lender to speed up the process so that your loan modification gets approved. In case, your request is rejected, you would be able to re-apply for a loan modification.
Feel free to ask if you've further queries.
Sussane
I got behind, mailed a check for the amount (they had just sent me a bill), and they refused the check. I called, they said that I was in foreclosure and to contact their attorney, when I asked why they sent me a bill instead of a foreclosure they didn't have an answer. Their attorney never returned my calls and then pushed to foreclose. I met with a HUD approved counselor, and worked that angle. They held of foreclosure and said that I may qualify for some plan (signed into law by Obama, I cant remember the name of it) and that I had to make three consecutive payments and then they would decide.
During all this we turned in the documents to show my income (it was around $1700 a month at the time, the house was around $650). So in Feb. was the end of my three month trial, on May 6th they called to tell me that I didnt qualify for the plan (no reason given) but they would work on the modification and give me a decision. I scheduled another payment, on the 11th they sent me a letter telling me I was denied, that means the letter didnt get her until the May 17 and they have the sale date set on May 28. Not only that, I was denied because my income was "only $500mo." I have NO idea where they got that number, and when I had the lady look at my file, she found my check stubs were higher but offered no explanation... I go in with HUD on Thursday and begin the fight again.
During all this we turned in the documents to show my income (it was around $1700 a month at the time, the house was around $650). So in Feb. was the end of my three month trial, on May 6th they called to tell me that I didnt qualify for the plan (no reason given) but they would work on the modification and give me a decision. I scheduled another payment, on the 11th they sent me a letter telling me I was denied, that means the letter didnt get her until the May 17 and they have the sale date set on May 28. Not only that, I was denied because my income was "only $500mo." I have NO idea where they got that number, and when I had the lady look at my file, she found my check stubs were higher but offered no explanation... I go in with HUD on Thursday and begin the fight again.
Hi JasonL,
You should contact the lender and reapply for a loan modification. You should submit all the required details including your pay stubs and ask the lender to reconsider your offer.
Thanks
You should contact the lender and reapply for a loan modification. You should submit all the required details including your pay stubs and ask the lender to reconsider your offer.
Thanks
that's the plan, i am going to resubmit, i go through HUD because it give me additional backup and documents. but i am still angry that they have my income completely wrong, and they based it on figure in error (and yes, thanks to working with HUD, i know they received the correct info).
My husband and I have been fighting with Wells Fargo for over 2 years to keep our home. We filed BK7 and was discharged 9/2009. The good thing is we didn't reaffirm the house. We are at the end of the rope, so far Wells Fargo gave us another 60 days and this time if it doesn't work---we'll be happy to just walk away. It will take 3 years after bK7 before we can buy a house again, that will be 2 years and 3 months to go. It seems the bank don't realize the worst are yet to come, someday all these that we're experiencing will come back haunting them. My husband and myself including any member of my family will never ever want to give any business to Wells Fargo in the future.
It is not just wf it is all mortgage co doing this forbearance I have one that I paid 18000.00 to stop foreclosure and set up three payments of the same loan and came late the second month due to the 18000 45 days to be exact the company went back to original foreclosure sent back my check saying they deny the two payments and in less than a month they will be selling my house beat this
I am sad after reading the above mixed people experiances from the WELLS FARGO regarding Loan Modification Process. I lost my job last month and called them, they offered me for the forbeance plan. They have reduced my mortgage approximate 1000 dollars and also told me to not pay for the january mortgage. my first new forbearance plan will begin this feb 1.
I am not sure, what are their motive behind this. I would like to keep this house. They gave me three months under this plan and after this what will happen, I don't know. Any luck.
I am not sure, what are their motive behind this. I would like to keep this house. They gave me three months under this plan and after this what will happen, I don't know. Any luck.
Hi Guest!
Welcome to forums!
As you've received a forbearance plan, you should pay off the dues as per that plan. This will help you in paying off the loan and saving the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you've received a forbearance plan, you should pay off the dues as per that plan. This will help you in paying off the loan and saving the property.
Feel free to ask if you've further queries.
Sussane
I have also been going through this for 18 months! 3 temp loan mods and 2 special forbearance agreements! Every single payment for those were made on time and guess what, At the end of every single one, They said SORRY WE CANT HELP YOU ! I have done everything theyve asked and on time ! Just like i was worried about at the beggining they are sucking me dry before they throw me and my family out on the streets, But they are not going to throw us out until we have 0 money ! They are doing it to all of us! Its a SCAM!
well im in the same boat but i only own at this point one month and feb and thaxz for the advise i will pay the two months and im not even going to do that im just going to tell them that i will keep my same plaiment plan because i realy cannt loose my house this is all i have and im single with three boys i have strugle to get where im at and im unepleyeed and i could live the way im still leaving thats k thaxz and good luck to all of u i will keep u in my prayers its a tough road we r going through
i was in forbearance for 9 month than they put me in forclourcer now a year later i am in mediation court fighting still to keep my house wells fargo has no idea what they are doing i had to hire an attorney and it still is not over good luck i did everthing they asked and what a mess. looking for an attorney that will go after the bank for all my destrss over all this i also filed a complaint with the attorney gerneral office