Wells Fargo Loan Modification Process has been a never ending process with our "Loan Preservation Specialist". The reasons for the modification are being upside down on the mortgage of course and going on disability.
We started with a "lawyer friend" who started the process in July of 2010 which was a bad mistake. I said we will take over ourselves. We had three different "Loan Preservation Specialists" at Wells Fargo.
Like many say the "specialists" keep asking for every single page of a bank statement, tax returns, profit and loss statements if a very small business, expense sheets for the household, hardship affability letter. Every single sheet must have full property address, loan #, current date, and signature.
The multiple loan preservationist specialists would call and say they need this document a. [continued below]....
.....s.a.p. or the modification will be cancelled even though the document was sent. They would say they never received it and it needs to be sent immediately. When the specialist(s) were out of the office it is possible to talk to another "preservationist". They would often find the document(s) or "single page" that was missing in their system of records. (I believe scanned)
Our situation is a bit different with the home not being "owner occupied". There have been times the process was cancelled because of a document not being supposedly sent. Or since it is not being "owner occupied" they can not help. The current "specialist" said their is a program for our situation. She said there would be a decision in late November of 2011. Then more paperwork or updated documents needed to be sent.
Then February 2012 there would be a decision. Nope. Finally it was May 2012 for a decision after continuous updated documents have kept being sent. It was denied for "not being owner occupied" after she said this program was for this type of situation.
I talked to another specialist prior to being denied when the assigned one was not there. I asked what are the steps for a modification. She then said Step 1 is for the assigned specialist to get all the necessary papers in order. Step 2 is for the calculation regarding affordability and /or reason for modification. Step 3 is for approval or denial. I believe it has been in step 1 all this time. I do not believe it even made it to the "Step 3" process.
One "specialist" I talked to said the mortgage needs to be behind before it's even considered for it to be approved. Either way it didn't make a difference. I have been current, behind and making monthly payments to catch up, then current once again and the day Wells Fargo was paid for to bring the loan up to date it was denied!
Sterling Heights, Michigan