Wells Fargo Rejected Our Making Home Affordable Modification Program Request

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Wells Fargo Rejected Our Making Home Affordable Modification Program Request

by Jose Perez
(Houston, TX USA)

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Wells Fargo Rejected Our Making Home Affordable Modification Program Request

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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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.

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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???

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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????!!!

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