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.
So, please someone tell me...is a forebearance just a put off to see if you can get a modification later such as if you don't qualify for a modifications due to loss of job then when you get ajob you can apply for a modification? They turned me down for a Internal Home Modification because I had no "income" actually my daugher and son-in-law live with me they were going to use thiers then they said no they coudn't because we had no paper trail because we had used cash for everything. This is a big nightmare! However, living in Joplin, mo with a tornado that came thru we got the foreclosure put off! I got a feeling this will never end! Any info appreciated!
Hi Guest!
Welcome to forums!
Forbearance helps you in suspending your payments for few months if you're facing any financial hardship. It is not just a put off to see whether or not you qualify for a loan modification.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Forbearance helps you in suspending your payments for few months if you're facing any financial hardship. It is not just a put off to see whether or not you qualify for a loan modification.
Feel free to ask if you've further queries.
Sussane
We started modification process back in March and finally Wells offered a 3 month special forbearance. Because of all of the horror stories, I read this forum and also called my home preservation specialist. Everyone I have talked to in the AL center were really nice & answered my questions. I am even assigned one specialist I have been working with. I was told by one of their reps today that a special forbearance is actually a trial modification to determine affordability, then after we pay for 3 months they will make it a permanent mod. I'm praying this is the case. This forbearance makes me nervous! Our payment is only $100 less though but we were 45 days behind so then next $1864 payment is not due until Aug 21st.
Welcome daisey,
It is good for you that finally the lender has agreed to modify your loan. I will suggest you to pay the debts for the next 3 months as per the forbearance offered by the lender. I'm sure that the lender will modify the loan permanently after that.
It is good for you that finally the lender has agreed to modify your loan. I will suggest you to pay the debts for the next 3 months as per the forbearance offered by the lender. I'm sure that the lender will modify the loan permanently after that.
I was mislead when I called Wells Fargo, the girl said they'd do the reduced payments because I was a good customer, never a late payment. I got docs and signed them, lost my copies and now I am having a heck of a time getting the original thing I signed. My story is the same as everyone elses. The original agent said it wouldnt affect my credit and that I wouldn't be charged late fees, all Lies! Now they are saying I owe over 4000 and I am constantly being talked to in a condescending way. I need the papers that I signed cause I swear it said nothing about owing a lump sum or late fees or credit reporting. The sad thing is that I can afford my payment now but I don't have 4000 so I am being forced into a modification because they can't/won't just defer the $4000. this is all so LAME. My first home, I love it and now who knows what will happen my parents co-signed and now they are screwed too.
As the situation demands, it will be better if you could get the loan modified and save your property.
Hello Guest,
I went through a forebearance with Wells Fargo and it was similar to your agreement. I paid what they asked and everything went well....I did get the $ tacked on to the end of my loan...but they lowered my payment so it worked out for me. They came through...and it only took the three months they stated.
I went through a forebearance with Wells Fargo and it was similar to your agreement. I paid what they asked and everything went well....I did get the $ tacked on to the end of my loan...but they lowered my payment so it worked out for me. They came through...and it only took the three months they stated.
i did get a modification but it took 8 months and wells fargo put me thru hell. ruined my credit, reported me a no payments for 8 months even though I made the modified payment amount, then wells fargo wrote off the interest. I am late now and they call me every two hours, I too would join a class action law suit against them. they lie and get away with it.
Thanks Kelly for sharing your experience in the forums.
To all the people in this post I can tell you from first hand knowledge that Wells Fargo aren't going to do a damn thing other than foreclose on you and that's the honest truth. Save your money and file a suit agains' t your lender because after they drain your money on their wild goose chase they will use it to file suit again'st you. Stop letting these corporations get away with fraud and theft.
Hi mo,
I guess you have been through the whole situation! I can understand your situation and can feel what you're going through. Thanks a lot for sharing your opinion in our community. This will help others take the right decision in this regard.
I guess you have been through the whole situation! I can understand your situation and can feel what you're going through. Thanks a lot for sharing your opinion in our community. This will help others take the right decision in this regard.
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