Posted on: 28th Aug, 2009 08:57 pm
I had a cut in pay and I am struggling to make my payment of 1530 per month principal and interest. I applied in April this year fo a mod and just 3 weeks ago I was told, the only way the investor would consider my modification was if I agreed to add taxes and ins. into my monthly payment. I told them at that time I could not agree to PITI because if my loan mod is not approved then I would not be able to make that large of a payment. I called them today and they advised me I was approved for a 3 month trial at 1370 per month. The lady on the phone could not tell me the new terms or if this new payment includes taxes and insurance. Does anyone have any idea if this new payment will PITI or just PI, and what Wells Fargo is offering on loan mod terms?
Hi swestern,
Your lender would be the best person to help you in this regard. He would help you in knowing whether there would be taxes and insurance added to it. But, as far as I can understand, you would only have to pay $1370 per month. This will include your taxes and insurance, if any.
Your lender would be the best person to help you in this regard. He would help you in knowing whether there would be taxes and insurance added to it. But, as far as I can understand, you would only have to pay $1370 per month. This will include your taxes and insurance, if any.
i don't get this...what gives you the impression that somebody in this forum will be able to provide the information that "the lady on the phone" from wells fargo couldn't provide you?
didn't it occur to you to ask her to transfer you to someone in the organization at wells fargo who could potentially provide you with that information? this may seem harsh, but i don't understand how you can ask us this question and anticipate that we might know better than wells fargo, when you already had them on the phone to begin with.
forgive me if my tone offends, but sometimes we need this little voice shouting truths at us in order to get it. please call wells fargo and ask for someone who has a clue and you'll probably get some assistance. going to the source is always the best, rather than a disinterested third party.
didn't it occur to you to ask her to transfer you to someone in the organization at wells fargo who could potentially provide you with that information? this may seem harsh, but i don't understand how you can ask us this question and anticipate that we might know better than wells fargo, when you already had them on the phone to begin with.
forgive me if my tone offends, but sometimes we need this little voice shouting truths at us in order to get it. please call wells fargo and ask for someone who has a clue and you'll probably get some assistance. going to the source is always the best, rather than a disinterested third party.
George is being, perhaps, a bit disingenuous but there are reasons.
First, understand this a government give awayprogram that by fostering a spirit of irresponsibility has significantly increased cost to otherwise responsible individuals seeking credit. Read article in last weeks Journal on the decline in cure rate for prime conforming mortgages. While 45% of folks who were given assistance by lender became currents during the years 2000-2006, now less than 7% succeed. This doesnt really concern you – unless youre an inhabitant of Galts Gulch, you should take advantage of a free lunch when handed to you.
In addition all LOs are getting email solicitations to make quickly by soliciting modifications. Direct appeal to LOs who did the worst of the worst in the subprime market and it attracting a lot of fast buck artists. This has jammed the system but you appear to have made it through the initial stages.
On top of this the government is constantly changing the ground rules. Lenders get diametrically opposed answers from these government (actually quasi-government) employees when seeking clarification. You think the government made a mess out of the programthis is infinitely worse. At least with , all that happens was a failure (delay?) in providing money.
All the above is to provide an explanation of why the was vague although she could have given you some Blue Sky information. You must have made it through the pop corn machine call th. This has become increasingly easier as the government has been making constant changes to make the cash give away apply to more folks.
Overall the objective of the calculations is to get your mortgage payment (PITI, not just P&I) below 31 % of your monthly gross income first through a reduction in interest rate down to as low as 2% and, if not successful, then through a in principal balance. Increasing loan term to as long as 40 years fits in somewhere but not sure. The lady with whom you spoke may have been looking at a computer screen that said supply the details. Effect as to monthly payment is the same.
There is much more you will learns if and when you the trail period and go to the actual modification a step up in rate after (I think) 5 years, possibly ballooning of principal reduction, etc. This is not totally a free lunch but close to it. At least you can sleep easier on the PITI-PI issue which I think was your main concern.
First, understand this a government give awayprogram that by fostering a spirit of irresponsibility has significantly increased cost to otherwise responsible individuals seeking credit. Read article in last weeks Journal on the decline in cure rate for prime conforming mortgages. While 45% of folks who were given assistance by lender became currents during the years 2000-2006, now less than 7% succeed. This doesnt really concern you – unless youre an inhabitant of Galts Gulch, you should take advantage of a free lunch when handed to you.
In addition all LOs are getting email solicitations to make quickly by soliciting modifications. Direct appeal to LOs who did the worst of the worst in the subprime market and it attracting a lot of fast buck artists. This has jammed the system but you appear to have made it through the initial stages.
On top of this the government is constantly changing the ground rules. Lenders get diametrically opposed answers from these government (actually quasi-government) employees when seeking clarification. You think the government made a mess out of the programthis is infinitely worse. At least with , all that happens was a failure (delay?) in providing money.
All the above is to provide an explanation of why the was vague although she could have given you some Blue Sky information. You must have made it through the pop corn machine call th. This has become increasingly easier as the government has been making constant changes to make the cash give away apply to more folks.
Overall the objective of the calculations is to get your mortgage payment (PITI, not just P&I) below 31 % of your monthly gross income first through a reduction in interest rate down to as low as 2% and, if not successful, then through a in principal balance. Increasing loan term to as long as 40 years fits in somewhere but not sure. The lady with whom you spoke may have been looking at a computer screen that said supply the details. Effect as to monthly payment is the same.
There is much more you will learns if and when you the trail period and go to the actual modification a step up in rate after (I think) 5 years, possibly ballooning of principal reduction, etc. This is not totally a free lunch but close to it. At least you can sleep easier on the PITI-PI issue which I think was your main concern.
i wasn't straightforward enough with my answer? do you want me to get all graphic? please.
galt's gulch? well, i've never read that, but i kind of get the reference. and who is disingenuous?
all LOs are getting email solicitations? where's mine? i haven't seen any "easy money" coming down the road. oh but then again i was never in that subprime market to begin with.
i'm hesitant to say that guest's post failed to answer all or our original poster's questions, but it sure seems that way to me. if the OP can wade through all the arcane references to the meat of it, i suppose the answer lies there somewhere.
who are you guest? are you a special visitor? seriously, after all, i'd like to know what that was all about. when i fussed at our OP, i was being completely genuine. we do need, sometimes, for someone to chastise us in order for us to get it right.
galt's gulch? well, i've never read that, but i kind of get the reference. and who is disingenuous?
all LOs are getting email solicitations? where's mine? i haven't seen any "easy money" coming down the road. oh but then again i was never in that subprime market to begin with.
i'm hesitant to say that guest's post failed to answer all or our original poster's questions, but it sure seems that way to me. if the OP can wade through all the arcane references to the meat of it, i suppose the answer lies there somewhere.
who are you guest? are you a special visitor? seriously, after all, i'd like to know what that was all about. when i fussed at our OP, i was being completely genuine. we do need, sometimes, for someone to chastise us in order for us to get it right.