Jump to content

Wells Fargo Loan Modification


aronk
 Share

Recommended Posts

Hi everyone... My house was in active foreclosure with Wells Fargo. I entered into a forebearance plan with them and now am being considered for a loan modification. I got a call yesterday from WF saying the loan modification has been approved and the paperwork should be arriving soon. She went on to say that I will have a "contribution payment" due and I would need to pay that money when I agree to the terms, which is basically ASAP. The contribution payment is around $3000. I'm grateful that they are modifying my loan, but there is no way I can afford another $3000 right now. I paid a chunk of money is Nov. 08 and then made a larger payment in December and January as part of the forebearance agreement. I just don't know how I will afford to pay this amount now. Any advice or suggestions for me? I've been in touch with Wells Fargo constantly during this time and no one has ever mentioned a contribution payment until now... I kind of feel like they are trying to set me up for failure.

Link to comment
Share on other sites

A loan modification is NOT the same thing as a forbearance agreement. Wells Fargo is NOT helping you. They are tacking fees onto the loan, screwing your credit and not providing any real relief.

A true loan modification reduces your principal balance, reduces rate as low as 3% fixed for the life of the loan, or both. Loan mods are permanent, lasting relief. Forbearance is a horrible option.

Link to comment
Share on other sites

WF did me the same way, they included the $3000.00 into the modification

along with $11000.00 in fees and interest adding $13000.00 to my loan, which raised my payment $200.00 a month, this was over 2 years ago and

Iam still waiting for answers, because I'd brought my payments current and

out of foreclosure,??? I have an FHA loan and recently asked about a

streamline loan modification and was told it wasnt offered on FHA loans?

all that bail-out money should have been given out to the people , thats the only way this country would turn around , seems to me the ones getting the bail-out now are the ones that did this in the first place,

Link to comment
Share on other sites

I have an FHA loan and recently asked about a

streamline loan modification and was told it wasnt offered on FHA loans?

You would actually be able to obtain a FHA streamline refinance even if you had missed payments, so long as you were current at the time of refinance. A FHA Streamline is not the same as a loan modification FYI. A loan mod would be extremely difficult to get done in your situation as it is FHA paper.

all that bail-out money should have been given out to the people , thats the only way this country would turn around , seems to me the ones getting the bail-out now are the ones that did this in the first place

Regrettably, you are not misinformed on this one. We have high hopes though for Obama's new plans.

Link to comment
Share on other sites

  • 3 months later...

I am in the same boat as many of you. Wells Fargo is telling me that I do not qualify for a modification or an FHA partial claim because I am not showing a surplus of money on my balance sheet after all expenses are paid. What the hell kind of help is this for those of us who lost income?? Isn't the point to be able to modify the loan so that you can afford it and then have a surplus?!?! I feel like I am talking to people in the insane asylum, its absurd, seriously!! Why are we not getting the same help as Fannie and Freddie... and our mortgages are federally backed??!???

Yet Wells Fargo is now requiring a balloon payment that is due to save the house... no other options are you kidding me??? I am even adding rental income and they are still telling me I don't qualify but someone will take the next 30-45 days to review it and get back to me... get back to me with a sorry I can't help you???

Beyond frustrated!!

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.