Wells fargo home remodification

In 2008 W.F. approved me for modification, lowering my payment $84. Told them that woud not help me. W.F. sent another remodification package, sent in documents they requested. Last 2 years, been faxing and overnighting W.F. udpdates on the info. Last 8 months, been faxing and sending overnight financial info on the 30th each month, and speaking to W.F evey week and 1 to 2 times a day for the last month. W.F first told me to pay whatever I could, then the last three months to not send them any payments. Rep told me not to worry about foreclosure since it is being reviewed, and they would notify me 4-6 months if they deny my remodification and foreclose on my home. 10-days later, got a notice from W.F. lawyer with foreclosure date of 12/7/10. Told W.F. I would send a prommisary notice stating it would take me approx. 4 weeks to cash out my 401K, taking a 40% loss on my retirement monies. They told me my 401K payment to them was not acceptable. I told the rep.that I would be forced to file bankruptcy. Faxed requested docs to them 3 times before they said they received. (have transmittal sheets showing they received the docs all 3 times).

Rep said he wasn\'t allowed to give me no to speak with a manager or the lost mitigation department. If I had a complaint or needed to speak them, to fax them a letter. Spoke to 13 different reps the last ten days, and they never have the info I discussed with the other reps.

I am not a deadbeat, I have a long-time steady income, my wages and bonuses have been frozen by my employer since 2007, inurance changed with a high-deductible insurance $4K a year. I have been employed since 1973, and will need to work the rest of my healthy life. I\'m 57 years old, single grandmother and no longer can keep up with 2010-11 cost tlive. Dealing with Wells Fargo has been detrimental to my happiness and health. I can catch up in 4 weeks, but they will not consider that option. Balance due now is $185K, the lawyer charged me $1.7K for his fees to publize the foreclosure of my home (balance at time of remodification request was $174K, now house is worth $147K.

I can\'t understand why this fraudulent practice by Wells Fargo is legal. I no longer feel that this is America. This has been the hardest period of my life, and I beat cancer.

I am worried what this country will be like when my grandson is an adult, so far, it is only getting worse. have always been devoted to my country, father fought in three wars, and was retired military. He has passed away, and I\'m sure it is breaking his heart to see how America is run on greed, no more middle class folks, either you\'re upper or lower class.

I would appreciate any advice to keep them for taking my home on 12/7/10. I am scared to death and getting no where with Wells Fargo, and it will be horrible to be forced into bankruptcy. Thanking you in advance for any assistance of information that may help me.

5 Answers

We have been going rounds for 2+ years. It is making me physically ill. There has to be an answere.

Teresa and Brian

I held onto my home for 4 years after my divorce, thinking things would get better. And the Realtors told me it would get better. Each time I waited to re-list it, the market was worse the next season. I had my home under sale agreement for $600k in 2007 and it did not close because the people had to sell their $125k house first. (I should have taken that in trade!!).

I was able to keep making the payments by borrowing about $2000 per month on the $4000 housing expense. Eventually, I ran out of credit cards and had $150k in cc debt. At that point, I defaulted on everything....settled the cards, settled the heloc and now am finally going to lose the home after all. It is now worth $250k or so, that is IF you could find a buyer who could get financing.

And then, that buyer would want me to fix the roof, gutters, windows, siding....well-you get the point. Zillow just sent me an alert that my value increased! Really? b/c you cannot hardly sell a house for any price here.

So what I would like to share here is that we humans adjust to just about everything, in short order. I was so hellbent on keeping my home that I let myself reach financial ruin. What did I gain?? Zero. Because if I would have just let them take the house 3 years ago, they would have sold it for more and I would have moved on.

Lesson: We are comfortable in our homes and would like to stay. However, our value has been lost, plain and simple. Even my mod would have been difficult making the payment. So, I still have a job and family and yes...I lost my house. So what.

check out [url]www.hopenow.com[/url] .. there is a phone number there. maybe they can help you, they have helped a couple of my friends, and they will call WF via 3 way with you on the phone..

we recently applied for a loan mod with wf, but they denied it (we are current, have always paid within the grace period as to not pay any late fee) due to income vs debt. we asked about doing a streamline refi thru fha (currently fha loan), and they say it would only lower house pay by about $80 per month but would extend loan out to 30 years (current loan only has 23 yrs left) and we would have to pay closing cost out of pocket.. so that would not help us at all...

so we left mortgage alone. mortgage went up $92 this year due to county taking away 80% of our homestead exemptions last year & wf drastically raised the escrow cushion from $50 to $245. we have to re-coop last years tax increase, along with this years difference (same as last years plus some) and get the cushion into escrow. taxes went up again this year another $40 higher than last years. but next summer our escrow will have the cushion in it (all but the $40 plus), and tax they paid for us will be caught up, and payment will go back down about $40-$50. after crunching the numbers, i just couldnt see how coughing out $2200 cash for closing cost (which we dont have anyways), to lower the payment by ONLY $80 until it goes down a little more summer 2011 and paying an extra 7 years and tacking on more interest over the life of the loan was worth it. if we had $2200 to do that with, we could settle quite a few cc debts and free up more than $80. i too wish you well..

By the time your foreclosure expenses are tacked on, your balance will be well over $200k and your home is worth under $150k. You haven't been able to pay for three years so you have not had the expense, but they will only go so long. I am about to foreclose with wf and lost $400k in the deal AND had to pay $20k on the second just to stay out of court. These are hard times for sure and it is not right. BUT, I suggest you not cash your retirement. Rather, move into a rental and be done with it. That is what my family is doing. In doing so, we are taking control and telling them "no mas" wells fargo. They cannot hurt you. Rarely do they go after the balance on first mortgage foreclosures, so as tough as it may be for you it is time to move on. Do it on your terms and don't wait for the sheriff to move your property out. Homes are not an investment anymore. They are an anchor. I wish you well.

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