[itfactor]

My family had a hard time paying 2 mortgage payments a few months ago so we decided to ask for a loan modification from Wells Fargo. We were put a "trial payment" of $300 less than our actual monthly payment for a few months and then they said we weren't approved because my wife and I earned too little. We started the process again and this time they told us we had $400 left over from all our costs so we can supposedly pay more than our monthly payment. Instead of lowering the payment, they added to it! What should we do? We were told by the bank representative that if we leave that second attempt at modification our house will go into foreclosure. We really don't want that, but can they really foreclose our home if we still make the regular monthly payments that were originally set when we bought the house?Say our original monthly payment is $1480 but couldn't pay for 2 months. The first "attempt" we were supposed to pay $1100 and then it failed. The second attempt we now have to pay $1530. If we decline the second attempt of $1530 and just keep paying the original $1480 like it's supposed to be, can they do anything to our house?

[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$$!

itfactor,
if you continue to pay your original amount and nothing on top of that, I can't see why they would do anything other than a few scare
tactics to get their money(no forclosure proceedings).