Denied a Home Loan Modification? Wells Fargo (NYSE: WFC) Offers Alternative Mortgage Assistance Programs

Wells Fargo must have the best PR department in the world. They put me on two HAMP trial periods in a row over the course of well over a year, told me I had been approved for one, then told me (oops) that I needed to provide more information (I have a file folder a foot thick) then told me I had been turned down for hamp, then offered me a modification that actually increased my payments from what they had been before I asked for help. I was not in default until they “helped” me, now I am. They make HAMP modifications impossible, offer non-hamp mods that are worse than the original, leaving the homeowner with little choice, then claim they’re good guys and are helping people who didn’t qualify. No, what they’re doing is getting these folks into a default situation, then making more money off of them. Wells Fargo does not operate in good faith.

Maybe if you payed your mortgage on time, this wouldn’t be an issue. For the record, the main objective of a modification is to bring your loan current and help you avoid the negative repurcussions of a foreclosure, not decrease your payments.

I think homeowners need to do their homework. When I read these articles and hear people whining about their “horrific experiences” with servicers, I think to myself that more often than not the people griping about the process are the ones who went back on a legally binding agreement between themselves and the lender. Really, the servicers aren’t blameless, but take some responsibility and take more initiative in the process.

I’ve been out of default mortgage services for about a year, and I couldn’t be happier.

Wells Fargo has ruined my parents. They were in the loan modification program and received a letter that they were approved for the loan modification and to expect a packet shortly. Well, that packet never came. We called WF several times and their rep kept saying it was a mistake, ignore the letter because they are not sending a packet and the status of the modification is still in process. Well, a couple weeks later there is a knock at the door and we receive notice that an investment company bought their house. We called WF to find out they kicked my parents out of modification on April 20, 2010 because they did not receive the requested paperwork that we were told they weren’t sending. The house sold at auction on April 21, 2010. The investment company knocked on the door on April 22, 2010. And my parents receive a letter on April 23, 2010 saying to call WF immediately because they may qualify for other programs.
Wells Fargo doesn’t want to work with people. They keep giving the runaround until you hit a brick wall and its too late to do anything.
Now my parents are living on edge waiting for the constable to come knocking on the door telling them they have 15min to get out.
Now what? Where are my parents supposed to go? My dad is disabled and my mom is in the middle of surgeries and waiting for results to see if she has cancer.
We have a lawsuit filed against WF but as we all know, it will be years before its even heard or settled.

They almost did the same thing to me. It’s a complete lie that banks don’t like to foreclose. If the house has mroe equity in it than the loan amount’s principal, they LOVE to foreclose and WF especially pulls every dirty trick in the book to trick people into situations like your parents’.

We are also going through the same thing with Wells Fargo. Let me first state that we were not ever behind in our mortgage payments when we entered this modification program. Our home was started over 8 years ago as a replacement home on family land for my mother in law and husband. The first five years the home was built from the outside and up off of money that had been had saved over the years. At one point a small mortgage was obtained from a local bank to complete a new well, exterior etc. The house then sat for a couple of years only studs on the inside until February of 2007.

In 2007 we hired a general contractor to complete the inside of the home and obtained a new mortgage to complete it. The house was completed in October of 2007 and we all moved in that month. The following month we demolished and removed his mother’s cottage ourselves. Our new home was designed so that the mother in law has her own floor and we have our own floor. We all have separate living, dining, kitchens etc. One month after going to closing my spouse was informed by his job of 8 years that his pay was going to be cut by one third. As he works out of state for two weeks at a time he chose to switch jobs in order to try offset this loss in pay and hopefully have more advancement opportunities.

2008 went just fine with the exception of receiving a 9000.00 increase in property taxes due to the new home. This resulted in negative escrow balance with Wells Fargo who in turn increased the monthly mortgage payments from 2600.00 per month to 3400.00 per month. In the midst of all this we dealt with the stress of my spouse coming close to being laid off from the new job he took at least three times. That goes with the whole last one hired is the first one fired thing.

My mid summer of 2009 things were beyond tight in our home. My spouse who used to do excavating on the side sold every piece of equipment, treasured items and I think he may have even tried to sell us at one point all of this to try and cover a mortgage that had grown beyond our budget. He thankfully was still employed but had still not been able to regain his prior income. In November of last year he called to make the mortgage payment and it was 20.00 short. Wells Fargo would not accept this payment if it was not in full and instead stated that he could enroll in the home modification program.

Being that we were coming to the end of year two on our five year arm and needing to lock in a fixed rate it seemed like a perfect opportunity to take advantage of the new lower interest rates and lower our monthly payments. We were told not to make a payment until January of 2010 and then that payment would be 2500.00 per month. We were also told to make these lower payments on time for January- March and then our pre-approved modification would be complete.

We also had quite a delay in receiving the paperwork to complete and return my the magic fax. We went to a HUD counseling seminar and then started our first round of Wells Fargo fax hell in February. Most importantly it is really scary faxing all of your personal information over and over and over again all while wondering who the heck may end up with it. So follow up calls were made regularly and was told all was fine and to just be patient until March.

That’s when the little peach post office cards for certified mail showed up along with six regular letters in the mail box. My spouse was away at work at the time and when he called I was freaking out. I opened them up only to find it was their first attempt to foreclose notice if we didn’t cough up 7k by the end of April.

Frightened at the loss of losing the house amidst this supposed modification we withdrew 15k before penalties from my spouses 401k. We did this so that if we were denied the modification we would have the funds on hand to bring the loan current and then we could list the house for sale. Well five plus months later, a million faxes, phone calls and more counseling, paperwork sessions with HUD we sent off yet another package by certified mail. Still making the modified payments as instructed, still getting nasty calls, mail and certified letters but every time you call they tell you that is all a different dept and it will all be straightened out. All LIES!!

So yesterday my mother in law tells me that we received a denial on the modification and we have thirty days to appeal. I immediately started searching the web and now I am truly scared that our home will be sold out from beneath us. We have close to 45% equity on the land and home and know I am all but sure that they want these types of properties to make even more money at our expense.

My spouse and I are just 40 so we can live elsewhere and recover. It just breaks my heart that my mother in law may lose her family land, and her entire savings she contributed to build this house. This has to be illegal I know it is immoral. I firmly believe that them telling us to not pay for two months was there way to get us into default so they could start this whole thing going.

So on Monday it will be calling HUD again, consulting an attorney and filing an appeal. We will also be consulting a real estate agent on trying to list and sell this home. My biggest fear at this point is that the house will be sold without our knowledge and we will lose it all without being given the opportunity to find a buyer, sell to another family member etc. Wells Fargo treats people like they are taking lambs to slaughter. They really just want to have you get in so deep you can’t get out.

So what will happen now? I am guessing since they did not approve the modification another notice will come that will insist we pay all the offset from the last 10 months plus the whole two months they told us not to pay and I am sure several more thousand dollars in fees to bring our loan back to par. Then add on that we will have our payments back to where we even though we were not even scraping by in the first place. What kind of American Dream is this?

hmmm, I thought(I know) the government bailed them out and in return they were to use those monies help good hard working, honest Americans out. I also read when Fannie May and Freddie requested MORE (billions more) monies… The government started paying attention instead of paying off their bad loans. Know what they found out? These banks aren’t doing their jobs. Where is the help? Who exactly are you helping they said. I say let THEM fall on there faces. Don’t give’um any more money. Then good hard working honest Americans will pick up the slack AGAIN and bail this country out of its financial mess. Oh and by the way, my mortgage got behind because I was in another country fighting for YOUR freedom to write crap about good hard working honest Americans. God Bless America, but not you, your a jerk

I’ve been trying for a modification for nearly a year. The first 5 months were spent going back and forth with WF Loan Servicing on required documentation that I sent but they would lose OR constantly being asked for something new. After a particularly contentious phone call where one of their reps told me that regardless of my HAMP status they could still foreclose on my home (and there was nothing I could do about it), I wrote the president (and some other key people) and within 10 days got a call from the Office of the President.

Since then I have been dealing with that office (they actually have a loan servicing department as well) and the difference is like night and day. One big difference is that the reps give you a first AND last name, their extension and their individual fax number. You speak with people who seem to know about this process and they at least come across like they really want to help. And if they don’t know an answer to a question, they’re honest and will get back with you with an answer. This is contrary to the “normal” loan servicing who seem to have immediate answers – most of them incorrect in my experience.

While I’ve not yet been granted a modification, my experience with WF drastically changed at this point. Since I’ve not completed this process, I can’t post a final outcome. But things at least feel like they’re looking up. Of course, time will tell…

You have no Idea of what you are talking about. Most of these people who applied for the MOD programs were not in deep trouble yet.Most called before they were under water. Most have lost their income and had savings accounts and used them until they were drained to pay their mortgage. The banks string you along as many have said have had fees tacked on and then you are put into a trial pmt program that you faithfully pay each month just thave them not apply your payments. You do not get a statement to see how they are applied. Once you do get one because they so conviently lost your DOCs so they can kick you out of the program. Then they have you deep in default from fees etc. that you are worse off than when you started. The banks have to figure out a way to get fatter since they are being regulated in their CC dept.

You need to do your homework before you answer so arrogantly. You have NO IDEA what you are talking about

Details.. names and phone numbers of helpful people so others can use it too. Please….

My husband and I have been attempting to get a loan modification since Nov. 09 with WF. We were never once late with our mortgage payments but advised that we had to fall behind in payments with their trial payment plan in order to qualify for the modification. We have sent in updated financials on our own every month with a work sheet and hard ship letter. They always received our documents and uploaded them to the system. We were told in July 2009 that we received a modification. Two days later i called and was told we were denied and advised that we were approved in error. Of course we have been very frustrated thru this entire process. Our credit score has dropped drastically because we have been making partial payments and we both had excellent credit before this ordeal. WF put up on another 3 month trial payment plan and said we may qualify for another modification program with them which makes no sense at all. We have made two trial payments and have more more to make next month. I really hope they make a decision because it will be almost one year of this waiting game. We are very stressed and regret the day we decided to seek them for assistance. The best thing would have been to try to refinance our mortgage because the rates are very low right now to save ourself from the headaches…miscommunication and horrible credit that we both have now.

I also went through the home modification process with WF. The overall process took roughly a year; however, I did receive written confirmation that my loan had been modified and worked out a new payment arrangement. It was a long, tedious and dare I say frightening experience. I was able to make all of my install payments in a timely fashion and was eventually sent confirmation that my original loan was modified. My monthly payment was not lower than my original payment but fortunately I am able to make the payments.

I am begging the same list of people for help. I will kiss your feet if this works!

Don’t forget to send the letter to the president of Wells Fargo to the Corporation Services Company.
I got a call today saying I will receive my new loan mod in the mail probably in a couple of days. I wonder what are the terms going to be. Will let you know

Thank,I send today the letter to the president to the Well Fargo.

I just got my loan mod after dealing with the Wells Fargo President’s Office. I waas given a loan mod in April 2010 and in August they said it didn’t go through and my house was going to be sold on foreclosure on Septwmber 14. I contacted the President’s Office and finally I got somebody that worked with me and got my loan mod. I am very happy, after a year and a half I finally got it

I live in Georgia and did get a loan modificatIon with WF. Savings of about $800 per month. Lots of paperwork and follow up, but did not stop. You must be extremely patient, thankful, and persistent. My best to you all,

I just got news today that the loan modification got denied the 3rd time. This is after almost 1.5yrs of trying to modify. We called WF once a week checking on the status. We are 56k in default (12k which tax.insurance related), and are 20month behind. We paid 2 months of partial but it went in a suspension account. They waited all these months to give us a denial via phone. Now the only option is short sale or foreclosure. Am in shock. My daughter started to help out and we though it would help with modification. is there anyone out there who could help. we dont want to loose the house since grand kids are going to the school in the same area

Wow!! “maybe if you payed your mortgage on time…” What in the world do you think might have caused this condition so wholistically? The main objective of the modification is to bring your loan current by
bringing the payment in line with your earnings which have slumped or gone away causing your payment
to remain in your house unaffordable. “Making home affordable”…think about it and then think about it
again and then once more. Don’t take a drink in between don’t look in the mirror and whisper, “I’m such
a smart, viable, good looking person.” You’re dillusional!! Must be a bank mortgage payment recipient.

Are you really that insensitive? People sometimes suffer hardships that may be no fault of their own.You must have never had something unfortunate happen to you or as the other poster said, “living a rich life.” You sound really proud to be out of the default mortgage services, and I’m sure you worked hard to do it, but, thank God, nothing unfortunate happened while you working to get out of it. Be careful, something bad can happen to anyone.

Are you really that insensitive? People sometimes suffer hardships that may be no fault of their own.You must have never had something unfortunate happen to you or as the other poster said, “living a rich life.” You sound really proud to be out of the default mortgage services, and I’m sure you worked hard to do it, but, thank God, nothing unfortunate happened while you working to get out of it. Be careful, something bad can happen to anyone.

The Modification that Wells Fargo is been given is a “Forbeance Plan” only for 3 or 6 months. for them is a modification. Just to let you Know.

did you know about the boicot against wells fargo bank? when and where?

did any body has their loan modification done by wells fargo bank and your investor is privet, please answer asap? thankyou

My situation is the same as yours, I did aply since January/09 and I been paying all the trial payments plans. and I olso whent to NACA tour and I sleep outside the sport arena with another 100 people in waiting line. So I was there with al my hope and all my cold. is the longest nigth that I ever haved. And there are hundred of people in this situation. All the Banks were there and who ever got their modification come to the forum and said in the microphone that they got their modification. And I only here BANK OF AMERICA was the only bank who was given modification. all the people in the area of wells fargo was sad and crying. nobody was help.

When I talk to the Wells Fargo Bank they told me that they can not make any descision and the Bank has already a descision for me. and was 9 months of 1,900.00 at 2% and 4months of 2,250.00 at 3%. and together with that I have to pay 20,000.00 for fees. and after that time I the payment go back as before variable and start at 5.5%.
What a nasty modification is that?

No I haven’t, but I will look into it and let you know.