Home Loan Modification – Will Wells Fargo Modify My Current Mortgage?
Posted: November 11th, 2009 | Author: admin | Filed under: Home Loan Modification | 7 Comments »The home loan modification process is something that Pres. Obama hoped would help our economy. With the amount of foreclosures increasing drastically, homeowners need a way to pay much less on their monthly mortgage payment. One of the ways they can do this is by modifying their current mortgage.
Many homeowners currently hold the Wells Fargo mortgage and would like to modify that mortgage to a lower monthly mortgage payment. Today we learned that the making home of affordable mortgage modification plan has started to gain steam. Over 650,000 homeowners have been able to modify their mortgage to lower monthly mortgage payments.
If you have a Wells Fargo mortgage and you would like to modify to a lower mortgage payment you are in luck. The government has urged these companies to modify as many mortgages but as possible and they have a very high goal. The goal that was initially set was not reached and they had to extend it for another full year which means these companies are likely to modify many more mortgages in the near term.
If you are getting very close to foreclosure it is a good idea to contact your mortgage lender and see if you can modify your current monthly mortgage payment. If your monthly mortgage payment is the highest stress on your financial life then you need to reduce that payment to allow yourself to live a normal life.
This may sound very difficult but by simply contacting your mortgage lender you may find that the process is a little bit easier than you expected. The making home affordable website is a great source to use and I would suggest you at least look at it before contacting your lender.
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Author: Alan Lake
Have seen internal documents from several banks (not Wells but other large banks) and without exception they do not modify unless you have exhausted all assets first. Even your retirement account. Regardless of how qualified you are for HAMP. In addition, borrowers have related their own experiences to me; if you want a modification and have retirement you want to protect you have to be prepared to file bankruptcy–then the lender suddenly discovers that you qualify after all.
[...] Fargo is so difficult to deal with! We always get the run around! Will Wells Fargo Modify my mortgage? That is normally what I hear from my homeowners who have tried to modify their loans on their own [...]
So if my wife has 100k in cash from an estate and I have a 401k and I’m turning 59 1/2 in March then I’m screwed.I have read many Wells Fargo Reviews to my dismay. I’m a real estate broker and a Wells Fargo Mortgage Agent that I use for my clients for loans just quit WF after 5 years because they could care less about actually completing a loan in a timely manner. I referred a friend to them in Feb/09 for a refi…loan 525k(this couple makes 200K plus with a solid utility co. PG&E)House appraised at $1,350,000 in Carmel Valley… very little debt and it took 8 months and increased points and IR.I asked my mortgage agent if he knew of any mod./loans that were done by these thieves and he said no,not one.
Wells Fargo’s problems are far from over !
Visit — HurtingHomeOwners com
Bull. My mortgage is through Wells Fargo and I have been dealing with them for months now on trying to get a loan modification. I have called and asked questions, faxed over all the financial documentation they asked for, called multilpe times to check on the status, I’ve been switched from department to department and nobody knows what the other is doing. In the mean time, I receive foreclosure papers from the sheriff’s office WITH a sale date. I call Wells Fargo to inquire about it and they tell me there’s no sale date and the status of my modification is still pending. Almost two months after I submitted my financial info, they call me to say that it’s only good for 30 days and that I need to resubmit, so I do, but the next day I receive a letter in the mail stating they cannot help me because I didn’t submit the required information within the time frame required. They’re all a bunch of idiots over there – seriously. Don’t put your hopes into a loan modification program with Wells Fargo.
[...] Full story is available on Subprime Blogger [...]
Wonder why your HAMP loan modification is taking so long and only 4% are granted? Read this article:
Exerpt
“With home values plummeting and layoffs common, homeowners are crumbling under the weight of mortgages that were at best only marginally affordable when made,” she explained.
The report examined foreclosures made from 1995 through 2009 and found that loan servicers make more money by offering forbearance (where the homeowner is given a specific period of time to not make payments in an effort to regroup financially) or payment plans than by cutting principal or offering reduced interest rate payments.
According to the report, “Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces the prospect of near certain loss if the loan is modified, and no penalty, but potential profit, if the home is foreclosed.”
http://www.thinkglink.com/article/2009/10/21/loan-modification-help-why-lenders-are-slow-to-provide-loan-modifications