Wells Fargo Fha Loans Modification

I have an FHA Mortgage with Wells Fargo – originally taken out in August 2006. Started having problems making payments begining of 2008. Wells Fargo started the foreclosure process late 2008, with a sale date of my home set for January 2009. After several months of trying to get a loan modification with the loss mitigation folks, I got nowhere. The only option offered by Wells Fargo was a forbearance agreement with a large upfront payment of over $4,000 to stop foreclosure, followed by 3 other monthly payments.

I was able to come up with the large payment but couldn’t make the first of the 3 because they refused to budge on a due date (I wanted the 30th of the month, they insisted on the 20th and they sent my $4,000 plus check back to me. Then I did a little research on FHA loan servicing requirements from HUD and found out that HUD notified loan servicers in August 2008 to stop requiring this upfront payment to stop the foreclosure – that the amount could be rolled into a loan modification.and this large upfront amount should not be used to reject borrowers from getting a loan Modification.

Armed with this information, and the phone number for the Wells Fargo executive team , I contacted Wells Fargo execs and gave them my story. They actually gave me a direct phone number to a real live INFORMED person to talk to, who was pleasant and smart. On April 2, 2009 I faxed her all of my financial information, pay stubs, hardship letter, etc.. along with the info I got from HUD. I called a few weeks later and was told the file had been turned over to a negotiator and to be patient. At the end of April I received a letter stating they were reviewing my file, and apologizing for the delay . And today, out of the blue, came the loan modification paperwork! They actually lowered my interest rate (from 6.6 to 5.00), saving me a about $200 per month which is fantastic news! First payment dute July 1. I am so relieved and happy.this has been one hell of a rollercoaster ride

Most lenders will accept payments until you are in foreclosure. Once you go into foreclosure they will not accept payments. How many payments you have to miss to be foreclosed on depends on what state you live in. If you don’t make your mortgage payments you should be saving whatever you can as there is going to be a contribution, or down payment, required to start the plan.

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