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.Return to top of Wells Fargo Rejected Our Making Home Affordable Modification Program RequestClick here to post comments.Apply for No-Upfront Fee Hardship Loan ModificationSee other Wells Fargo Mortgage Loan Modification questions and horror stories like - Wells Fargo Rejected Our Making Home Affordable Modification Program RequestWhen Should I Stop Trying To Modify My Loan With Wells Fargo?My Wells Fargo Horror StoryWorking On An In-House Loan Modification With Wells FargoWhat Options Will I Have (If Any) With Wells Fargo?Divorced And Only On Deed Of TrustThree Trial Period Payments And No Modification From Wells Fargo. Help!!Wells Fargo Said They Made A Mistake