Profile picture for Delaysmom

How long does a Wells Fargo loan modification take?

I applied with them on April 18, 09.  every day i call and every day they say "it's being reviewed" and then they tell me not to call again for "a few weeks".  how long does this take?  Is there anyone out there who has thier loan modified?
  • May 26 2009 - US
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Answers (26)

Profile picture for elliecas63
it sucks waiting i been waiting for a few more months then 6, they even gave me a new loan modification person no reasons why or nothing im still waiting i hope they know if they denies me i will sue them  for  robo checks cause me in overdrafts fees so come on wells fargo i fight you to the end and the past 2 years of this and i will win getting my home for  free so we can play this game of waiting for my modification loan and i will win no matter what ppl with wells fargo please keep an close eye on your bank statements for robo checking thats were the put your check in out the next day for four times and its illegal, there to only have two trys i have bank statemments were they retry check four times when i had the funds let see if they get out of this one... 
 
  • December 04 2014
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Profile picture for tttodds

I have been in foreclosure for 4 years.  I completed a trial modification to be told months later I did not provide complete documentation.  I sent over 1000 pieces of documentation.  I had subsequent trial mod offers. They are subsidized and benefit from accepting payments for loan mod.  Then they have no obligation.  Pursue it but don't do it.  Look at my situation  chicagonow.com search loan modification fiasco for more info.

  • January 19 2013
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Profile picture for user803507
I've  been  working  on  mine  for  3  years.  My  homes  been  sold  once  at  the  Sheriff's  Auction.  And  I  got  an  attorney who  reversed  it.  It's  now  up  for  sale  again.  Just  Google  problems  or  fraud  with  Wells  Fargo  loan  modifications.  They''ve  been  sued  over  and  over.,  they  don't  care.  They  don't  want to  modify the  loans.  Kim
  • December 03 2012
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Profile picture for Mortgage Pro 1
Now a days everyone is trying to get a modificdation, trying to do this on your own is difficult bc the banks are bombarded with requests and will give you the run around. There is a science to this madness and[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy]
  • June 09 2012
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Profile picture for parrotfins

In my experiance, it takes them exactly long enough to go ahead and foreclose on your house!! I began the aplication process last August upon notifying them I was having financial difficulties, months prior to missing the first payment. I sent in all of the documentation they asked for thinking I was applying for a loan mod.. In January, I was informed that it had only been a "pre-qualification" and that I now needed to gather, calculate, fill out and submit almost 50 more pages of forms/documentation. In the meantime, they filed for foreclosure when I missed 4 consecutive payments after having exhausted savings, cashing in life insurance policies and selling all the furniture, jewelry and family heirlooms I owned of any value. After submitting the Request packet to them, weeks went by without a word and unable to reach anyone by phone who knew anything about my application. This continued even after I was assigned to a "Home Preservation Specialist" (ha!) who was to be my single point of contact from then on. This type of thing continued and dragged on for so long the documentation I initially sent became outdated and had to be redone and submitted twice more -- the last time being May 24.
Today I received 3 letters in the mail. 1.A notification of denial -- reason given: They were unable to assist me. 2. A form letter strongly encouraging me to consider a Short Sale. I have a respectable amount of equity and no intentions of selling. and finally 3. Notification of a final foreclosure hearing to take place June 16. Surprise!! 
Hopefully this helps.
Best of luck and God Bless! 

  • June 04 2012
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We havent seen Wells Fargo doing many HAMP Mods.  in fact if Wells Fargo is the Investor of the loan, they will most likely not participate in the HAMP program, and when they modify in house they dont like to extend the term.  So, the income is going to be really important in qualifying.  

We see far lessWells Fargo Mods than some of the other servicers.  Shame on Wells.
  • May 10 2012
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Profile picture for ughwellsfargo
Curious, how many of you still have your homes?  We did the loan modification, paid every payment on time for 6 months, month 7 they returned all money to us and said they determined we didn't qualify after all and to call to find out why.  Couldn't ever get an answer out of anyone.  House was foreclosed on 2 months later. 
  • May 01 2012
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Profile picture for user663313
I keep reading 60-90 days and although that might seem like a lot I have been waiting since June of 2011 and I keep sending the same documents every other month if not every month. My file keeps getting passed on and I call every week but I guess I have to call every day or it might be time to contact an attorney. I missed payment on October but was trying to avoid this!! In a month it will be a year attempting to get a loan modification with WF !
  • May 01 2012
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Profile picture for krw57
Wells Fargo Loan Modifications are a scam. We have been trying for months and they just sting you along with no intention of giving it to you. An attorney is the only way. There really should be a law suit brought for all the pain and suffering they are doing to thousand who believe thier BS. I just wrote my senator. Let"s see what happens from that. Not holding my breath
  • February 23 2010
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Profile picture for ughwellsfargo
We applied twice for a loan modification.  It took about 3 months, but we were significantly behind due to a lay off.  Our income is now higher and we have less debt, as reflected on the modification paperwork (this was for a Wells Fargo program to actually get the late payments moved to the end of the loan)..and we were told we didn't make enough income to support the mortgage and needed to short sale our home....

However, talk to someone on the phone and no one can give us a straight story on the status of our loan.  Every month, we recieve a letter of loan acceleration if the account is not brough current by a certain date.  That date comes, we get another letter stating the same thing with a later date.  Talk to WF and they have no clue, there records reflect nothing....

Tonight, my husband talked to WF and their records show the loan modification was denied to it being listed as going up for short sale.  We never said "short sale" that was used in their denial letter to us.
  • August 12 2009
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Expect a long time...they have the power. They want to make sure that the modification is necessary; if its not, they are not going to do it.If you want fast action, your going to have to hire an attorney. The banks are obligated to respond within 21 days, so they cannot push them off by saying " a few more weeks"..in addition, they already are in contact with the loss mitigation department on a daily basis, so the network of communication is open. We see them finish in around 90 days, Wells does take a longer than usual time. Best of luck
  • August 03 2009
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Profile picture for mehuldesai86
i also applied a 2nd time in june i recall. on July 8th the reviewer saw my paper work and asked for more signed docs. on july 20th i got the docs to them. on july 28th I got a call from Wells Fargo saying the reviewer

was ordering an appraisal of the home and credit report.

DOES ANYONE KNOW how much time from the appraisal and credit report it could take to ask for final paper work to write the contract.

???
  • August 03 2009
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We have seen them done in a month. I would say expect 3 months to for a modification. The more delinquent you are the faster they will want to resolve the matter. Hopefully they are not stringing you along. There really is not set standard or timetable. Every person is unique. Best of luck
  • July 10 2009
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Profile picture for savalencia
To the OP are you trying to get the Making Home Affordable Mod?  If so, did WF put you on modified payments for a trial period? 

I would recommend checking out the forums on loansafe.org.  I have used that as a resource to talk to others with my lender Aurora...  People on there are primarily other homeowners going through the same thing as you and can share there stories and contact info for your lender that has worked for them.  I've noticed on Zillow you have a whole lot of "sales people"  trying to push their services on you...  I am a homeowner like you, trying to get my loan modified.  I just paid my final trial payment and am hoping to hear any day now that my mod has been finalized.  Good luck! 
  • July 10 2009
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Could you get a loan mod yourself?  Sure.  It's a gigantic hassle and potentially a huge waste of time, but you can do it.

The data are, though, that using a professional gets you better results in less time.  That's just the data.  The process is too complicated for a layman to do with the deck stacked so completely against him, if he wants to get the best possible deal, and this is not MY opinion, it's the opinion of people whose livelihood is counseling people on their mortgage options.  Read the WSJ, etc.  I'm not making this stuff up.

You can defend yourself in court and litigate your own insurance claims, too, but you'd be advised not to, unless you have no other choice.
  • July 10 2009
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Do some research, gather your documents and go at it yourself. I helped a neighbor and several friends succesfully negotiate their loan mods WITHOUT the hiring of some 3rd party middleman scam artist. You can do it as others have. Good luck!
  • July 10 2009
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Profile picture for savalencia
I disagree with the previous post you can do it on your own... Unless you are just not at all a numbers person or just don't have the time to deal with it.  Plus there are a lot of resources, if you have questions or need help you shouldn't have to pay for it.  Check out free resources that can be found on the MHA website. 
  • July 10 2009
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The AVERAGE time for a loan mod is just under 6 months.  This is not a typo.  And that's with professional staff on your side.  Without that?  Heaven knows.

Please do not try to do this yourself.  Even the Wall Street Journal today quoted a loan counseling director in saying that the process was too complicated for borrowers to navigate with good results.
  • July 10 2009
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Profile picture for javagirl629
Wells Fargo is the WORST!! We sent in our hardship claim in November 2008. I've called a minimum of 3 times a week ever since. Over the months, I could NEVER get a straight, helpful answer from anyone. It's been a struggle but we have continued to stay current on our payments. As ridiculous as it sounds, if we would have been late or missed a payment it certainly wouldn't have taken 7 months to get a resolution! During one phone call in mid May I was told that we would have an answer by June 1st. Well that came and went. A month later on July 2nd we finally recieved a letter from Wells Fargo.

It says; "Your request for a Loan Modification has been denied for the following reason: This request would be outside your investor guidelines"
There may be other alternatives that will assist you but are contingent upon agency investor approval. They are but may not be limited to:
PRE-FORECLOSURE SALE"

I wanted to puke! Seriously, no further explanation? You'd think that maybe they could have at least included a copy of the investor guidelines for us.  
  • July 10 2009
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Profile picture for jtde00
mine took over 7 months, but I was current on my mortgage.  They said that they help those in need first but that I did the right thing by staying current
  • July 08 2009
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Profile picture for cfraz9
I have a modification in since March 11, 2009. The last person I spoke with who was on the same "team" handling my modification said that she is starting to see the applications from March getting approved now and that I should be approved by the end of the month. It can't come quickly enough!!!
  • June 22 2009
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Profile picture for lulu45
30 to 90 days my****why cant they just tell us yes or no in the 90 days,wells fargo is very bad!!!!!!
  • June 17 2009
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Profile picture for lulu45
i have been pending with wells fargo for 5 months still pending thats what they tell me i call every day now
  • June 17 2009
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We also have a modification request into Wells Fargo. In fact this is my 5th request. Or should I say 5th time I submitted the paper work. They say it keeps getting "lost". Check out http://www.ripoffreport.com. we have been at this for close to a year. I guess they just keep skipping over my turn in line. Good luck.
  • May 26 2009
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Profile picture for savalencia
So are you in the trial period?  Is this an MHA Loan Mod?  I applied to my lender around the same time and I am in the trial payment period which is going to be May through September.  They said it would probably be 60 days before an underwriter would contact me about my modification or they said 60 days from the start of my modification, I'm thinking they may mean 5/1 so I'm not going to bug them until July.  If it is an MHA loan mod, I don't think that there is anyone who has gotten through the process yet, maybe the end of summer...  This is because of the trial period and the huge work load.
  • May 26 2009
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Profile picture for Lindsey M. Bishop
Mortgage companies are behind with the numerous amounts of modification requests. I have seen them take anywhere from 30 days to 90 days.
  • May 26 2009
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