Does Wells Fargo usually deny loan modification?

I was approx 1 month behind with WF because of a lost job for my spouse and a decreased pay for me. They told me not pay 1 month, i would get new paperwork, based on a monthly red of $500. now 2 months behind...i called every month 2 times to get updates and was told continue with the reduced payments. After 5 1/2 mos was told we did not qualify and was sent to a pre-forclosure...after many many calls and them telling me what to pay... we are now back to full pay and jobs and they want 11k in back pay they really aren't helping anyone!!!! :( now to resubmitt and start over again. Wells fargo bites the big one!!! Forget getting a new mortgage they screwed my credit with this trail government restructure!!

Hi colammy, I work for wells fargo...this is what I have to say about wells fargo. It is a large company with not enough processors and a lot of clients... the prequalification package does not explain that the proof of income, financial worksheet, and hard ship letter have to be updated every 30 days....I honestly would not go through wells fargo because I do not have patience to get assistance, but if you do have a patience bear with wells fargo...there are so many people that are workin with wells that the process is lengthy, but when you get a modification you will be pleased. I also know that you can not c

Hi colammy, I work for wells fargo...this is what I have to say about wells fargo. It is a large company with not enough processors and a lot of clients... the prequalification package does not explain that the proof of income, financial worksheet, and hard ship letter have to be updated every 30 days....I honestly would not go through wells fargo because I do not have patience to get assistance, but if you do have a patience bear with wells fargo...there are so many people that are workin with wells that the process is lengthy, but when you get a modification you will be pleased. I also know that you can not c

can not get contact information for the processor on the account. I do agree that sometimes there are really good reps, sometimes not so good, but other times some notes are not in the account so it is difficult to assist without getting guidance or assistance without transfering. also sometimes it may take a week or two to get new updates on an account because of the reason that there are so many accounts.. I hope good luck to you and I am not saying wells fargo is bad, but I am not saying they are excellent either. your decision wait or to get a different lender.. I do wish you luck though

I'm trying to sell my condo. It's been on the market since the end of Jan. with no offers. I moved to a different state, where I make less and my whole paycheck now goes to the condo and associated bills. I apply for a loan modification and they said I had too much of a deficit to be considered. They couldn't get me in the "black" with a modification. So I'm reducing my other bills as much as I can, but there will always be a deficit. I'm considered applying for a short sale for when I do finally get an offer, I can accept it, even if it's below what I need to pay off the loan and associated fees. Should I reapply for the loan modification or apply for a short sale? I heard someone else didn't get that much relief from their modification and I also heard Wells Fargo won't let you do a short sale if you have your loan modified, so you can't apply for both.

Hi KemistryOK!

Welcome to forums!

You can get in touch with your lender and apply for a loan modification once again. If your lender accepts your request, then you would be able to save your property. If your request is not accepted, then you can list the property in the market and apply for a short sale.

Feel free to ask if you've further queries.

Sussane

I applied for a loan modification from WF and was turned down, they said I was not having a hardship, because i have never been late or missed a payment. however my financial situation was my reason for applying. Due to the company I was employeed with closing. I filled a chaper 7 to eliminate my other debts so I could keep paying my mortage. Since my chapter 7 is now over, WF wants me to apply for modification again. Do you think my chances of getting my loan modified will be better now?

No.

I would suggest you to apply for loan modification once again. However, if you've lost your job, then there are hardly any chances to get approved for a loan modification. If you don't have a job, then you won't be able to pay off the loan though your mortgage payments are modified.

This is the MOST frustrating processing I have ever been through. I am on my 3rd time making 3 payments before they 'begin to review my file'. I have been trying to get this since September 2009. What a cluster!!!! Any suggestions??

There is hardly anything that you can do in this regard. You should contact your lender and ask him to take a decision regarding the modification of the loan asap.

Has anyone had any success with a third party loan modification specialist? I've known people who've tried ProCity Mortgage but got ripped off. I've talked to people at US Financial Advantage who say they know the secret to breaking through the loan modification process.

Hi gmoney!

Welcome to forums!

It's better not to contact a third party loan modification specialist. Most of the times, such specialists turn out to be scams. It would be better if you could directly get in touch with your lender and try to modify the loan.

Feel free to ask if you've further queries.

Sussane

DO U THINK IT IS POSSIBLE FOR WELLS FARGO TO LOWER
MY MONTHLY PAYMENT. I NEVER BIENG LATE.
I BOUGHT THE HOME IN OCT 2009,BUT I LOST 2500 IN INCOM
PER MONTH,AND IT IS DIFFICULT TO KEEP UP

As you're facing a financial hardship, you should apply for a loan modification with your lender. If the lender is convinced about your situation, then you would be able to get a loan modification.