Why is it taking 2 yrs to get home affordable loan?

I have been doing everything I need to do to apply for hap and the bank, Wells Fargo, has been jerking me around for 2 years! As a result, they keep putting me in forebearance, making me more delinquent. I continue to pay the budget amount, now my credit is ruined! I tried going through NACA for help, been in the porocess with them for 5 months! All I am asking for is a lower interest rate. I am paying 5.25, wanted 3% when they were low, now interest rates are climbing again and Wells Fargo is dragging their feet so I wont be able to take advantage of lower rates. What do I do? I am on disibility now and collect rental income from downstairs.
  • March 13 2011 - East Springfield
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Answers (26)

Wetdawgs, how much did Wells pay in taxes last year or even the last quarter on their filings?  How much are they drawn down at the discount window through wachovia - whome Stumf had to threaten Dimon to make sure he got it.  I work in the industry - and although they do pay corporate tax- they have not had a tax liability on mortgages for over 3 years now - goodwill etc..  I"m sure you get it.
  • April 02 2011
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The small amount of disability insurance money taken out of a person's check each payroll period is not enough to cover anything, if it weren't for the hundreds and thousands of other people contributing to that fund.

I'm assuming this whole thread was posted as a "joke" since even the most uneducated know better than the foolishness posted in the "question".

And someone is able to go to school and do "school work" but is too disabled to work?  Don't worry, the government tracks your moves and you will be paying all the fraudulently claimed funds back.
  • March 14 2011
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That disibility is my money that was taken out of my check for 30 yrs! I pay taxes every year like you do! When you get hurt and can't work, what are you gonna do? I just got on it a month ago, been working marketing jobs since I got laid off and going to college, finished a business degree! It's obvious that you are very naive and uninformed, what are you doing for work? Posting all your lame advice on here all day? Doesnt look like you have a very positive feed.
  • March 14 2011
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"Keep ripping people off with your high interest rates, I refuse to be one of them."

That's easy for you to say when you have no job, are sucking the disability fund, not paying taxes and not paying your mortgage as agreed. Who exactly do you think is supporting you? 

What a great country this is!
  • March 14 2011
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No, I don't think wealthy should pay more % of tax, just equal % would be fair. Keep ripping people off with your high interest rates, I refuse to be one of them.
  • March 14 2011
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jeeeez, coffee out the nose
  • March 14 2011
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Oh no Christine!

  • March 14 2011
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Huh?
  • March 14 2011
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[Deleted for self promotion]

  • March 14 2011
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You have a very good mortgage...but that's not good enough you want to get something for nothing.  Someone has to foot the bill!  It will either be the bank, govt or both!

I highly doubt you support everyone "paying equal"!  I am sure by Equal you mean the wealthy should pick up the a bigger % of the Tab.
  • March 14 2011
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ME?? RIP OFF THE GOVERNMENT?? LOL! THAT IS FUNNY! THE RICH ARE RIPPING OFF THE GOVERNMENT NOT ME, THEY DON'T PAY EQUAL TAXES, IF THEY DID OUR COUNTRY WOULDN'T BE IN THIS MESS! HOW DO YOU THINK I AM RIPPING OFF GOV?
  • March 13 2011
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Hello Bonniejo,

I am sorry about your situation. I have been dealing with a HAMP modification on my home as well and it does take a long time. I have finished my trial payment period and I am waiting for the permanent modification. Hang in there and I wish you the best of luck with Wells Fargo.
  • March 13 2011
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Obama has no authority regarding any mortgages besides his own.  The legislation was not written by the President, and never can be.  And the legislation was specifically designed to put money in lenders' pockets; not the other way around.

Yes, it is true this has been a Communist Country since at least 1930, and that the U.S. has been the most efficient and effective at propagating propaganda since about 1776, but the only thing someone that didn't make ALL their mortgages payments on time deserves is Foreclosure.

Sure, you could have bought mortgage disability insurance, but very few do.

Good luck in trying to rip off the government and your mortgage company.
  • March 13 2011
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This is a single family home, without renovations, I wouldn't be able to gain any rental income. It was a money pit, good news is I am 3/4 over the halfway mark of having a new home, lol.
  • March 13 2011
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Your in forbarence and you are still dropping money on renovations?

I don't ever recall offering a 30 year fixed rate at 3%...5.25% is an excellent rate.  The lowest 30 year fixed loan I wrote in the last 3 years was 4.25%.  with a 80K loan I would have told you refinancing doesn't make sense!
  • March 13 2011
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5.25% is indeed a great interest rate for a property generating rent.    Taxes and insurance are above and beyond the principal/interest even under a loan modification.

Yes it is clear that the house is a black hole for maintenance money. But unfortunately that isn't part of the formula for qualification for the making homes affordable program.

I wish you best of luck. 

  • March 13 2011
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I never implied that the world revolves around me and this site, so I thought, was more professional, never did I expect such judgement. I have a hunch that you all work for a mortgage company, lol. Funny how when people need help, programs are offered but rarely given, and when one is forced to swallow pride and ask, can be judged so harshley.
  • March 13 2011
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Loan modifications are very tough and very strict. I would keep trying. I am sorry that this is taking so long for you.
  • March 13 2011
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You really think that is a great rate? When $400 is paid in interest and only about $160 goes towards my principal? The rest is for taxes and home owners which is escrowed in. I, like alot of other home owners, strive for the lower rates that are being offered now for new mortgages. The reeason it's hard to make the payments is because my house was built 1964, was a money pit when I bought it for $100,000 with $20,000 down. I replaced roof, siding, had to gut and remodel the 2 baths, replace bulk head with a regular entrance into the finished basement inlaw apt., which was completed last summer. I had plumbing and elactrical repaired and updated, installed Hard wire smoke alarms, rebuilt back porch, replaced 6 doors, installed security code locks in 3 doors, now insulating basement ceiling and sheet rocking it, tearing up 2 floors in kitchen and hallway, sub floors were nailed, not screwed down so very loud and squeaky, subfloors rotted around the sink so replacing all of that and putting down tile. Outside, need to take up asphault driveway and sidewalk and replace with concrete, still need storm door and entrance railings..shall I go on? Now you know where all my money is going, lol. This house will never be worth what I am putting into it because of my surroundi.ngs
  • March 13 2011
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Profile picture for Clearpoint
I'm sure if I were in your situation I would be frustrated and enraged however no lender is explicitly required to modify their original agreement and terms you agreed to when you borrowerd your funds to make a purchase.  Would it have made more sense if all Fannie and Freddie loans were modified automatically to a set lower rate back when the HARP programs were introduced instead?  Sure, but you have to realize that all the programs offered are not actually designed to help a homeowner as much as it was to help banks.

It is not your fault that you lost your job or even had an accident, and neither is it Wells Fargo's.  It's all personal for you and all business for them so it's difficult to ever see eye to eye.  5.25% is a good rate and everyone would like a 3% rate but in the end you need to do what is right for you economically.  If you can no longer afford the home it may be time to look for a new place to live and concentrate on your own health and not the stress of being in debt.
  • March 13 2011
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I can answer your question any way I please. If you don't want judgement, don't ask on a public forum. 

You still seem to think you are entitled to something and you are not. So you got laid off... so have millions of others. While your story may be tragic, it's not unique and the world does not revolve around you. Suck it up and do what they ask to get the modification if that's what you want, but please understand that you don't get to make the rules; they do.

  • March 13 2011
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WOW!!

5.25% for an Investment Property is a great rate!

When and where did you originally get that loan with those terms?
  • March 13 2011
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Profile picture for wetdawgs
The "making homes affordable program" is actually not an entitlement program.   The rules for qualification are strict, and it tends to be a very long and arduous progress.   Qualification does not mean that the individual will actually be approved.

And, Wells Fargo does pay corporate taxes - another myth busted.

Homework!!!!
  • March 13 2011
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How dare you answer my question with judgement? I have had excellent credit my whole life and always paid my bills! I was laid off my 16 yr career, went and got a degree and now I am on disibility because of an accident. The bank said if I follow their payment plan for 4 mths I would get a modification by than for new payment of budget amount. When the 4 mths ran out, they wanted me to pay everything in arrears for the difference of buget amount! Turned me down for anal reasons like, I forgot to write the number 1 on my application in the total amount of people in home! Than, counted my income incorrectly. Did you know that Wells Gargo doesn't even pay taxes? You should do your homework before passing judgement! The home affordable mortgage is an Obama stimulus that entitles people with Freddie Mac and Fanny May to lower interest rates.
  • March 13 2011
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You always have the option of paying what you contractually agreed to pay. I am pretty sure that had you done that your credit would not be "ruined". 

You use terms like they are "dragging their feet" and you have been "doing everything I need to do", yet had that been the case you would not be in this situation. What you needed to do was pay your mortgage as agreed, anything Wells Fargo decides to do for you is a gift.

I know the post sounds judgmental, but It seriously irritates me when I read this stuff. You act as if you are entitled to a lower rate just because you are in default. There are millions of people who pay their mortgage that would love a lower rate but cannot get one because they don't have the value. They continue to pay their bills and don't complain. 
  • March 13 2011
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Profile picture for wetdawgs

A friend recently suffered through a regular refinance at Wells Fargo, had all paper work lined up, high 700s for credit score, steady job, no other debts etc and it still took almost six months.

If you are underwater, it sounds like it is time to consider a short sale or if you can afford it (and if you are deliquent perhaps this isn't the case), stick with the current mortgage.

  • March 13 2011
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