Does Wells Fargo usually deny loan modification?

Paying a lawyer to do what you can do and are doing already seems to be money out the window to me. Continue to call them yourself - do it twice a day if you have to, and insist on speaking to the first person's supervisor. If the second person is inadequate, ask to speak to that person's supervisor...and so on and so on and so on...

Do it lickety-split!

Hi -
I have applied for a modification through Wells Fargo.

Actually - I was given an amount to pay as a down payment by April 3, 2011. I did send it that money. I thought that was for a forebearance plan, but they are telling me my loan is in the process of modification reviewal.

I call twice a week - once at the beginning and once at the end. Each time I speak with someone different and always document my findings. I have also faxed in updated forms and information every 30 days.

As of Tuesday, I was told something new. That my loan was just waiting approval by Fannie Mac. Anyone know how this works or how long that part usually takes?
I'm concerned because we have a foreclosure suit. Although during this last call, it was the first time the rep did not purposely state that we are in "active foreclosure". I am assuming this is because the HAMP site states they must all be postponed while awaiting decission. If you reference and search the case online, though, it is still present.Any thoughts on how long it might take to hear anything from them?

Hi kyhomebird,

It might take a certain period of time in order to get the loan modification. You should constantly keep in touch with your lender and get to know when your loan modification request will be accepted.

Thanks

More specifically, what they'll do is to delay any foreclosure action while you're in review. It wouldn't make sense for them to pursue the action while also looking over your modification request, so they won't do it.

You're being proactive now by calling twice a week, and that's worth continuing. Getting a new person on the phone each time is a royal pain, of course, but there's not much that can be done about that.

Unfortunately, the vast majority of lenders working on HAMP are inefficient at best, and some of them don't learn very well from their mistakes. Keep on their case, don't give up and cooperate to the maximum along the way also.

Hi,
I just thought I would give some hope to people out there struggling with the modification process with Wells Fargo. There is hope!
We began the process in Jan, did everything they asked us to do as soon as they asked, kept in constant contact with them, made our 3 trial payments on time and we just got the the final modification papers in the mail. As long as we sign them and overnight them back right away, we will get the permanant modification. Our int. rate was reduced by 3.78% and our payment went down over $1,100. This was not the Obama plan because we did not qualify for that one but Wells Fargo's own plan. True, our term was increased to 40 years but we get to keep our home and Wells Fargo did everything they said they would do.
So stick with it and don't give up even if they say no, keep trying.
And good luck!!

Hi Guest,

Thank you for sharing your experience in the forums! It will definitely give hope to people who are dealing with loan modification.

Thanks

Fortunately, Lucky Star is not the only person who's been able to get a modification program approved and consummated. There are tons of horror stories, and they won't go away too quickly, but you can certainly see that there is a way to get through the process if you continue striving to do so.

Thank you, Lucky Star, for your commentary.

Do you have to be in arrears for them to offer an in-house loan mod?

Joey, it is imperative that you be in arrears. Granting modifications to the borrowers who can afford their mortgage payments would be lovely for the borrowers, but its not a viable consideration.

Lenders can't even respond in reasonable time frames to the poor souls who desperately need modifications to save their homes from foreclosure; dealing with borrowers who are current would surely sap their resources, which are already inadequate.

So, no...you will not succeed in persuading your lender to modify the mortgage loan that you are now handling without problems.

Thanks, although I can't actually afford the mortgage payment - I'm just not paying other things I need to be paying. How far can I get behind before they start foreclosure. I know the law varies state by state but what is best to keep WF interested in helping me? Staying 2 payments in arrears at any time? Or perhaps 3? Not sure how it works

Thanks

There's a new federal program in existence for folk who are at least 90 days in arrears - the Federal Emergency Homeowners' Loan Program (FEHLP). Check to see if there's an agency that you can work with in your state that offers the program - or just plain do an internet search for the program and you'll find information.

If your state housing agency is active, they'll have the full scoop on the program. Also, housing counselors within your state will, undoubtedly, have knowledge of the program as well.

I have contacted the US Comptoller or Currency for the problems we are having. I you would like the address let me know.

Hi Tess,

Your query is not clear to me. Please explain your query in details.

They will really have to deny your loan modification if you don't have the qualifications. Other than that I don't see a reason why they have to deny your application.

They will really have to deny your loan modification if you don't have the qualifications. Other than that I don't see a reason why they have to deny your application.