Wells Fargo Rejected Our Making Home Affordable Modification Program Request

by Jose Perez
(Houston, TX USA)




After 4 months of waiting, Wells Fargo rejected our last HAMP modification request saying our mortgage payments were less than 31% of our gross income. Which was true for 2009, but not for 2010.

Wells Fargo Loss Mitigation based their decision on our 2009 Income Tax Return.

Last year, I worked only 6 months (problems getting my work authorization with INS) and right now, our mortgage payments are 50% of our income.

Wells Fargo said they will try to modify our mortgage with an in-house Wells Fargo modification program. For this modification request, I have to send an update of our income.

I am self-employed and our income is far less.

I don't know how to show our real income?

Is it a good idea to show more or less income?

We received a modification in the beginning of 2010 but fell into default after I lost my job.

Are they going to approve us again?


Wells Fargo Mortgage Loan Modification Answer:

by Wells Fargo Mortgage Loan Modification Expert - Dan North

Generally you must wait one year after your last modification before Wells Fargo will consider re-modifying your mortgage.

Wells Fargo will base your eligibility for HAMP modification on 31% of your current income even though un-employed for six months.

The missed payments can be added to the back end of your mortgage; all fees, penalties and extra interest charged for missed payments should be waived. This will bring your mortgage current even if you end making the same monthly payments after the modification, if that is affordable.

For proof of income Wells Fargo will ask for 3-6 months of bank statements, since self employed, 2010 tax return, IRS 4506T and a profit and loss statement for year to date and possibly for the last quarter of 2010.

Use The NPV Test To See What Wells Fargo
Is Likely To Approve

Download the Net Present Value - NPV test spreadsheet to see what income numbers Wells Fargo will need to approve your modification.

Don't fake the numbers but see what you have to change to get approved. You may need to lowering your property tax, lower home owner insurance costs, restructure your unsecured debt or modify your car loan.

You have options just see what you have to do to be approved. You are welcome to get professional help with a No-Upfront Fee Hardship Loan Modification that only charges a fee if you get a result.


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Wells Fargo Rejected Our Making Home Affordable Modification Program Request

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Rating
starstarstarstarstar 		We are in about year 3 with Wells Fargo NEW
by: Anonymous

We are in about year 3 with Wells Fargo, nothing changes, the same over & over, but hey, we're still in our home while the constant cycle of sending in paper work continues...
We'll see how this story ends, hopefully more laws will change as this process is drug out
Rating
starstarstarstarstar 		Liars and you will be judged NEW
by: Anonymous

I can't understand Wells Fargo someone help I been going through the document request now for a while and reading everyone's blog is scary I'm crying now I don't want to lose my home and my God won't let it happen shame on you Wells Fargo I will be there on your judgement day to testify to your wrong doing where is our government here bet if Wells Fargo was in there pockets something would have been done already think we need to come together and sue the crap out of WELLS I'm a mother of three children how do you tell them we have no home maybe Wells Fargo has a letter for that one. Father God come to our aid and free us from these evil practices and bring justice in your name amen
Rating
starstarstarstarstar 		Liars and you will be judged NEW
by: Anonymous

I can't understand Wells Fargo someone help I been going through the document request now for a while and reading everyone's blog is scary I'm crying now I don't want to lose my home and my God won't let it happen shame on you Wells Fargo I will be there on your judgement day to testify to your wrong doing where is our government here bet if Wells Fargo was in there pockets something would have been done already think we need to come together and sue the crap out of WELLS I'm a mother of three children how do you tell them we have no home maybe Wells Fargo has a letter for that one. Father God come to our aid and free us from these evil practices and bring justice in your name amen
Rating
starstarstarstarstar 		Wells Fargo is Crooked NEW
by: Disenchanted with Wells FARGO

I would encourage everybody out there that is having an issue with Wells Fargo to post a quick note. Maybe they will get the hint. In fact, I would say that everybody should post ten messages. You really don't have the space with only 3000 characters to express it all. Just keep adding until your complete story is there. There is NO WAY that this mortgage company can ignore all of the messages of disappointment for long. Geeze. What a terrible mortgage company. I echo everything that all the other posters have stated. Wells Fargo does not intend on helping anybody. I would imagine their rate of passing modifcation loans is well below the industry standard.
Rating
starstarstarstarstar 		Wells Fargo Mortgage Modification NEW
by: Disgruntled Modifier

I am sure there are lots of folks out there seeing all these comments about Wells Fargo and think it is all just sour grapes by a few that have been turned down. These seem to be pretty educated folks that just want to try and keep their home. I know cause I am one. I had the exact same experiences with WF. What a crazy process these folks have. I would have had more respect for them if they would have just told me up front that they had no intention of helping and to look for another company. WF is THE most unrealistic mortgage company on the planet. Good news is that we may be able to inhabit Mars in the future and get away from WF and their practices. If anything is an effort they won't do it so we would all be safe there.
Rating
starstarstarstarstar 		Wells Fargo and the Modification scam NEW
by: Bwagner

What an ordeal this company puts people through? Wow. Incredible how offensive this process is. They start by bugging you to death with nightly and daily calls about your mortgage is you are even one day late. They start telling you right off the bat that you are in jeopardy of going into foreclosure. After months and months of this and telling the same people the SAME information they bring up the modification process. Sounds easy enough.............but it is utter hell on earth to try and get what you need to pass. I am convinced they have no intention of ever doing a modification loan. It is evident that they want your property for a short sale so they can get their money and pass the property on. An absolute pig of a mortgage company. Do not get caught with your pants down with these guys. Wow. Shame on Wells Fargo and their crazy processes.
Rating
starstarstarstarstar 		Wells Fargo and the Modification scam NEW
by: Bwagner

What an ordeal this company puts people through? Wow. Incredible how offensive this process is. They start by bugging you to death with nightly and daily calls about your mortgage is you are even one day late. They start telling you right off the bat that you are in jeopardy of going into foreclosure. After months and months of this and telling the same people the SAME information they bring up the modification process. Sounds easy enough.............but it is utter hell on earth to try and get what you need to pass. I am convinced they have no intention of ever doing a modification loan. It is evident that they want your property for a short sale so they can get their money and pass the property on. An absolute pig of a mortgage company. Do not get caught with your pants down with these guys. Wow. Shame on Wells Fargo and their crazy processes.
Rating
starstarstarstarstar 		Wells Fargo - Modification process NEW
by: bwag

The entire process of the modification loan was strictly at their request. My question to them was why did they push me so hard to try this if they knew I was not going to qualify? All the paper work, their time and mine, the fed-ex packages and the major frustration is not worth it. I think Wells Fargo ought to really re-think their whole lending process. Bottom line is, they don't want to help if they can help it. They want to find homes like mine that have lots of equity in them so they can offer a short sell and take their profit on it then re-sell. I had a Wells Fargo loan back in the 80's and was treated the same way. I should have learned my lesson then. I have several co-workers that are going through the same problems with Wells Fargo right now. They are all looking to switch their mortgage to any other bank.
Rating
starstarstarstarstar 		Wells Fargo - Crazy Modification process part two NEW
by: bwag 2

I told them I was caught up but they said the wheels were already in motion and I would have to pay to have a locksmith come back out. They also had a mowing service come from Dallas Texas ( my home is in the Austin Texas Area, 200 miles from Dallas ) to mow my yard. They charged me over $700 additional charges for these services. This went on for almost 6 months before I realized where the other charges were coming from. Then.......after all this, I finally got caught up, got the foreclosure reversed and got a new tenant. A great tenant this time but one that still is struggling to have my payment on time every month. I started getting late notices and more calls. I tried to refinance but was denied because I had missed a payment within the last 12 months ( not 6 months like most mortgage companies ). Next up was Wells Fargo and their now daily calls for payments was THEIR idea to try and do a loan modification. They said they were here to help and wanted to make sure I was able to keep my home that I have had for 12 years and have lots of equity in now thankfully. They sent the paper work out fed-ex. I am sure some other home owner is being charged those costs some how. They can't email or fax. They have to send via Fed-ex overnight only. I filled the forms out but because I couldn't reach my ( never present ) personal modification specialist had some info in the wrong place. The forms federal form 710 and uniform borrows form are listed on the internet but there are many copies. You have to fill out the correct one or you have to do it over. That was my case. I sent in another copy which I had to fax from an Office Max this time and cost me $30. They got the paper work and two more people called to verify my Name, property address and told me repeatedly this was an attempt to collect a date. Very robotic. So now they tell me that they cannot use my WIFE's, whom I live with, salary. They cannot accept her salary as part of my income because she is not a primary resident in the house we are trying to do the modification loan on. The actual house we live in is in another state. So..........I now need to fill out another form and take my wife's salary off of my total income. This will ultimately make me fail the modification because they have strict guidelines for qualifying. Basically you have to make within the exact range to be able to qualify for what amounts to a new lower rate, 40 year mortgage. Most people can get a 2% rate but if you have another house that you couldn't sell ( they call it an investment property) you can only get about a 4.5% rate. That is a rate most good rated banks will give you anyway. Bottom line is I may now not make enough (according to the Wells Fargo underwriter ) to qualify to make payments on my own home.

Rating
starstarstarstarstar 		Wells Fargo - Unwilling and Unrealistic NEW
by: bwag

I have a second home in another state because in the down-turn of the market we could not sell. We have had renters that were not the greatest but because we needed the money for the payment we were constantl at their mercy to provide us our payment on time. Needless to say we finally fell behind when the last tenants move out suddenly and stuck us with almost $4000 worth of repairs. We had to borrow from our 401K as company loan to be deducted from my salary ( another hit to our salary) which negates me being able to borrow again until it is paid off. Long story short, they put our house up for foreclosure during the time I was waiting on the loan to hit. I got the money on the same day Wells Fargo filed so they would not take any payments until a settlement had been reached. They finally allowed me to give them four months worth of rent ( money I owed from being behind 4 payments while doing repairs ) plus they hit me with a $1100 fee for the lawyer. The law firm only had my foreclosure papers one day and charged $1100 for their "services". To top it off, we put the house on the market after we did all the work and the Wells Fargo team that takes care of properties went in and changed all the locks on the very day I had an open house scheduled.
Rating
starstarstarstarstar 		You do NOT qualify and are rejected NEW
by: Anonymous

So what does it take to qualify for the HAMP program with Wells Fargo? What exactly is the evaluation criteria? Do they actually follow any evaluation criteria or guidelines? Paying your bills on time it appears is a negative. I guess following their lack of logic this means you re ok and need no assistance. Points are added for having several kids and being on welfare. I guess this means you re more needy. So where is the program that was supposed to help prevent foreclosures?
When I first started this I foolishly thought there would be clearly spelled out posted public guidelines the bank would need to follow since it was a govt program. I thought they would fear penalties if they did not keep within certain guidelines. I also thought they would respect normal attributes like being responsible, paying bills on time, living within your means, meanwhile showing a clear need because your job is not paying much due to the poor economy. You purchased your home before the countries economy took a nosedive. Therefore your mortgage is too high with respect to the money coming in and should be adjusted.... to try to prevent the foreclosure before it gets to be unavoidable. But I am not seeing any of this cooperation from the banks. Instead from Wells Fargo I see stringing along, no fear of penalty, no guidelines, no loss prevention type tactics, just alot of cheap obvious lies. It does not appear that they have any real interest in helping people prevent foreclosing. To them a borrower losing their house is just something to joke about. As long as they get their sell off money and govt assistance for the loss they are fine with it.
Rating
starstarstarstarstar 		Another Wells Fargo victim NEW
by: Anonymous


It doesn't make me feel much better but a little looking on the internet tells me I am not alone. They are lieing to, making excuses and treating the majority of their victims the same disgusting way. "Your review is near the end" . "You didn't sent the right paperwork" "we're here to help" "certain documents must be resubmitted every 30 days" "We’re not really doing principal decreases"- Well I guess that ones not a lie.

All this makes me wonder about this government program giving billions of taxpayer $ to the banks to do who knows what with. Then follow that up with more $ to try to buy their participation in the HAMP program. Meanwhile the banks take the money and run. The treasury dept allows them to get away with it. The banks are brazen and do what they want, fearing no penalties from the govt. Makes Jesse James and Robin Hood look like heros. Their loot was like pennies compared to what the banks are getting away with.

http://www.propublica.org/article/loan-mod-program-crippled-by-lax-oversight-and-deference-to-banks

Rating
starstarstarstarstar 		WF scam NEW
by: Anonymous

I have called Wells Fargo several times over the last 6 months. One thing I have noticed is they do not seem to have alot of qualified reps. They have provided wrong answers to several of my questions, that had I not double checked them with other sources I would have assumed my query to be a deadend and abandoned it. On many occasions I have gotten the same feeling you get when you call a manufacturer for computer problem that has outsourced their support. The conversation is not very fluent, the info is often incorrect, there is alot of holds while they check and alot of transfers with lost connections. Calls to WF often go two hours or more. Maybe to keep profits higher, they do not pay so much. Likely there is alot of turnover. I have probably had at least 3 or 4 different reps assigned to my mortgage since I began the process 6 months ago. Being a Wells Fargo rep must be a tough job to do if they did have any intelligence or any conscience. Stringing people along and then denying people short term assistance who are simply trying to keep their house is not really a great thing to be doing. But at the same time they do remind me of scripted robots with a short circuit causing them to repeat things several times and to say things out of context that make little sense. I guess at WF, managers look for ways to reduce their maintenance costs and ways to maximize profits for their company so they themselves do not get laid off and instead get a salary increase to make up for all the lieing they have to do.

Another thing I’ve noticed is they get things mixed up and lie ALOT. For example you can be on the phone for a few hours with one of their representatives one day and come to an agreement. They say they will send a form or an application. Then 3 days later you receive a letter in the mail from a different rep, one that you didn’t even talk to saying something off the wall like; Thank you for taking the time to speak with me today. “I realize this must be a difficult time for you”, especially since we were not able to reach a
mutual agreement regarding options available to assist you with your current situation.
Then they suggest something such as referring you to a credit counseling agency. This has happened several times. You receive a letter from a rep you never spoke with that says they spoke to you about either something that never occurred or the letter speaks of something like not coming to an agreement when you actually did come to a verbal agreement with the WF rep.

Rating
starstarstarstarstar 		Wells Fargo HAMP NEW
by: Anonymous

I applied for HAMP tier 1 last May, I faxed them back and forth documents weekly for about 2 months and then they denied my application because they said they didn't see any hardship. I dotted all i's, crossed all t's, even went thru Greenpath debt counselors workout program. A counselor said the bank is supposed to lower monthly mortgage payment by reduction of principal, lowering interest rates to as low as 2% possible and stretching out payment years back to 30 or up too 40. I have 30 yr fixed rate, 5.5% interest rate. I still have decent credit. I am current with payments. I listed income reduction as reason for applying. My condo mortgage is the biggest monthly expense by far. I drive an old car and have eliminated all other services beyond what is necessary. Wells Fargo defines hardship as 4 d's - death, disability. disaster or divorce. Well I am not dead yet, have not had a divorce and am not disabled and no natural disasters have occurred in my area recently. But I have lived in FL several years where since 2006 it keeps getting tougher and tougher to find work despite having 2 University degrees and several years of work experience in my field. I haven't been able to find a job that pays more than $10 per hr. in the last 4 years.

My mortgage payment is 50% or MORE of my income and has been the last 4 years. I have exhausted all savings, begged & borrowed from everyone I know and have tried to make a buck any honest way I have been able to come up with in order to pay my mortgage the last 4 years. Wells Fargo still does not see any hardship. What planet are they from?

The condo I purchased in 2005 has lost about 2/3 of its value since then.
Unfortunately since the property has lost so much value other banks I have spoken to about refinancing have declined so I am stuck with Wells Fargo.

A few months ago I found out HAMP Tier 2 was out and that I may be able to qualify for HAMP under it. So I called Wells Fargo and they said they did not have any date set for for adopting it.

A month or 2 ago I was laid off again, so back to sending out resumes again. I have sent out 1000's of them so nothing new there. I called Wells Fargo and they said I would not be eligible for HAMP now because I was unemployed. I guess there is not much that does qualify for HAMP. I heard from a Investment banker that from the banks point of view preserving a mortgage agreement by
compromise or refinancing is not as attractive
to them as a foreclosure or short sale. This mainly because the bank would rather get a lump sum check and gov't reimbursement for the loss than have to deal with finding ways to honor an agreement with a person just so they can keep their house.



Rating
starstarstarstarstar 		Victim of Wells Fargo Modification Scam NEW
by: Anonymous

I am a 65 year old female. I have no formal education but when I got divorced 19 years ago, I went to classes for computer and worked my way up the ladder to a pretty good income (after 12 years with the same company). Unfortunately, I was laid off this job at age 56, I spent five years trying to secure a full-time job, with all the benefits needed to survive. Not many companies want to hire a 56 year old women, the insurance rates are too high for small companies. I have exhausted all my assets (401K, pension funds, etc.) sold all my furniture, never been on food stamps or asked for assistance. I now have a position which is part-time (with no benefits) 59 and 1/2 miles each way from my home (no days off with pay, no vacation, if you don't work you do not get paid). My automible broke down in May of this year, I had to borrow money ($1,700) to repair it, within one month the same cars' engine blew up. Now I have no car no money and how am I going to get to work. Now I have a huge automobile payment because nobody wanted to give me credit for a car. Now you have heard only part of my story.

Here's Wells Fargo problem. I called like you are told to do and we supposed started the remodification process 4 months ago (lost paperwork, did not receive paperwork, not signed on every page and dated documentation, etc etc), after 4 months of telling me they don't want my home and (WF finally supposed to have all documentation signed, dated, licked sideways and all the expectations, they refused a loan modification because my GROSS income is supposed to be less then 31%). Why did it take 4 months to decide that? WF had all my income and expense sheets the same week I initially spoke to them. OH Yeh, I spend $400.00 on gas to go to work to pay bills and that is not considered an expense.

How many people are in the same boat as I am in? Why am I penalized for working and trying to pay all my bills? Why does your income and expenses reflect your gross income (before taxes)? I certainly do not have the cash flow with a gross income to pay?

I am very frustrated and tired of being discriminated against because I work. I am considering going on wellfare (probably won't get any assistance because I tried to work.
Rating
starstarstarstarstar 		OUT OF HOPE - KICKED OUT OF MY HOUSE BY WELLS FARGO
by: GAIL

I KNOW THAT NOTHING CAN BE DONE FOR ME NOW. BUT I WOULD LIKE PEOPLE TO KNOW WHAT HAPPENED TO ME:

WELLS FARGO BOUGHT MY MORTGAGE, FROM ANOTHER BANK. MY MORTGAGE WAS AT A SET RATE. NO SOONER, THAN THEY BOUGHT MY MORTGAGE THEY WENT UP. THEN THEY REPEATEDLY WENT UP. UNTIL I COULDN'T PAY ANY MORE. I WENT TO A MODIFICATION COMPANY, MORTGAGE CRITICS. THEY WENT BACK AND FORTH TO COURT FOR ME. THEY TOLD ME OVER AND OVER, DON'T WORRY ABOUT ANYTHING, THEY DEAL WITH THIS EVERYDAY. OK! THEN WELLS FARGO WAS WRITING THREATENING LETTERS, TELLING ME THEY COULDN'T HELP ME. I DID EVERYTHING THEY ASKED ME TO DO, I EVEN SENT THEM MY WHOLE INCOME TAX CHECK. THEY TOOK IT. THEN THEY TOLD ME TO MOVE OUT, I HAD 24 HOURS TO MOVE OUT OF A HOUSE THAT I HAD BEEN IN FOR ALMOST 10 YEARS. I WAS LOST I HAD NO WHERE TO GO, NO ONE TO GO TO. MY MODIFICATION REP FAILED ME. I DID NOT KNOW WHAT TO DO. I STILL DON'T. BUT I KNOW THAT SOMEONE KNOWS SOMETHING. I WAS DONE WRONG. I KNOW IT, AND SO DOES GOD. I COULDN'T KEEP UP WITH MY OTHER BILLS FOR PAYING WELLS FARGO.

Wells Fargo Mortgage Loan Modification Answer:

by Wells Fargo Mortgage Loan Modification Expert - Dan North

Well there are some actions you can still take. First off file complaint with the appropriate federal bank regulatory agency that can help them with your concerns, your State Attorney General and the FTC.

If Still In Your Home It May Be Possible To Reinstate Your Mortgage

Read how to use Qualified Written Request at How To Save House From Foreclosure - 3 Ways To Stop A Foreclosure Sale, these strategies can still work for you. There are state programs with federal TARP Grants that will arrange funding for reinstating mortgages in California, Connedticut, Delaware, Idaho, Maryland and Pennsylvania. These programs can also provide assistance in move out expenses.
Rating
starstarstarstar 		It's a joke NEW
by: Anonymous

I don't believe that Wells Fargo have any intention of doing anything to reduce mortgage rates if they can help it. We tried for over 18 months, supplying numerous copies of paperwork which they requested, only to be told that the investor (fannie mae) declined the modification.
I think that the government needs to get tough with the banks AND fannie mae, as they were involved in the financial screwup that caused the problem in the first place.
I note also that to date, I don't believe that anyone in the financial industry has yet been prosecuted for the criminal fraud or at the very least criminal neglence. I wonder why???
Rating
starstarstarstar 		Wells Fargo modification is a Joke NEW
by: Dan

We called Wells Fargo and explained to them about our situation and that our income hadn't chnaged drasictically, but our debt had due to some health issues.
We filled out all the paper work and sent it in and a couple of weeks later recieve a call that they, Wells Fargo, had a solution for us. They had RAISED our payment!!! This was to include our taxes and insurance, yet they raised it over $400.00 and taxes and insurace only raised it by $200.00. I asked how this could be and was told by the representative that this was to get us back on track, as we were 1 month behind.
Again, I asked the representative how raising our house payment was helping us financailly, and again I was told the same thing.
I pursued the question and was told that our income was in line and our current income made our home affordable. I asked about our regular living bills, food, electric, gas, ect. were taken into consideration and was told that didn't matter, she said that everybody had those bills, which is correct, yet when I asked how raising our payment was helping us she said well, and could'nt answer it anymore.
Wells Fargo accepted how much in the Federal Bail???? and yet won't help the tax payers when they need help.
As well we have tried refinancing, but we are upside down on our home, which I also sent them a copy of the most recent appraisal 1 month ago.
Wells Fargo accepted our Federal Tax dollars in the Bail Out and now won't help the tax payers that funded their Bail Out!! How righteous!!!
Wells Fargo, helping the people, ya really????!!!
Rating
starstarstar 		They don't really want to help you! NEW
by: Anonymous

I have been sending in the same information to Wells Fargo, and they continue to send form letters asking for the same thing over and over. Copies of Tax return? 3 times, Form IRS 4506T, 3 times, and on and on! I have left messages for the "Home Specialist" over and over again, with no response. Now they want HOA fee letters, when I have stated we do not have a HOA! Makes me feel really good about all the confidential information I am sending into them. I guess they hope you give up and die and go away. They really do not want to help you, why lower your interest rate? Less $$ for them.

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