[Sto Posto]

I applied for a loan modification with Wells Fargo 4months ago when I owed 2,000. They told me to stop paying and that I will get accepted for a loan modification so I did that. Today I got a letter from some Laws and Office saying I am in foreclosure. I was just wondering how I can get out of foreclosure and get a loan modification because there is NO WAY I can pay 1,000 a month, I was able to last year but I lost my job for a few months and now I get payed less with this job.

[admin]

We have had a great deal of success assisting homeowners with loan modifications. You really haven't provided enough information to really tell you what your options are in order to get worked out. You can call 877-968-5337 or post and we will try to analyze your situation

[Flusterated]

Call Wells Fargo - that's probably part of the modification process...you have to prove there is a hardship before the loans can be modified if I'm not mistaken.

[iassabtb]

This might not apply if you're already in a foreclosure status; I don't know much about foreclosure. But here's the Wells Fargo modification application process:

Call Wells Fargo. You'll go through a financial worksheet over the phone going over all of your income and every one of your monthly expenses (including credit card and loan companies and balances).

If you're not immediately qualified (and almost nobody ever is), you'll send in some documents for further review:

1. A hardship letter. That's a letter from you to Wells Fargo telling them about your financial difficulty, and anything else you want to let them know about your situation. You can also include what kind of help you need, if you want to.

2. Proof of income: This is usually paystubs from people's jobs, but just get whatever you can to prove how much money you've received in the last 30 days. Preferably an official document from the source of funds (not a bank statement, if you can help it). If you're self-employed, they'll want a profit and loss statement for the last 90 days.

3. Financial worksheet.

***

Make sure all 3 documents are signed and dated by the borrower--both borrowers, if there's two of you. Make sure every single page has your loan number on it.

Fax the documents. Wait 2 or 3 business days, and call back to make sure they received the documents.

THESE DOCUMENTS EXPIRE AFTER 30 DAYS, so if Wells Fargo hasn't made a decision in 20 or 25 days, get all 3 documents together again (with the most current info--if the info is the same, just put the new date on it), being sure to include the most recent proof of income, and fax it all back to that number again. Never forget to sign and date your documents, and be sure your loan number is on every page. Forgetting any of these steps can be enough to remove you from review for a modification.

Call Wells Fargo every week or two to check on the status of your application. If the collections rep doesn't do it anyway, ask them to put you on hold so they can check with Loss Mitigation. Loss Mit has access to info that Collections doesn't, and that info might be important for you.

ALWAYS MAKE YOUR MORTGAGE PAYMENTS, NO MATTER WHAT ANYBODY TELLS YOU, but do not make partial payments. A partial payment can be applied to all sorts of things you didn't want it to. Just make one mortgage payment at a time whenever possible.

[NE Settlement]

Once your loan goes into foreclosure you have 2 options to save the home.

1. Pay the entire past due balance
2. Work out an Agreement with them (Modification, Forbearance, Repayment Plan)

Your ability to modify your loan has not changed. Your ability to make payments has changed, you can't make them while you are in foreclosure. Where you can't submit payments untilan agreement is reached, you should use this time to squirrell away as much in savings as you can. It can only help you moving forward to build a cushion.

You will want to make sure that all of your financial documentation is in order and everything is updated with Wells Fargo.

[WaxmanRonnie]

Wells Fargo is scamming millions in this remodification ordeal. I have been on the phone
enough times with them, that I smell a damn basket of snakes. I've gotten the run around
and conflicting information, I.e. don't pay this and pay what you can amounts after the 3 months, that I would never deal with them again.

Everytime they call and they start the call by asking me my info, I will simply say
"Whats the nature of your call?" They won't say, and I'll just end the call.
If they want to forclose on me for a delinquent amount of $2400, then I'll stop payments
immediatly and plan my move.