Wells Fargo Loan Modification Denied Suggestions

It is not uncommon to have Wells Fargo deny a request for modification. If you’re correctly prepared and spring into action you may be able to turn that denial into an approval very fast. I have Some Suggestions if your Wells Fargo loan modification is denied.

Some Suggestions When Wells Fargo Loan Modification Denied

1.A trend with other Wells Fargo people on this board that sometimes WF is putting people on a forbearance plan where they want you to make three months’ worth of bigger payments and then they will roll you into a loan modification. I made three months of payments in Feb, March, and April that were about $350 more than our regular payment. It just about killed us, but we got through it and now they are considering us for the loan modification.

There are no guarantees that if you make the forbearance payments that you will get the loan modification, so that sucks, but I felt like I had to play by their rules if I want to avoid forclosure.

2.Make sure that on every document that you fax you put your loan number, last four digits of your social, and also it helps to number them in the corner so that if you need to refax something you will be able to see what they have and don’t have so far

3.As for making payments during the review process, we have not been making any. I am now in my third month past due and I have one payment socked away in savings. I wish I had more, but I’ve been trying to keep my head above water with the bills that fell delinquent during the forbearance period. They have advised me to pay my regular payments into savings in case that money is needed, but have told me not to send any payments in to them during the review.We only went through the one forbearance period of three months. I didn’t know you had already done that, so you are further along than I thought

4.Do not give up on Making Home Affordable (HAMP) – Most of the time this program will be your best option to reduce your mortgage payments and likely will be the first option Wells Fargo will try to qualify your loan for.If at first they deny your loan for Making Home Affordable (HAMP) you will have a short window to update your financial statement to fit within HAMP guidelines. This should be done within the first seven to ten days of receiving word that the modification has been denied to avoid having the review closed. If they close the review you may need to start at the back of the line with all new updated documents, so prompt action can certainly save a lot of time and frustration

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