by Wells Fargo Loan Modification
Wells Fargo is unfortunately one of the most difficult lenders to wrestle a loan modification from, as documented by the clients that we have helped that originally attempted to negotiate loan modifications on their own, and required the expert representation of our Attorneys, paralegals, and processors.
Wells Fargo is willing to negotiate in-house loan modifications, however, the borrower must bring the mortgage current by paying back all that is owed, meaning all delinquent payments as well as legal fees and late fees, through a forbearance agreement. Wells Fargo does participate in the Making Home Affordable Program and has committed to placing more homeowners into HAMP Trial Loan Modifications.
Wells Fargo Contact Information
Wells Fargo Mortgage Assist – Wells Fargo’s online Mortgage Payment Workout tool.
Customer Assistance – (800) 678-7986
Basic Making Home Affordable Requirements
- Your home is your primary and only residence
- The amount that you owe on your first mortgage is equal to or less than $729,750
- You are having trouble making your monthly mortgage payments
- You got your current mortgage before January 1, 2009
- Your payment on your first mortgage (including principal, interest, taxes, insurance, HOA fees if applicable) is greater than 31% of your current gross income
Required Documentation
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Your most recent income tax return.
- Information about your savings and other assets
- Information about your first mortgage, such as your monthly mortgage statement.
- Information about any second mortgage or home equity line of credit on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- A completed Hardship Affidavit describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
Wells Fargo Loan Modification Process
Wells Fargo has accepted bailout funds and participates in Making Home Affordable; subsequently they are required to review your application and determine if you are eligible for a HAMP Loan Modification. During this review and subsequent negotiations, the foreclosure process is halted.
Additionally, Wells Fargo must waive all fees when placing a homeowner into a HAMP Loan Modification, so don’t be suckered into a Forbearance Agreement with Wells Fargo if you do in fact qualify for a HAMP Modification. If you’re confused as to whether or not you qualify, complete the contact form to the right, or give me a call directly at (202) 580-0637 and I will personally help you.
When you contact Wells Fargo regarding qualifying for a HAMP Loan Modification, the first thing that they will ask you for is a financial prospectus, or a detailed written statement of your income, expenses, and assets. The information that you provide on this prospectus will help to determine whether or not you qualify for a Wells Fargo Loan Modification, so it is very important that you make sure the information accurately depicts your financial situation, hardship, and meets the guidelines of the HAMP Program.
When you have submitted all of the supporting documentation and verbally confirmed the figures presented on your prospectus, if you qualify, Wells Fargo will send you a Trial Modification Agreement in the mail.
Now, the original idea with the trial modification agreements was simply that you qualify for a HAMP modification, and now you merely need to make 3 payments on time, and you will roll into a permanent modification.
Sadly, this is not the case; Wells Fargo loves to kick homeowners out of Trial Modifications. They have the right to request all supporting documents to be re-submitted during the trial modification period; if these documents are not received “on time”, they may kick you out. Additionally, Wells Fargo has the right to perform a NPV Test, or, Net Positive Value Test, to determine whether financially they would be better off foreclosing on you, rather than granting a loan modification.
Getting a Trial Modification is tough enough, but getting a permanent HAMP modification from Wells Fargo is even more difficult. Its strongly suggested that you consult with someone here, or another reputable Loss Mitigation Group with reputable Attorneys on staff that specialize in Loss Mitigation.
I’m interested to hear about your experiences with Wells Fargo, feel free to comment below. If you need immediate assistance, complete the form to the right.
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Wells Fargo has been so hard to work with; I’ve been trying to get a loan modification from them since September of last year. I finally was put into a Trial Loan Modification through the Obama Plan in May and just like you said they kicked me out and I’m going to be foreclosed on in a week, like my sale date is Friday the 27th. They continued with the foreclosure process while I was in the trial modification. Is that even legal?
Is there any way also that you guys can represent me or is it too late?
Wells fargo has been an ABSOLUTE nightmare to work with! We have called and called. Every time we speak to (yet another) agent, they give us a completely different story than the previous. We applied for a loan modification, only to have them (after 6 months of making trial period payments on the loan mod trial period) give us a moratorium. We were to halt payments, and in 3 months hand them nearly $14,000 and continue with our previous mortgage payment. We declined that offer, as it would put us in an even worse financial and credibility situation than we are already facing. We are now being re-reviewed for the HAMP program, but it looks as though, they will drag us on for many more months until they can foreclose on us and add over $20,000 more in fees and penalties to the balance of our loan.
I feel your pain, all of you. I was fortunate enough to find a company that is legitimate. Now I know that the banks the news and government say we shouldn’t go to any company that charges, that the banks will modify your loans for free. Well, how many of us on here have had our loans modified by the banks?
A lot have lost their homes, and lot more still will unless you do what’s necessary to save your homes from the banks. I went through what most of you have, I was there. Don’t be afraid of hiring a loan modification company, be afraid of the banks, they are the ones who are taking our homes!
I know they get the job done. News and TV made me afraid to even consider a loan modification company because they are all scams and my lender will do it for free (wrong). There hasn’t been not one story about a good company and when I tried to contact my local news channel they told me that my success story wasn’t news (What!)
So, I am making it my mission to spread the word on this GREAT company!
Wells Fargo CAN be a nightmare to deal with, if you don’t know how to deal with them right. I have been blogging my entire experience, trying to help as many others as I can in the process. One of the forums I hang out on has a bunch of people going through endless nightmares, and a lot of them are avoidable.
JennaChou´s last blog ..Home Loan Mod: If I read one more nightmare, I’m never gonna stop having my own!
I don’t know that I want to be part of this group, but at this point, I have no choice. We have been “working with” Wells Fargo for the past year (since March 2009), when my husband lost his job. The stories went back and forth and all over the place with every phone call. I couldn’t deal with it anymore because of the stress of the varying stories. So, my husband started to “work with” them. There was never a consistent department or story. We have notes from the whole process, along with the employee identification numbers from each conversation. We went through the trial process and my husband now has a job, and has been working for a little over a month…hooray!!!…but wait…we were told after one week of his working that our HAMP file was sent to underwriting and that we were accepted. Mind you, we paid for the first 9 months of being unemployed, attempting to be responsible, while jumping through each 2 week hoop from Wells Fargo. So, we have been waiting for the paperwork to be sent to us via UPS that the last person said is on its way, that we have been successful in our work to get on the HAMP Program…we have been accepted… So, earlier this week, since we didn’t get the UPS package, my husband did his diligent follow-up with Wells Fargo. Well, they said that the other employee “made a mistake” and that we were not accepted…okay??? They declined letting my husband talk with the supervisor and let him know that they will look for other programs that we may be eligible for. So, now we have over $12k due and they may be looking at foreclosure…so why did we go through the process? We had an almost perfect credit score and, I am sure that is no longer the case. What do we do now? We tried to be responsible. What do we do now? What are we going to have to do with our house? We are so confused and angry and sick and tired and worried. The hope that we once had is now down the drain. We make a lot less than he previously provided, due to the market. Anyone have suggestions?
Dear Government- please check into the policies and procedures at Wells Fargo because they are Crooks robbing consumers of their homes and credit and the American DREAM.
I have been trying to get a home modification through Wells Fargo for over a year. I finally hired an attorney about six months ago with lack luster results from the bank . We have two mortgages with Wells Fargo.
Wells Fargo broke it up our mortgage into our first as an interest only with a 10 / 1 arm. The second was listed as a Equity line which they controlled at a much higher interest rate but it included principal and interest. The rate is at 8.2 %. Controlled meaning it was automatic withdrawal and we did not have access to any equity we had at the time.
I tried for six months on my own to get the modification. These are the reasons they put in writing on why it was rejected. Side note: Wells Fargo holds our 1st, 2nd, and is our investor.
Reasons for rejection:
1. *Modification not in the best interest of the investor* (yep, they put in in writing)LOL
2. “Modifications are outside of investor guidelines.” meaning they don’t do them!
After we hired the attorney the reason was:
3.*Investor does not participate in the government program Making Home Affordable.* The big banks have a right not to participate in the program. Now, where does that leave us the consumer? Now where do we turn?????
They say we don’t qualify for this program anyway because Wells Fargo is our investor and it is not a Fannie Mae or Freddie Mac backed loan. Then they say we are below the 31% ratio? They only consider the 1st loan which is at 31%. They said the second does not constitute a mortgage because it is HELOC (equity line). However, together it would be over 39% debt to income ratio according to their calculations. According to our attorney we are at 46% DTI ratio. See, how WF plays with the numbers? If I don’t pay on the second they can foreclose. So how is it not considered a mortgage? They are just playing games with consumers, using smoking mirror techniques, and dragging the process out until I believe they think the economy turns around or the interest rates goes back up.
So, this is the latest 04-01-2010. They set us up on this Forebearance program. Three trial payments and then they will work a modification for us. Guess what the payment is? Our actual payment that we have paid from the very start. Yep, can you believe it? The same payment…not reduced or anything. Then the second line came in and cut their payment in half for the next 9 months then it will return to the same rate and interest and same payment. (This is the equity loan that is getting paid when there is ZERO equity in the house.) According to Wells Fargo, our house is only worth half of what we paid for it in 2007. This was their appraisal too. So, we are majorly upside down in our mortgage.
Wells Fargo is trying like the dickens to get me to lift the order of cease and assist so they can talk directly to me. Does anyone else feel they are being set up here? .I just emailed my attorney and asked for documentation sake do not lift it. PERIOD.
Wells Fargo is hands down the worse Bank for trying to get a modification completed and now a principal reduction. I actually become ill when I hear the commercials regarding how they care…they are all complete lies about them. Has anyone else a that they have triple their advertising? I have search hours online trying to find a success story with someone getting a mod or a principal reduction completed with them and have not found any. Why, because there isn’t any.
I wish one of these government programs and laws that they are passing would be able to go in and audit these crooks and see how they are destroying the consumers and their credit. If it was one of us consumers doing this to someone we would be committing a crime but when it is the Big Bad Banker they are not held accountable? WHY the double standard???
I read there are more and more people walking away because the banks are not willing to work with a viable working homeowner.
Soon, I am afraid I will be one of them. I will keep you posted, my forbearance will be up in June 2010, then we will see what kind of mod or reduction they work out. Trust me…I will not be holding my breath!!!
Underwater, in of all places…ARIZONA!!!
OMG, I am a Mortgage Loan Processor and have been for over 18 years in Cincinnati, Ohio. My Mother has a mortgage with Wells Fargo and a 2nd with CitiMortgage. She has been trying to do a loan modification with Wells Fargo for 6 months now, with no luck every time she turns around she gets a letter wanting somethings she has sent them.
Wells Fargo can NEVER call or E-MAIL her it always must be done by a letter. that is how she is into 6 months of the. She started in Oct 2009, well March she gets a letter telling her Wells Fargo MUST have her 2009 tax returns. I came un-welled, there is NO way any one can request your 2009 tax returns before you must have them turned into the IRS. Long story short she gave Wells the tax returns now she is playing the waiting game.
Now the other side to this is at the start of March my Mother called CitiMortgage talked to a very nice lady there, she told her all about her issues and needed some help with her 2nd Mortgage. My Mother just got a letter today 4/14/2010 from CitiMortgage telling her that her 2nd mortgage HAS BEEN MODIFIED and it goes on to give her all the information when the payment would start, the amount and it did not cost her any thing. My point CitiMortgage did the Modification in about (1) month and Wells Fargo cannot or WILL NOT do it in (6) Months. Is This the way we keep our ELDERLY in there own homes after a death …..???? I just want to say I would go HOMELESS before I EVER GET A MORTGAGE FORM WELL FARGO AND I TELL EVERYONE I TALK TO AND KNOW THIS SAD, SAD STORY of the way WELL FARGO has been so S@#%&&@! to the elderly.
Thank you for your time, I really don’t know where to turn for my Mother I will let you know how things work out.
Thank You,
Cathy
Wow! I have been trying to modify my loan but no luck with wells fargo.It’s been a year and they keep giving me the run around.I leave in California email me so we can chat,I’m at my wits end with wells fargo
i HAVE BEEN GOING THROUGH IT WITH WELLS FARGO (THEY ARE MY 2ND MORTGAGE )FOR OVER A YEAR I WAS CURRENT ON MY PAYMENTS BUT TOLD THEM OF MY TROUBLES FROM CHILD SUPPORT OBLIGATIONS I WAS ONLY ABLE TO MAKE THERE PAYMENT BECAUSE OF HELP FROM FAMILY AND OVERTIME AT WORK WHICH HAS STOPPED ..!! ONLY AFTER I WAS UNABLE TO PAY FOR 90 DAYS AND DID I GET A QUICK CALL FROM A GRACIE HERNANDEZ WHO AT FIRST ACTED NICE AND HELPFUL AND UNDERSTANDING AND AGREED THAT I NEED HELP TO LOWER MY PAYMENTS FOR AT LEAST 2YRS WHEN MY SONS SUPPORT WOULD STOP THEN SHE TURNED ON ME AND OFFERED ONLY TO REDUCE THE PAYMENT $110 dollars from 698 to 579 and lower the rate from 7.4 to 5.5. for a yr which does not help my combined mortages are 2000 and i am only bringing home 2400 after support and taxes etc …??? now she tells me to make the payment on the first which i told her was impossible when they were staggered before and it is still 1881 a month i asked her could they at least change the date back to the original 28th of the month she said no and do use the grace periods for both loans to get it done??? i told her it takes me till the grace now to pay the first ??? this bank needs to be shut down and dismatled i have heard and seen my friends get modes quicker and faster with less ….!!!
I am so sorry to hear about so many that have had a hard time with wells fargo. I do have a different story however, maybe more promising. I applied for a loan modification in January 2009 and got approved by March 2009. I went from a 6.25 fixed interest rate to 5.00 fixed rate. We have a permnament loan modification. All I can say is God truly was looking out me during that time. I was a stay at home mom to a child with autism and my husband had left us at the time. I called Wells Fargo daily and went against some advice of others that told me to just let it foreclose, but I fought to keep it and I have seen the blessings of my hard work. A word of advice, don’t pay others money to help you with your loan modification when you can do it yourself and yes it does take work. Do your research on your mortgage company and what they have to offer and what the government has implemented. What I did is combined some of both and no one plan is fool proof. I pray and hope all of you can get the help you need in your situation as everyone deserves a home to live in and not be at the mercy of the world. God Bless!
Joy,
I am glad you had good luck with Wells Fargo. We just finished up our 3 month forberance agreement and we are told that our modification paperwork is in the mail and we need to review it and return it. We have not been told the details of the modification, we would be happy with our payment staying the same and all the past due being rolled into the loan, but I am so worried they are going to ask for a lump sum payment to get the modification, which we can not do. So I would like to know if you had to pay any lump sum payments to get the final modification?
Thanks!!!
Hi Amy,
The answer to your question is yes…..it was made in faith as it put towards legal fees involving the attorneys and foreclosure paperwork. I only had that available to me when a church blessed in my dire need situation Just remember this, your payment should be less not more and only you and your family know what you can do each month. This was before I had received the loan modification agreement in the mail. I know this sounds risky, but at that time it was before the initial March 6th deadline that Obama had enforced. What I do know is that they only send you one copy of the agreement and you have a limited time to sign or not sign. Do not send in the one and only copy if you sign it. Make copies and keep with your records. Always write down the person you speak with, date, time, and etc….I will have to say that it did get frustrating speaking to different ones, but I kept requesting the same person I spoke with and tried to build an alliance with them. They were my little insider to what was going on with the paper work and my investor. Hope this helps you! I wish and pray for the very best for you and your family!
God Bless from Joy in Georgia!
Unfortunately, I have gone through the same thing many of you have. I have been placed on 2 loan repayment programs @ the urging of WF agents who did not have a clue as to what they were talking about because after each repayment plan expired, I was still past due. In Febuary of 2010, a WF agent called me to collect a debt & offer another repayment plan, I graciously declined and set-up recurring payments of close to 3K per month. As of today, my mortgage is current & though I had to put in huge amounts of over time & be late on other bills, it was worth it! Oh, the reason for the loan repayment plan was a mortgage payment processed in December of 2008 that was declined by my bank for insufficient funds. I didn’t catch it until I processed January payment but I didn’t have the funds to make 2 mortgage payments so I took the repayment offer. NEVER AGAIN!!!!!!!!!!!!!!!!!!!!!!
Wells Fargo is immoral, illegal and bad at business. I have been trying for 13 months to get short term payment relief. Finally I gave up and started to pay full payments after they promised that if I make three full payments in a row, I would be brought current. Guess what? After third payment was made they then said I was declined for the re-age. Property worth 50 percent of loan amount and I’m still begging like a dog to help them out so they won’t lose so much. Finally told them today that they’ve turned a small loss in to a giant one and they have no recourse. I can rent my house down the street for about half. Since my credit is already ruined, what is motivation for continuing to beat my head against the wall? Their shareholders should sue them to death for their bad business sense and all the money they are losing. I guarantee with 100 percent certainty that they would have minimal loss if they just worked with me reasonably. I physically hate Wells Fargo.
My husband and I are really worried… We were finally approved for a home modification loan. We sent in the signed form through certified mail and celebrated. About two weeks later they tell us we never sent in the signed form (which of course we did!) And now they say we have to go through the whole modification process again. My husband has faith but I have a gut feeling Wells Fargo is up to something. Why would they approve us and then make up escuses and then say a form was not signed and returned? They say they sent us a new copy but we never resieved it. We waited and they say it was sent, but we never got it. Now they give us the run around and our house has a sale date of August 9th. I am so scared about what will happen. I dont think they will have it modified again in time. Does the bank get any kind of money for giving families a modification and then when they get paid they kick you off and make it seem like it was something you did? So, So worried for my family:(
Tina, you say it was sent certified mail , but yet Wells Fargo said they did not receive it, do you what dept it was sent to? Just remember, Wells Fargo has many depts and not every dept communicates with one another on regular basis. Having that said, I would contact the dept daily and also did you make a copy of your signed document? If so, offer to fax it to them.I know it would seem that they should be better organized at this, but sometimes the paperwork is sitting at someone’s desk and they may be out of town on vacation. Also, you do not need to go through the whole loan mod again as they have the information and remember, Wells Fargo accepted stimulis money from the government and they are to help you.They do receive incentives to help the homeowners. Find out the name of your investor and communicate with them also. You and your husband take turns calling daily as time is of the essence. Request to speak with the same person too in the same dept. Please don’t give up, I pray you hear something soon!
I ABSOLUTELY FEEL VERY FRUSTATED WITH WELLS FARGO AS WELL. MY PARENTS HAVE BEEN TRYING TO GET A LOAN MODIFICATION SINCE SEPT 09. AND ALL I KEEP HEARING FROM THEM IS THAT THEY ARE MISSING PAPERWORK, WHICH OF COURSE I ALREADY SENT. OR THAT THEY NEED ALL UPDATED INFORMATION ON EVERTHING EVEN THOUGH THEIR FINANCIAL SITUATION IS THE SAME. WE ALREADY WENT THRU THE HAMP PROCESS AND THEY SUCCESFULLY MADE THE TRIAL PYMTS BUT, FOR SOME ODD REASON NOTHING WENT THRU AND THEY HAD TO START ALL OVER. NOW EVERYTIME I CALL THEY TELL ME THAT ITS IN THE REVIEW PROCESS. WELL TODAY WE GOT A PHONE CALL SAYING SOMETHING ABOUT A MODIFICATION FOREBEARANCE!!!!!! ITS UNBELIEVABLE HOW MUCH THESE PEOPLE GET AWAY WITH. IT WOULD HONESTLY BE MUCH EASIER IF THEY JUST TOLD THE CUSTOMER RIGHT THEN AND THERE THAT THE MODIFICATION IS JUST NOT POSSIBLE. THE GOVERMENT SHOULD GET INVOLVED AND DO SOMETHING ABOUT THIS.
Whoa! Wells Fargo just like to make money. My daughter was told by Wells Fargo that she had pre-qualifie for a loan modification and she gladly paid the reduced amount for 6-7 months, then receives a call saying that the modification was denied, and how does she intend to pay for the sveral thousand dollars that she now owes them. This call comes before any written notifiocation that the modification loan had been denied.
Is this bogus scamming or what.
They screwed us out of hundreds of dollars and missed 3 closing dates before denying a house loan in Florida this past year. forunately for us Regions bank made the loan and all is going well. This comnpany needs to be investigated for its pracices which are horriic.
I have tried to find assistance with my Loan Modification scam since 2002. I will not stop either. I cannot beleive how many Attorney’s are so afraid of going up against Well Fargo Home Mortgage, or dont want to work a long drawn out legal battle. Also,there are no agencies to Govern them. there are alot of complaint Departments, but after looking at all the many of hundreds, or even thousands of consumers who have been apart of Wells Fargo Home Mortgage’s scam, in the same common fassion, and have not been able to find a positive resource, because, perhaps there aren’t any.
I have a very cut and dry situation,and I kept all documents. Seems anyone with an elementary level education can see how WFHM pulled a scam, and also “Breached” the terms of My “Stipulated Partial Reinstatement/ Repayment Agreement”. I accepted their terms by replying to their offer. They state in the Agreement: ” We will instruct our foreclosure counsel to suspend foreclosure proceedings once the funds for partial reinstatement have been recieved($3,000.00). So I sent the funds via Western Union Same day(receipt). The payment plan required me to send $1,050.00 on January 28, 2002, and February 28,2002, and the 28th of each month thereafter until I was caught up. I sent payment on January 28,2002 as scheduled, Then in February I recieve a Monthly Mortgage Statement showing as of: 02/21/02 my payment is due on 03/01/02 for the full amount of $5,636.000, and that WFHM “has begun foreclosure preparation.” “If I wish to retain the property the loan must be brought current immediatly.” At this time I began to wonder why would they do that? I came up with this: WFHM scam is to purchase your property at the time of auction/sale, . Arizona Law only requires filing a “Notice of Trustee’s Sale” in the office of the County Recorder where the property is located, and notice by Public Declaration(newspaper) for four weeks. So if Wells Fargo wanted to be sure to be the only bidder at the sale-theTrustee will have reason, by means of the (Breaching) statement I received, to change the sale date.ARS 33-810 basically states Notice to postpone only requires the new date, time, and place by public declaration at the time and place last appointed for the sale, and must be anytime within ninety calander days. So simply enough, as long as the trustee says he left notice (no Proof) and he changed the date of sale to whatever date he says. That is all we have to go by. WFHM sent me this statement stating that “foreclosure preparation has begun” to cover the Trustee’s change of sale date. Now it not so publically known that the property is being sold, making it easier for WFHM to puchase the property. Also, when I called WFHM to ask why I received this type of demand, they replied not to worry about it, just follow the “Reinstatement plan” as scheduled. They then pulled the rest of their scam. They sent me a notice for interest rate change. I called, they said not to make a payment towards the plan that they will get back with me that they are going to work up a “loan Modification” with new figures. I waited about two weeks, then I called them and they asked me to fill out a financial statement, and send along a copy of my pay stubs. So I did. No response. I called agian, they wanted another financial statement and paystub and in their letter they sent me states that the loan modification will be approved, so I sent the info they requested again. Again, no response. I called again. they said they only needed a paystub again, so I sent it. Then I receive a letter on May 13, 2002 stating that my loan Modification had been “Denied.” There reason for denial was “we are unable to come to a Mutual Aggreement”. They foreclosed on May 24, 2002. They were the purchaser of my property For appx. $85,000.00. Later that year I drove past the property andit was up for sale for $225,000.00.
By the way, I had signed the repayment plan aggreement on December 28, 2001, and the auction/sale was dated for January 03,2002. MAKE SURE YOU KNOW WHERE TRUSTEES, OR LEGAL COUNSEL FOR WFHM IS AT ALL TIMES !!!
I wasn’t finished……..I meant to add that WFHM’s plan is to purchase your property at the sale by being the only bidder, or possibly offer you a short sale prior to foreclosure to guarrantee they receive the property. Offer to buy it at a discounted price, or run you out!!!
I am considering contacting all these people who have be scammed upon, since no help is available, seems anywhere in this Country against WFHM ‘s Consumer Fraud’s and Scam’s, who’s Net income as reported in July 2010 is $3.06 Billion, and we should join together and let WFHM know that we are pissed and we can cheer outside Wells Fargo Home Mortgage’s main offices until they ‘make things right’ with each and every one of us. We know they stole from us, and uhhh……I dont think so…..
Sincerely, Jim