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has anyone got there home to be renegotiated by the bank, what I mean is has the bank remodify your loan to what the homes are going for around your erea,
Not us, but we are currently working towards a short sale, and someone did call and offer to send us information on modifying the loan so that we owe what hte house is worth. I'm not sure if that would really happen, but it might be worth looking into. We have Wachovia, by the way.
cob,
What you are looking for is a loan modification. First, do not pay a third party to negotiate one for you, without attempting to do it yourself first. That is where many of the mortgage brokers went and you can do this on your own, with a bit of patience and letter writing. Some of the fees I am hearing give cause for concern
If your loan is with Countrywide and an option arm or an arm that has adjusted and the payments are hard to make, they are going to be contacting those eligible for the Hope 4 Homeowners program, which reduces the amount you owe to 90% of value. There are MANY pros and cons and it's 6+ pages of criteria to explain it properly here. Right now the only way you can get a Hope 4 Homeowners loan is with your current lender.
You don't say where you are or if you are in the default process, meaning current on payment, past due or in foreclosure. I recommend you contact the lender via certified mail and explain you are having trouble with the payments and would like to know if they are offering any mortgage modifications for current customers. Be sure to leave information where they can contact you. Be honest, but don't stretch your story. If the payment is tough to meet, say that. Impossible to meet, say that too. If it's been no problem to make, your request very well may not even be considered seriously.
Later in the process, they will be requesting documentation to do the modification. This is why I say, be honest about your financial situation in your original letter. Also, if you were less than truthful on the original loan application, you may want to visit an attorney. If you have done nothing but rack up consumer (credit cards) debt and added car and boat loans, it could be tough to get through.
Do you see why it's hard to give you an idea what to expect? There are far too many variables, the person making the decision only has a few thousand more just like you. And some people just need to lose their homes - sounds brutal - but it's a fact. I recently ran payments for someone, assuming their current lender would work with them to reduce the loan amount, AND reduce the interest rate to 4%, they still said they couldn't meet the payment. Be prepared to answer just how much you think you can afford in a monthly payment. The more realistic you are, the more seriously you will be taken.
These are all just random thoughts - I don't know if they even are close to your situation, but the most important advice I can give you is to keep the lines of communication VERY open AND document (keep a log) every call or piece of correspondence.
hello again and thanks for that info,
but here my situation I have just stop paying on my morgage and ofcourse as you would anticipate the bank will call , so they have called me and I have talked to them a couple of times and I have told them that basically my loan is going to come up and knowing the house is wourth almost have of what my loan is I know nobody is going to refinace my loan that is basically why I figure I can not come up with that extra 1000 that the loan will go up so I mightess will just stop paying,
basically all they tell me is to call some place called (HOPE) they gave me there number , so I did and all hope said is they are a counciling department, I do not need counciling I need a loan readjustment that is what I told them so they just told me to call my bank back(wells fargo)
so know here I am telling the bank so what is up are you guys willing to renegotiate the loan or not, or do you want me to move out, and all they told me was just stay there untill I get foreclosure letters, they said it is better for them if I would accupie the home insted of it getting vandalize,
so basically what they are saying is NO we do not want to modify your, loan.
let me just say I put 50,000 down did not took any money out I just got cought up in the game like everyelse,
if any one has info on how they got there home renegotiated please let me know.
What part of the country are you in? If you are near any Wells Fargo branches, I would walk in ask to speak to a manager to give you a contact name and number in the collection department.
It's time to ask for supervisors. Call the bank, ask for a supervisor, tell them you have called over at Hope (I can't for the life of me figure out where they are sending you), and then they kick you back to the bank. I am willing to bet there is a question that you are answering that makes you ineligible at present for the program - it's hard to say with what little we know. For example, if you are not behind right now, they may not consider you eligible. That's an example, I can't begin to say that is what is happening. But, you need to get on the phone and keep on it until you get some answers. It will take patience. These people are just doing their job, they get call after call, ugly calls, mean, and they have no power to give direct help.
You need to be persistent or a modification will be out of the question.
I am in california
and I am behind an my payments so hopefully that would make me elegiable, but at this point I dont know if I should call them anymore or should I just wait until I get a forecloure letter it looks like they have not called me back ever since I told them if they would remodify my loan,
but what can I say, here I am trying to work something out with them and they are ackting dum, maybe this is why some banks are going bellly up they rather me not pay them nothing stay living in the home just so it will not get vandalize. then they would sell it at an auction or short sale, which by this time they are allready about 40,000 under and then they sale the home to what they are apprease for and that lets someone else get a better deal,
and here I have paid my payments for the last 4 years on time and all I am asking is to remodify my loan and they will not do it
this is why people are just walking away
they figure house is worth 200,000 and the loan amount is 350,000
mightes well start over.
by the time the home will be worth 350,000 again , it will be a long time,
if any one knows someone in the wells fargo I would like to talk to them
see if i should just wait it out.
I am in california
and I am behind an my payments so hopefully that would make me elegiable, but at this point I dont know if I should call them anymore or should I just wait until I get a forecloure letter it looks like they have not called me back ever since I told them if they would remodify my loan,
but what can I say, here I am trying to work something out with them and they are ackting dum, maybe this is why some banks are going bellly up they rather me not pay them nothing stay living in the home just so it will not get vandalize. then they would sell it at an auction or short sale, which by this time they are allready about 40,000 under and then they sale the home to what they are apprease for and that lets someone else get a better deal,
and here I have paid my payments for the last 4 years on time and all I am asking is to remodify my loan and they will not do it
this is why people are just walking away
they figure house is worth 200,000 and the loan amount is 350,000
mightes well start over.
by the time the home will be worth 350,000 again , it will be a long time,
if any one knows someone in the wells fargo I would like to talk to them
see if i should just wait it out.
You would need to contact Wells Fargo at the number below to see what the options are.........
Wells Fargo
1-877-216-8448
The modifications given are up to the investor on the loan.........in some cases they will put the past due payments and fees back into the principle balance and have you make a good faith payment if you rmodification is approved, that will usually amount to one month of the modified payment.
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It dose not matter what state you are in if you are behind on your mortgage you need help.
all banks offer loan modifacations but the thing is this if you don't package it right or don't show the bank you need this they won't give it to you. The bank looks at it as a business deal not that you are hurting. This is why other people are doing them because they know how to write loans for the bank.
cob, the only reason I suggested you stop in a branch is because you come across as someone that would do better face to face. The bottom line is you need to take action, no one is going to offer solutions to you. You need to seek them out.
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