[TweedleDumb]

I have Americas Servicing Company (a division of Wells Fargo) and submitted request for a loan modification under HAMP using the forms from MakingHomeAffordable.gov.

What I got back was a Modification that is more like a bandaid than a real solution. The offer states I have5 days to respond with the offer signed. (or what, I wont get any MOD or...?)

Here is my situation:

Monthly Income Gross: $2300.00 Net:$1600.00
Monthly bills/expenses: $825.00 (VERY Bare essentials)

Recent appraised value of Home: $160,000 (was $185-$200k a year ago)
Current Loan amount $175,000 with $18,000 behind.
Current Interest rate 7.5%
30 yr fixed
Monthly payment: $1418.89

Their mod offer:
Loan amount $190,000
Interest 4%
34 yr fixed
Monthly payment $1106.55

I have been scammed twice by Loan Modification "help" companies. Once for a $1500.00 fee for this companies "Services" in assisting with a loan Mod and what they did was advised me not to make payments while we were negotiating for modification, and they ended up taking my $1500 and leaving me with a higher monthly mortgage payment which was a set up for failure, and once for $3500.00 by Alliance Law Center who did nothing but take my money and close up shop leaving me even worse off.

So I decided to attempt to deal with the loan servicer directly...

I was told by phone interview I was pre approved for HAMP when I contacted them and provided income/expense info during interview, and began my new trial payments of $775.10. I made the trial payments on time in full for 3 months while I gathered required documentation to submit. (They never sent me anything all though they kept swearing they had. I ended up getting the needed forms myself)

Once I submitted the forms and made my 3rd final trial payment they came back with the above Modification offer (like 1 week from submitting paperwork)

When I called them and asked if there was any way to make this lower so I wouldnt be setting myself up to fail 6 months later they responded:
You were denied for HAMP and this is the final offer available.


This is my childhood home and I REALLY don't plan on ever leaving if at all possible.

Any suggestions or advice PLEASE?

[WaxmanRonnie]

I was approved for a remodification trial for 3 months. That started in February. It took my payments down from $1150 to $860. Needless to say it gave me more of the comfort level I was looking for. We made those payments 15 days early every month for the 3 months. Well I knew there would be a deferred payment at the end. That amount is about $2400. I had a fixed rate to begin with so no ARM to worry about. But after faxing & faxing countless number of papers with debt and writing letters, I was told today that we would not be approved.

They said that based on our amount of money we made they said if we can't pay th 1150 we couldn't pay the 860. I'm not sure how they cam into that from my debt worksheet I submitted. But now that we didn't get approved, I of course have to be obligated on the $2400 delinquent amount plus fees pending every month.

Definintely not worth the time we put in. My Wife is beyond pissed.

Wells Fargo can kiss my a$$!