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Old 06-11-2018, 06:25 AM
 
Location: Fox Chapel
125 posts, read 38,200 times
Reputation: 108

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Hello,


I live in Pittsburgh PA and got a mortgage loan modification with Wells Fargo about two or three years ago. A number of factors were involved including unemployment, bankruptcy but the push over the cliff was a variable rate, interest only mortgage that suddenly changed into one where we had to start paying principle. It was a very trying time but nevertheless, it was and is my responsibility.


I can't begin to tell you how difficult this was-dealing with Wells Fargo. I'm not referring to the forms and documents and that those things. Rather, it took me at least two years(and the stress probably too five years off my life) of just trying to communicate with them. Hundreds of unanswered phone messages left, several different loan specialists(if that's what their called) who never answered their phones, unanswered faxes, etc. It was maddening, absolutely maddening! They were so unresponsive that, by the time I had all the documents in, I would have to start over because the first one I submitted was now too old-each specialist, if they answered their phones, would tell me something different. I don't know how it is now but four or five years ago it was terrible.


So I finally got a modification and essentially, I had to take it as it was a little less than what I was paying. But, add in the HEMAP loan I needed to get current and I'm paying just slightly under what I had been paying. I believe I'm paying about $150/month less, net. The issue I have is that it's a 40 year term with a fixed interest rate. I will be dead in 40 years, most likely. I would think there are attorneys that specialize in fighting Wells Fargo or a class action out there, at least. My question is, with all of the trouble Wells seemed to bring upon itself(have you seen the recent commercials where they essentially apologize for being awful?) do I have any recourse as to perhaps lowering the term to 30 years or less and/or lowering the payment a little?


Thanks very much in advance for any suggestions.
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Old 06-11-2018, 07:27 AM
 
Location: Phoenix, AZ
1,108 posts, read 416,631 times
Reputation: 2598
Quote:
Originally Posted by Tractor Face View Post
do I have any recourse as to perhaps lowering the term to 30 years or less and/or lowering the payment a little?

Only one.
Refinance elsewhere.
If you can qualify.
If you can't you are stuck.


From what I have read about loan modifications I doubt that you would have done better had your mortgage been with a different lender.


You were desperate. You took what you could get.


Nothing illegal happened. No lawsuit here.
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Old 06-11-2018, 08:11 AM
 
10,198 posts, read 6,122,088 times
Reputation: 10667
Quote:
Originally Posted by Tractor Face View Post
Hello,


I live in Pittsburgh PA and got a mortgage loan modification with Wells Fargo about two or three years ago. A number of factors were involved including unemployment, bankruptcy but the push over the cliff was a variable rate, interest only mortgage that suddenly changed into one where we had to start paying principle. It was a very trying time but nevertheless, it was and is my responsibility.


.
You can't blame Wells Fargo for your unemployment or bankruptcy. Interest only mortgages eventually means you will have to pay principal, that's not a push over the cliff, you should know what kind of loan you are entering into. It seems people like you who were unqualified to buy is a big reason why the last housing bubble collapsed.

What they are apologizing for has nothing to do with mortgages. They were pressuring their tellers and employees to push people to open new accounts, so some employees created fake accounts. I don't even know that customers lost money from this.
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Old 06-11-2018, 09:39 AM
 
Location: Fox Chapel
125 posts, read 38,200 times
Reputation: 108
Thanks. Mind you, I don't think I'm owed anything or deserve to get a better deal necessarily. I'm pragmatic and looking for an opportunity, not revenge, to better my situation. I just wanted to perform a bit of diligence to check on any strategies or suggestions that may help.
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Old 06-11-2018, 09:43 AM
 
10,198 posts, read 6,122,088 times
Reputation: 10667
Quote:
Originally Posted by Tractor Face View Post
Thanks. Mind you, I don't think I'm owed anything or deserve to get a better deal necessarily. I'm pragmatic and looking for an opportunity, not revenge, to better my situation. I just wanted to perform a bit of diligence to check on any strategies or suggestions that may help.
If you were not dealing with someone local with your loan modification you should have, you should have made sure they were accountable and if they were not than you contact their supervisor all the way up until you write to the CEO and any regulatory agencies and also shame them on Twitter, that often works too.
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Old 06-11-2018, 09:54 AM
 
Location: Austin
7,009 posts, read 16,582,418 times
Reputation: 9239
Your payments are where they are because they stretched out the loan from 30 years to 40 years. If you were to have a 30 year note, your payments would be higher. How do you not see that dividing a number over 30 is a higher number than dividing it over 40?
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Old 06-12-2018, 09:36 AM
 
4,451 posts, read 11,380,661 times
Reputation: 2844
Quote:
Originally Posted by Tractor Face View Post
Hello,


I live in Pittsburgh PA and got a mortgage loan modification with Wells Fargo about two or three years ago. A number of factors were involved including unemployment, bankruptcy but the push over the cliff was a variable rate, interest only mortgage that suddenly changed into one where we had to start paying principle. It was a very trying time but nevertheless, it was and is my responsibility.


I can't begin to tell you how difficult this was-dealing with Wells Fargo. I'm not referring to the forms and documents and that those things. Rather, it took me at least two years(and the stress probably too five years off my life) of just trying to communicate with them. Hundreds of unanswered phone messages left, several different loan specialists(if that's what their called) who never answered their phones, unanswered faxes, etc. It was maddening, absolutely maddening! They were so unresponsive that, by the time I had all the documents in, I would have to start over because the first one I submitted was now too old-each specialist, if they answered their phones, would tell me something different. I don't know how it is now but four or five years ago it was terrible.


So I finally got a modification and essentially, I had to take it as it was a little less than what I was paying. But, add in the HEMAP loan I needed to get current and I'm paying just slightly under what I had been paying. I believe I'm paying about $150/month less, net. The issue I have is that it's a 40 year term with a fixed interest rate. I will be dead in 40 years, most likely. I would think there are attorneys that specialize in fighting Wells Fargo or a class action out there, at least. My question is, with all of the trouble Wells seemed to bring upon itself(have you seen the recent commercials where they essentially apologize for being awful?) do I have any recourse as to perhaps lowering the term to 30 years or less and/or lowering the payment a little?


Thanks very much in advance for any suggestions.
Options....sell or refinance to a 30 year. BUT, what is your current rate vs. the 30 year rate you could get now and what is the difference between a 30 year and a 40 year for you? Can you really afford your payment going back up? imo-anyone who received a modification to keep their home was lucky. I know multiple people that "worked" the modification system to their favor (i.e. think principal forgiveness). Wells Fargo is not apologizing for their modifications. It is for something entirely different.
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Old 06-14-2018, 05:33 AM
 
Location: Fox Chapel
125 posts, read 38,200 times
Reputation: 108
"Your payments are where they are because they stretched out the loan from 30 years to 40 years. If you were to have a 30 year note, your payments would be higher. How do you not see that dividing a number over 30 is a higher number than dividing it over 40?"
I didn't think I needed to explain what you wrote because it's blatantly obvious.




"If you were not dealing with someone local with your loan modification you should have, you should have made sure they were accountable and if they were not than you contact their supervisor all the way up until you write to the CEO and any regulatory agencies and also shame them on Twitter, that often works too."


What made and makes dealing with Wells so maddening is that simply, they just don't communicate with you. There is no local contact. I can't even begin to tell you that, it's not like contacting your local bank or an insurance company, for instance. You get someone assigned to you from modification department and that person usually has a voice mail that's full because they never answer their phone. It seems like such a simple thing but ask others who have been through this. That being said, I will do what you suggested and contact the people higher up on the food chain but I will copy one of my politicians to make sure my letter gets addressed. Thanks.
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Old 06-14-2018, 05:51 AM
 
10,198 posts, read 6,122,088 times
Reputation: 10667
Quote:
Originally Posted by Tractor Face View Post
"Your payments are where they are because they stretched out the loan from 30 years to 40 years. If you were to have a 30 year note, your payments would be higher. How do you not see that dividing a number over 30 is a higher number than dividing it over 40?"
I didn't think I needed to explain what you wrote because it's blatantly obvious.




"If you were not dealing with someone local with your loan modification you should have, you should have made sure they were accountable and if they were not than you contact their supervisor all the way up until you write to the CEO and any regulatory agencies and also shame them on Twitter, that often works too."


What made and makes dealing with Wells so maddening is that simply, they just don't communicate with you. There is no local contact. I can't even begin to tell you that, it's not like contacting your local bank or an insurance company, for instance. You get someone assigned to you from modification department and that person usually has a voice mail that's full because they never answer their phone. It seems like such a simple thing but ask others who have been through this. That being said, I will do what you suggested and contact the people higher up on the food chain but I will copy one of my politicians to make sure my letter gets addressed. Thanks.
Also if you ever have to deal with them send any documents via certified mail and they won't lose them because you have proof that they received them.
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