Mrtge Loan Mods-Will they help U if UR BK?

[Surviver]

I recently applied for a loan modification with Wells Fargo Bank, but they keep giving us the run-a-round.

We sent all the required documents back in March, and each time I call, (I've been calling them at least twice a week) I couldn't get anyone to confirm receipt of the information until about 4 weeks after it was sent.

Now I'm told the info I sent is stale and I have to send updated info, but they cannot confirm receipt until another 30 days...then that info will be stale.... I don't know what to do.

Is it common practice for the banks to give you the run around because you filed BK??? I need help, any input would be helpful.

[HHM]

Wells Fargo is one of the worst to deal with. But yes, it is common practice for the banks to give you the run-around. I have actually yet to hear of anyone getting a loan mod from Wells Fargo (sorry if that is not what you wanted to hear).

[h0usekeeper]

Add Country Wide as well. Just a friendly reminder for all of you that apply for loan mods. Make sure that when you send a fax copy of any docs., keep the fax receipt. Also, send the docs via registered mail. Note all of your conversations including name, phone number with extentions, time stamp, time spent on phone. Lastly, if they ask you for money before they look at your file, do not give in. I can guarantee you that it doesnt help your case. They will suck you dry first before they foreclose on you. And the reason they know this, because you are asking for modification and stating to them that you are not capable of continuing your obligation. Its harsh but its real.

[blitz1771]

All Banks are giving the run around

I spent almost six weeks "negotiating" with Countrywide was told I was approved for a mod and givin a list of things I would need and told to call back when I had them. After compiling the list and bringing my mortgage current(I was told this was needed) and jumping through hoops I called back only to find Bank of America bought Contrywide and that I would have to start all over. Now mind you I didn't make the coming months payment because Countrywide said it would be waived and was now in BOA's mind a month late and back to square one. Ultimately BOA told me Obamas new plan for people current or one month behind would not be in effect until mid July and I should continue paying a month behind until then. Bottom line I'm still getting the run around.

[h0usekeeper]

They will give you a loan mod - whether it is to your expectation or not they will approve your request. Do you have a 2nd? Upside down by how much? When did you file?

[HHM]

They will give you a loan mod - whether it is to your expectation or not they will approve your request. Do you have a 2nd? Upside down by how much? When did you file?

True enough, they will give you a loan mod, but whether that loan mod will help is an altogether different question. There was recent info the redefault rate on loan mods is +50%. Which means that more than 1/2 of people who got a loan mod still defaulted after the loan mod. The reason is that the loan mods being offered don't really address the challenges faced by the homeowner.

I had one guy who had a 10% ARM, the loan mod the bank came back with was 8.75% for one year. That barely reduced the payment $100. The loan mod was pointless.

[Surviver]

It's almost like the banks want you to foreclose on the home! I'm convinced that they do not want to help anyone, that really sucks...

[Surviver]

Does anyone know if the BK Reform (when the judge crams down the value of the home) on home values will rise from the dead and come alive again since these lenders are not offering home mods like they claim they would?

[h0usekeeper]

Does anyone know if the BK Reform (when the judge crams down the value of the home) on home values will rise from the dead and come alive again since these lenders are not offering home mods like they claim they would?

Yes and no. Its in the backburner for now. However, i believe that in the State of Mass. a judge has allowed the cram down to pass through. I will look at the documentation for that and post it when I find it.

[relief13035]

Try contacting the Wells Fargo Executive Team instead to see what the options are for modification on your loan type........
1-800-853-8516