Wells Fargo Home Mortgage / Loss Mitigation Dept. Loss Mitigation/Modifications Incompetent AND Liars, Internet

"IamGood?" I think the problem here is multi-faceted. Number 1, you're not comprehending what your reading. I wasn't the one that started the childish name calling. You did. You want to make this personal? Fine.

isn't that correct?

Michael:

You gave out quite a bit of personal information when you wrote this post.  You know what I think, you were moaning, and groaning about the Bank, and wanted other's to write in giving you your own personal pity party.  Sorry Dude, you wont get it from me.

I do not work for a bank at all, as your post loves to imply.  I read alot of posts daily on multiple sites about Loan Modifications, and I know how banks operate. 

Most banks when doing loan modifications look at the customer' ability to pay the new monthly payments.  If you are missing a considerable part of your income, either from layoff's, cutback of hours, or inability to work, they will not allow the refinance.  The banks will only reduce the monthly payments  by so much.

One such poster, on this site complained because the bank refused to modify his loan, because the calculations from the bank said that after paying back all his debts, and providing food on the table,  he would have 300.00 left over each month.  The poster complained that he would  have NO MONEY LEFT OVER FOR EXTRAS?????   WTF, he wants more money left over at the expense of the bank so that he can take vacations, and buy his DVD's.  Is this the scenario you are in?  You have no money left over at the end of the month after you provide for your family, so you want the bank to modify your loan so you can take the grand kids to Disney world????

I started out trying to help you, but you have turned this into a verbal sparing match.

One of your posts made a comment about When are people going to start taking responsibility for their actions". Michael, how about starting with yourself.

Before you go screaming that I am a selfish "Capitalist", remember the government doesn't EARN any money, they don't sell any products that generate revenue.  They have no money of their own.   The money comes from tax payers, taken from us by force.  America was built on the premise that no one is guaranteed a job, and no one is guaranteed a livelihood.  They are guaranteed the right to look for a job free from discrimination , and to right to EARN a livelihood.  The key word here is the  RIGHT TO LOOK!!!

BTW, I was against the US Government bailing out Wall Street.  We should have allowed them to fail.  Some one else would have come in after they failed and bought out all the assets, and hired the creme of the crop of the workers about to lose their jobs. 

Again I state you are a A*HOLE with a bad attitude!!!

"IamGood?" You don't know me. You ASSUME I'm a deadbeat. You attempt to insult me telling me my wife left me? We've been married for 32 years and have every intention of remaining together until we die. WOULD YOU GIVE OUT PERSONAL INFORMATION OVER THE INTERNET TO SOMEONE YOU DON'T KNOW? WHO the hell are you, man? 

Michael:

You are an a*s.  You write to this site saying boo h*o h*o, wells fargo is making me jump through hoops to lower my mortgage payment.    You wrote to this site complaining, but you refuse to give ALL the facts.

Why should they?  Why should the bank modify an existing LEGAL CONTRACT.  Why should the bank lower the amount of cash coming in, thereby hurting their shareholders just because some socialist PRESIDENT told HUD to convince banks to help people pay their mortgages.

Since you refuse to tell us why you applied for a loan modification, I think one of three things happened to your financial situation.  A) Either you or your wife got laid off work, or perhaps your wife dumped your a*s (due to your poor attitude) , and you are now stuck with the house on one income.  b) You have a ARM Readjustment, and your payments doubled (why would any one ever, ever have financed a home using an ARM) ,   or c).  The value of the house has fallen to less than your loan value, and you feel "Why should I keep paying on this house at this rate... let the bank take the hit instead). 

When the bank received the paper work from you they  calculated the amount of money you have to pay, and they realize you will not be able to afford the house. 

Well I have one thing to say, Stop Paying your mortgage for the next 6 months, save the money, and use it in 6 months, after the bank throws you out of THEIR home, for the deposit on an apartment.  

 Michael, Home Ownership is not a right it is a privilege.

Wall Street banks were "struggling" in 2008?

So, now you want to "help" me? I didn't just fall off the avocado truck, dude. What's next? You want my SS & loan numbers?

OP:

It is obvious that Wells Fargo doesn't want to help you. Under the program they are under NO OBLIGATION to modify your mortgage.   I think that is a bit stupid on their part, because they will be stuck with a home that they wont be able to sell for a while. 

I have a question.  How come you are struggling?  Did you lose your job?,  Did your Spouse lose her job? Were your hours cut at work, where your spouse's hours cut at work?  Did your mortgage payment go up because of an ARM Readjustment?  I guess the big question is, how long have you had your mortgage?

Something is causing you to struggle.  Please respond back with an answer to these questions, that may help answer why Wells Fargo is giving you a run around. 

Hopefully you will answer these questions, so I can respond back with some solutions for you.  For starters look at your income, and expenses.  Separate your expenses into necessities(food, utilities) , secured debt payments (car, house), unsecured debs (credit cards). 

Pay the necessities, and secured debs first, and if any money is left pay the unsecured debts.

I will be scanning rip off report for your answers to my questions, as I am curious why you needed a loan modification to begin with.

Thanks

is available at the 'Bank of America' page of this site. It appears in the comments section.

I think you may be just trying to help, Iamgood but I'm very familiar with the criteria. I did a thorough job of researching the program's requirements as well as contacting HUD BEFORE I initially applied for the modification on April 9, 2009. 

Michael:

I have some bad news for you about the HUD Hope for Homeowner's program.T ead some exerpts about the qualifications, and rules.

The loan must have been originated on or before January 1, 2008 and you've made at least six payments.

The loan must be on a home you live in. Investment properties and second homes do not qualify.

You cannot own or have interest in a second home. Your mortgage payment must be more than 31% of your monthly income. (Divide your mortgage payment by your income, then multiply by 100.)

You have not missed payments on purpose. You didn't receive the loan fraudulently and have not been convicted of fraud in the past 10 years. Your mortgage is less than $550,440.

Hope for Homeowners allows certain homeowners to refinance their mortgages into government-insured mortgages through the Federal Housing Administration (FHA).

The government works with your lender to reduce your mortgage to at least 90% of your home's current value, thereby reducing your mortgage payments.

To determine your home's current value, it will be appraised by an FHA-approved appraiser. If your current lender agrees to reduce your mortgage, the FHA will pay the discounted amount. For example, if your loan was originally $110,000 and your home is currently with $100,000, your mortgage may be refinanced into a $90,000 loan. The FHA pays the discount.

Here is the kicker, eveybody thinks the lender is required to participate,   Sorry, not true.

The program is entirely voluntary. Neither lenders, investors, nor borrowers are required to participate.   The source of this data is (((Redacted)))

Read about it yourself.