Comments on: Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many? http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many Sun, 22 Aug 2010 22:39:10 +0000 http://wordpress.org/?v= hourly 1 By: Pam http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-1472 Pam Mon, 28 Jun 2010 13:38:50 +0000 http://www.truthinforeclosure.com/?p=1590#comment-1472 I also put in several loan modifications through Wells Fargo Bank and it took months before I heard anything, and by the time they actually did all the paperwork, I was already $30,000 overdue which they had to apply at the end of my term. My loan went from $235,000 to $299,000. I underwent at least 3 modifications and months and months of waiting. At one time I had 2 different modifications from two different people from two different areas of Wells Fargo. It is very frustrating. My mortgage has not gone down, even when I sent them paperwork to prove I had been laid off, and they only lowered my payments for 3 months then I had to go back to my origianl payment. Very frustrating. I also put in several loan modifications through Wells Fargo Bank and it took months before I heard anything, and by the time they actually did all the paperwork, I was already $30,000 overdue which they had to apply at the end of my term. My loan went from $235,000 to $299,000. I underwent at least 3 modifications and months and months of waiting. At one time I had 2 different modifications from two different people from two different areas of Wells Fargo. It is very frustrating. My mortgage has not gone down, even when I sent them paperwork to prove I had been laid off, and they only lowered my payments for 3 months then I had to go back to my origianl payment. Very frustrating.

]]> By: Todd http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-1425 Todd Sat, 05 Jun 2010 11:05:31 +0000 http://www.truthinforeclosure.com/?p=1590#comment-1425 I can't speak for the bank and why they knowingly let the loss mitigator ignore you for so many months. Unfortunately, that's just the way some mitgators are. The first one I had with my short sale was the same way...I'd literally call her 8 - 10 times a day for days on end before she'd answer. And then she quit and the new mitigator was great...even corresponded by e-mail and we never waited more than a day for an answer to our questions. It's completely luck of the draw. As far a HAMP goes...I don't know enough about your situation to know whether you qualify or not. But if you don't have sufficient income to pay your payments long term, the bank isn't going to approve the modification. If your hardship is permanent rather than temporary, it's unlikely they'll approve it either. And you should also know that just because you qualify doesn't mean the lender is obligated to approve you...it's still up to them and/or their investors. My advice would be to get with your local <a href="http://www.hud.gov/offices/hsg/sfh/hcc/fc/" rel="nofollow">HUD office</a> or a <a href="https://www.hopenow.com/" rel="nofollow">Hope Now</a> counselor. Unfortunately, you may have a long wait and the qualifications and/or skill of counselors can be hit or miss. You can also check out the <a href="http://naca.networkats.com/members_online/members/directorya.asp?token=" rel="nofollow">National Association of Consumer Advocates</a>. They can refer you to a local attorney that may be able to take your case (if one exists) at low or no cost. I can’t speak for the bank and why they knowingly let the loss mitigator ignore you for so many months. Unfortunately, that’s just the way some mitgators are. The first one I had with my short sale was the same way…I’d literally call her 8 – 10 times a day for days on end before she’d answer. And then she quit and the new mitigator was great…even corresponded by e-mail and we never waited more than a day for an answer to our questions. It’s completely luck of the draw.

As far a HAMP goes…I don’t know enough about your situation to know whether you qualify or not. But if you don’t have sufficient income to pay your payments long term, the bank isn’t going to approve the modification. If your hardship is permanent rather than temporary, it’s unlikely they’ll approve it either. And you should also know that just because you qualify doesn’t mean the lender is obligated to approve you…it’s still up to them and/or their investors.

My advice would be to get with your local HUD office or a Hope Now counselor. Unfortunately, you may have a long wait and the qualifications and/or skill of counselors can be hit or miss. You can also check out the National Association of Consumer Advocates. They can refer you to a local attorney that may be able to take your case (if one exists) at low or no cost.

]]> By: Pearlie Ward http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-1422 Pearlie Ward Fri, 04 Jun 2010 08:29:21 +0000 http://www.truthinforeclosure.com/?p=1590#comment-1422 Todd, I have been in a modification with American Home Mortgage since August of last year. Finally, in January of this year my negotiator decided to start all over with my file with no apparent reason. I have never been able to talk with this lady ever. I've sent faxes, called and left messages on your answering machine, called supervisors, and to no avail I haven't ever received any consideration. So, this week I said, enough is enough. I started calling two to three times a day, some with supervisors and some with customer service. They could never tell me why this woman would never communicate with me. So, I got someone from Obama's office to due a three way call and finally she called me today to tell me that I was denied due to my unemployment were temporary income. I believe she knew all these months that she was going to deny me. What I don't understant is why her superiors allowed her to avoid me all these months without any communication until that three way call? I know that I do qualify for that HAMP program. It is for people on unemployment, but I don't know where to go from here. I cannot afford a big time attorney...and who can I trust? Do you have any advice for me? Pearlie Ward Todd, I have been in a modification with American Home Mortgage since August of last year. Finally, in January of this year my negotiator decided to start all over with my file with no apparent reason. I have never been able to talk with this lady ever. I’ve sent faxes, called and left messages on your answering machine, called supervisors, and to no avail I haven’t ever received any consideration. So, this week I said, enough is enough. I started calling two to three times a day, some with supervisors and some with customer service. They could never tell me why this woman would never communicate with me. So, I got someone from Obama’s office to due a three way call and finally she called me today to tell me that I was denied due to my unemployment were temporary income. I believe she knew all these months that she was going to deny me.

What I don’t understant is why her superiors allowed her to avoid me all these months without any communication until that three way call? I know that I do qualify for that HAMP program. It is for people on unemployment, but I don’t know where to go from here. I cannot afford a big time attorney…and who can I trust?

Do you have any advice for me?

Pearlie Ward

]]> By: jose http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-871 jose Thu, 10 Sep 2009 03:26:46 +0000 http://www.truthinforeclosure.com/?p=1590#comment-871 NACA is the solution in order for the banks to hear you out and give solutions. www.naca.com NACA is the solution in order for the banks to hear you out and give solutions. http://www.naca.com

]]> By: Todd http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-869 Todd Thu, 10 Sep 2009 02:32:01 +0000 http://www.truthinforeclosure.com/?p=1590#comment-869 I definitely agree with you, Becky. But even if you can say that Bob signed for the package on 8/31, they often just tell you to resend the info anyway because it's lost. Of course, if you have a pattern of this, you can take the documentation to court with you if you need to. It's amazing how inefficient these companies are! Their efficiencies come on the lending side, not the servicing side...that's for sure! I definitely agree with you, Becky. But even if you can say that Bob signed for the package on 8/31, they often just tell you to resend the info anyway because it’s lost. Of course, if you have a pattern of this, you can take the documentation to court with you if you need to.

It’s amazing how inefficient these companies are! Their efficiencies come on the lending side, not the servicing side…that’s for sure!

]]> By: Todd http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-868 Todd Thu, 10 Sep 2009 02:25:47 +0000 http://www.truthinforeclosure.com/?p=1590#comment-868 My guess is that the $900/month they reference is how much you're short of the lowest payment available under the Obama Home Affordable Loan Mod program. My heart goes out to you and your family. But please remember to plan the next steps you need to take. Depending on where you're at in the process, you may have 9 months or more in your home without a payment. I know losing your home is upsetting, but use the time and money wisely to prepare for what you know is coming. My guess is that the $900/month they reference is how much you’re short of the lowest payment available under the Obama Home Affordable Loan Mod program. My heart goes out to you and your family. But please remember to plan the next steps you need to take. Depending on where you’re at in the process, you may have 9 months or more in your home without a payment. I know losing your home is upsetting, but use the time and money wisely to prepare for what you know is coming.

]]> By: Mary http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-865 Mary Wed, 09 Sep 2009 20:00:16 +0000 http://www.truthinforeclosure.com/?p=1590#comment-865 I put in a request for a loan modification with Country Wide prior to Bank of America merging with them. CW offered and I accepted a 10 year interest only payment. The interest only payment would have allowed my husband and I to keep our home; making other payments on the principal. Well BA took over and everything with CW went out the window. BA claims they don't know anything about it and has denied my request for a loan mod stating that we are "900" negative each month. Well, what is a hardship? I am very upset at the prospect of loosing our home. I put in a request for a loan modification with Country Wide prior to Bank of America merging with them. CW offered and I accepted a 10 year interest only payment. The interest only payment would have allowed my husband and I to keep our home; making other payments on the principal. Well BA took over and everything with CW went out the window. BA claims they don’t know anything about it and has denied my request for a loan mod stating that we are “900″ negative each month. Well, what is a hardship? I am very upset at the prospect of loosing our home.

]]> By: Becky DeGrossa http://www.truthinforeclosure.com/called-on-the-carpet-for-denied-loan-mods-%e2%80%93-is-wells-fargo-the-first-of-many#comment-864 Becky DeGrossa Wed, 09 Sep 2009 13:59:08 +0000 http://www.truthinforeclosure.com/?p=1590#comment-864 Hey Todd, great article! This is exactly why I recommend (and think you do, too) that customers send their packages certified mail, return receipt requested! They can't say "What package?" when someone in their company had to sign for it.... Arghhhh! Becky Hardship letter writer HardshipLetterPro.com Hey Todd, great article!

This is exactly why I recommend (and think you do, too) that customers send their packages certified mail, return receipt requested!

They can’t say “What package?” when someone in their company had to sign for it….

Arghhhh!

Becky
Hardship letter writer
HardshipLetterPro.com

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