Does Wells Fargo usually deny loan modification?

Hi colammy,

You have taken the right step by sending them the detailed explanation. I would suggest you to wait for sometime and check if they accept your request or not. As far as I know, you won't be able to expedite the process. You will have to wait and bear with them.

Hi colammy,

I wish you all the best! Hope your lender would be able to give you a loan modification. Do keep the community posted about this.

Thanks

Thanks Jameshogg. I need all the luck and wishes I can get.

You are most welcome :) Hope to hear from you soon about your loan modification.

I applied for a loan modication through Wells Fargo. I am not late on my house notes, however, I have a high interest rate of 8.25%. I have refinanced my house twice with them. My house has gone down in value to about $347,000 and my balance is $247K. I have a lot of credit card debt. It would help tremendously if my note could be lower. My note is $2200.00. Do you think they will consider me even though I'm not late or should I look at refinancing through someone else.

blackberry, modification plans are truly meant for those in deep trouble already. you have a loan to value ratio of about 70%, your payments are current - not exactly problems that your lender will consider worthy of doing a modification.

yes, a refinance makes far more sense in your situation. assuming that your take on the market value is reasonably correct, you could even take some cash out if you wanted to reduce your other debt.

Should I refinance with Wells Fargo again or with someone else and what about the Homeowner Affordability and Stability Plan?

Hi Blackberry

It is not mandatory for you to refinance with the same lender. You can refinance with other lenders as well. You can contact other lenders and check out whether their requirements and your requirements match or not. If the requirements match, then you will be able to refinance the mortgage.

You can apply for Home Affordable Refinance program with your lender if you are upside down on your mortgage. However, you will have to meet the eligibility criteria in order to qualify for this program.

Thanks.

We got denied the loan modification due to we are independent operators of Bimbo Bakeries/Mrs Bairds and have a ton off right offs on taxes. They used our tax docs for proof of income and that is not what we make! Said we have insufficent income.

Hi San

If the lender feels that you do not make sufficient income to pay the dues, then he may not consider your offer for loan modification. I would suggest you to negotiate with your lender and inform him about your real income.

Thanks.

writing off your expenses is legitimate, but lenders are going to see your bottom line, and that's what is used to determine how and what your may qualify for. there's little, if any, wiggle room for someone who's reflecting reduced income due to write-offs.

wells fargo is definitely a piece of work; maybe they all are. i have been calling everyday since last week. each time i have talk to a new person, explain the situation from the beginning, usually to be transferred and go through the process all over again. this week most days the rep didn't even know what was going on, no new notes; loss mitigation still showing it's a closed file, so they send me back to client services. i just keep going in circles. every time i think i've found a good rep, that's making notations and forwarding my file to the appropriate people.... only to find a blank slate the next time i call. i really don't know what to think of any of it. i'm going to keep calling, and calling, and calling.

Go to loansafe org
A lot of great helpful information there.

My mother passed away last year & there is a Wells Fargo loan on her property. Payments have not been made on her loan & the house is now in foreclosure with the Trustee's sale scheduled for early next month. The house is now on the market for sale, but no offers have been received. Is there any chance they will do a modification or forebearance? The loan is less than 25% of the property value.