Successful Loan Modification with Wells Fargo!
For another Las Vegas / Clark County Nevada Borrower…We just received verbal notification of an APPROVEDÂ Wells Fargo loan modification under their HAMP program, which is Wells Fargo’s application of the Obama Plan / Making Home Affordable Act (MHA). Her program is 2 7/8% for 5 Years, 3 7/8% for the 6th Year, then 4 7/8% for the remainder of the loan term. This Borrower received a payment at 29.5% of her gross income (which meant that the Investor accepted even less than the “31% of Gross” requirement under MHA), and is working with the Borrower to keep the home out of foreclosure. Compared to the loss scenario of more than 50% of the mortgage value, this was an ideal solution, and Wells Fargo acting as the Servicer required SIGNIFICANT CALL VOLUME on our part to push this case along. This was a case that Collections at Wells Fargo did everything in its power to prevent from reaching the Loss Mitigation Department.
Lessons Learned from this case: 1) Avoid the Collections and/or “Loan Servicing” personnel, 2) Document ALL conversations with Name and Wells Fargo Operator ID, time, time zone, issues discussed, and ANY form of commitment from Wells Fargo. 3) Know your Ratios! You MUST know your front-end and back-end debt ratios at all times, and be prepared to argue your case INTO Loss Mitigation and the Wells Fargo HAMP Program. Your 31% of Gross Income, your total household debt, and % of Proposed Payment to Net Income are all very crucial to your negotiations. 4) Know the Statutes, Laws, and Current Guidelines at Wells Fargo. The information is out there! Do your research or…HIRE SOMEONE EXPERIENCED! There is no replacement for consultants that speak with Wells Fargo every day.
For more information about this Case Study, or on your specific situation, please contact us at customerservice@myloanmod.us OR visit us at:
http://yourloanmodifications.com
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