Chapter 13 not needed - approved for hamp !

[BOBBY1269]

Hello.

I got a call from Wells Fargo yesterday afternoon with great news ! I was approved for HAMP modification.

Old % Rate 5.25 NEW % Rate 4.00
Old Pmt $2700.00 New payment $2275.00

They also took $ 35500.00 off my Principle Balance .

Thus I will not have to file chapter 13 - Thank you all to helped me , i was appreciated and good luck to you all .

Bob

[tobee43]

that's great!!! nothing better than to have 35k knocked off that principle balance!!

congrats!!

[momofthree]

Congrats!

[despritfreya]

Congrats on the modification but. . .

CAUTION. . .

It is unlikely that they reduced your principal balance by $35k. What WF most likely did was factor your modified payment on a reduced principal. It then took that reduction and added it back at the end of the loan (or if you try to sell the home down the road). Interest will not accrue on the $35k but it is still owed and must be addressed at some point.

Just don't want you to think that the amount you owe has been reduced. While possible, it is unlikely that it has. Read your final paperwork carefully.

Des.

[catleg]

Good luck Bobby.

I agree with Des I would question whether your principal is reduced vs just saying the total of payments is less.
Just because I didn't think any bank was agreeing to reducing principal balances.

[BOBBY1269]

ok guys , thanks , I will check into it , but it is a load off my head
not to have to file , so much stress , I hope you all make out and get good luck like I did.

take care!

GO PATRIOTS !!

[craftee98]

Good for you!! I have been working with Wells Fargo/Americas servicing since 2009 on a modification and they keep telling me to reapply.