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due to job loss-request a loan mod. from wells fargo in feb- 2009, my pymts are current -still waiti

i lost my job in sept-08, am current on my mortgage but applied for loan mod in feb-09-wells fargogiving me runaround, tell me to call back every week--how long should i wait and what are my options?
  • April 08 2009 - Morrell Park
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Answers (7)

Sherry,

I wish you the best of luck...I am sure the pressure and the anxiety over what will hapen is less than pleasant to deal with on a daily basis.  Don't give up, don't get discouraged, worst case scenario is you have to sell and move....In the grand scheme of things it's not the end of the world...I am a firm believer that everything happens for a reason!  I'll be the first to admit a lot of the time I can't for the life of me figure out the reason...but It's how I cope with reality!
  • April 09 2009
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thank you for your help andrew--i aprreciate it
  • April 09 2009
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I guess the next question would be what kind of a payment could you handle and based on your current balance and a rate around 5% could you make those payments.

If the answer to that is no, The best a loan mod would do is give your property value a chance to recover prior to you having to sell.  The lender may prefer to let the loan go to foreclosure rather than delay it.

If the answer to that is yes you could have a chance at the mod and need to be persistant.  Call every day if you have to.  The sqeeky wheel usually gets the grease.
  • April 08 2009
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approx--$1800.00 a month--also my husband is disabled and receives social security

  • April 08 2009
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Personally I think it would be a stretch, your unemployment benefits will eventually run out so they cannot use that income to qualify you.  What you have in an IRA or savvings are assets not income.  The thing with a loan mod is that they want to see that you are going to be able to maintain the payments.  In addition the rate will eventually climb back up to current rates.  Do you knowwhat you will get in income in May of 2010?

  • April 08 2009
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but i am receiving unemployment and have an ira that i can tap as well as a little in savings--i will be eligible for early retirement in may-2010-wells fargo is aware of all of this-shouldn't this help?
  • April 08 2009
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No Job...No Income...No Loan Mod!

If you have no income what good would a loan mod do and why would Wells Fargo offer the Loan Mod?  I am guessing that Wells will not modify the note without showing you have the ability to continue to make payments.
  • April 08 2009
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