Mortgages Loans :Wells Fargo Loan Modification
Wells Fargo Loan Modification
Wells Fargo is unfortunately one of the most difficult lenders to wrestle a loan modification from, as documented by the clients that we have helped that originally attempted to negotiate loan modifications on their own, and required the expert representation
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Wells Fargo Loan Modification
Wells Fargo is unfortunately one of the most difficult lenders to wrestle a loan modification from, as documented by the clients that we have helped that originally attempted to negotiate loan modifications on their own, and required the expert representation of our Attorneys, paralegals, and processors.
Wells Fargo is willing to negotiate in-house loan modifications, however, the borrower must bring the mortgage current by paying back all that is owed, meaning all delinquent payments as well as legal fees and late fees, through a forbearance agreement. Wells Fargo does participate in the Making Home Affordable Program and has committed to placing more homeowners into HAMP Trial Loan Modifications.
Wells Fargo Contact Information
Wells Fargo Mortgage Assist – Wells Fargo’s online Mortgage Payment Workout tool.
Customer Assistance – (800) 678-7986
Basic Making Home Affordable Requirements
Wells Fargo Loan Modification Process
Wells Fargo has accepted bailout funds and participates in Making Home Affordable; subsequently they are required to review your application and determine if you are eligible for a HAMP Loan Modification. During this review and subsequent negotiations, the foreclosure process is halted.
Additionally, Wells Fargo must waive all fees when placing a homeowner into a HAMP Loan Modification, so don’t be suckered into a Forbearance Agreement with Wells Fargo if you do in fact qualify for a HAMP Modification. If you’re confused as to whether or not you qualify, complete the contact form to the right, or give me a call directly at (202) 257-0909 and I will personally help you.
When you contact Wells Fargo regarding qualifying for a HAMP Loan Modification, the first thing that they will ask you for is a financial prospectus, or a detailed written statement of your income, expenses, and assets. The information that you provide on this prospectus will help to determine whether or not you qualify for a Wells Fargo Loan Modification, so it is very important that you make sure the information accurately depicts your financial situation, hardship, and meets the guidelines of the HAMP Program.
When you have submitted all of the supporting documentation and verbally confirmed the figures presented on your prospectus, if you qualify, Wells Fargo will send you a Trial Modification Agreement in the mail.
Now, the original idea with the trial modification agreements was simply that you qualify for a HAMP modification, and now you merely need to make 3 payments on time, and you will roll into a permanent modification.
Sadly, this is not the case; Wells Fargo loves to kick homeowners out of Trial Modifications. They have the right to request all supporting documents to be re-submitted during the trial modification period; if these documents are not received “on time”, they may kick you out. Additionally, Wells Fargo has the right to perform a NPV Test, or, Net Positive Value Test, to determine whether financially they would be better off foreclosing on you, rather than granting a loan modification.
Getting a Trial Modification is tough enough, but getting a permanent HAMP modification from Wells Fargo is even more difficult. Its strongly suggested that you consult with someone here, or another reputable Loss Mitigation Group with reputable Attorneys on staff that specialize in Loss Mitigation.
I’m interested to hear about your experiences with Wells Fargo, feel free to comment below. If you need immediate assistance, complete the form to the right.
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I’ve been denied 3 time with them. It is very frustrating working with them. They are saying I did not qualify, based on a $382.00 deficit. Does anybody know the magic number they are looking for. My experience with Wells Fargo has been the worst. I will appreciate any feedback. Thank you.
We just received terms for Wells Fargo Voluntary Loan Modification Agreement but they don’t seem as fair as they could/should be and I’m wondering if we should try to negotiate better terms with them? They claim they won’t negotiate and will proceed with foreclosure if we don’t sign within 72 hours – but it isn’t in their best interest to take our house, the terms they are offering are so-so and in their favor, and the payment structure doesn’t even resemble anything like the HAMP guidelines in terms of ratios – not even close…
I applied for a loan modification with Wells Fargo based on two facts. 1) I will be on disability for several months this year and 2) my mortgage is over 31% of my pre-tax income. I received a forbearance offer but it doesn’t seem to be something I want to accept. Is there a difference between a modification and a forbearance?
Was approved on December 17, 2009 for a loan modification, first payment due Febraury 1, 2010. I was told by Wells Fargo on December 22 by Elroy Marcus, Loan Modification Specialist, that my trial modification payment included the 1st & 2nd mortgage payments in addition to monthly tax escrow. Today (2/24) I was contacted by a bill collector from Wachovia that my 2nd mortgage payment for Febraury was past due. I contacted Wells Fargo and was advised then when my trial modification was underwritten, they did not include the 2nd mortgage payment. However, I was advised and the conversation was recorded on December 22, 2009 that the trial payment DID include 1st & 2nd. Based on this feedback I made a decison to proceeed with the loan modification. Today, I was told, oops – we were wrong – would like to refinace your loan instead with Wells Fargo (as suggested by Bryant Lewis, Supervisor @ Wells Fargo). Wells Fargo offered no assistance in helping with the 2nd loan modification, even though it is on their books. The trial modification payment along with the 2nd payment and monthly HOA fees will put my monthly PITI payment in excess of 36% front end ratio. Wells Fargo attitude towards their blunder; “it happens we have to deal with it”; where is there accountability in the process? If a Senior Leader from Wells Fargo is reading this blog – your welcome to contact me Loan#708-0008988734 to review this transaction
You have a Twitter list? It truly would be great to keep up with your latest blog posts and activities.
The loan mod “deal” I have been offered by Wells Fargo is more than my original payment and $33 more than my SS check. It is 2/3 of my income. I also have been told to take it or leave it. How can I commit to payments that leave me no room for gas, car, or utilities? They have spent a year trying to get me to get my income up where they want it instead of bringing my payment down where it belongs. I paid $120,000 5 years ago, owed $114,000 when this started, and they want me to commit to $127,000. My home is only worth $88,000 now. I am going down fighting.
Mary
I can’t even recall how many modifications I’ve been through and denied. It’s all becoming very clear though as I read through blogs like these. I’v even approved for trial mods over the phone without any papers being signed. I’ve done all the sending resending and even having reps from Wells come to my home to be sure they were done right and those getting lost too. I wonder how many people are on staff to man all of these mods. My lastest lasted about ten months, they had been receiving my $$ for almost a year when they said I was denied. Something to do with the 31% ratio of income.Oddly enough they already had one I was already approved for. How is that I don’t know, but you’re right I never got it. They wanted my ex who had been out of the pic for a year, so they said I would need a quit claim. That took some time for differemt reasons, but it seemed fine, no one gave me a time frame. I kept calling them to update them and they never called me back. I finally got a letter in the mail that they were no longer working with me due to missing paperwor. Now mind you no one returned my call and I kept them updated. Even still my person who was working with me had said no problem, did not give me a deadline. I have decided to give up the fight. By the way this started in May of 2007. I’m emotionally done, spent, overwhelmed and totally done with owning. You never know when something like death, divorce or losses of income with devastate your life. I plan to stay as long as I can and then ask the Judge for more time and then gladly go rent somewhere. All I had hoped was to stay till my daughter graduated. I might make it. It’s nice we’re losing our home in the most important year, her senior year. I will tell you once the fight was taken from me I am sleeping much better. I hope to have at least a year left after doing modifications for 3. Good luck to all. I really thought I would get one, more like winning the lottery. I left out lots of details, but all the stories end the same. That’s it I’m finished. Good Luck…Go rent and have peace of mind.