Here is my story =85.
In January of this year, we contacted our mortgage company, Wells
Fargo in an attempt to lower our monthly mortgage payment. Our family
business has been declining in recent months, and we cannot afford to
pay the total monthly due right now.
We were first told to freeze payments immediately & to fax a profit &
loss statement, along with proof of income (or 3 months of bank
statements in our case). In order for us to go forward on reducing our
monthly payments.
After doing so-and having to fax all 27 pages over a dozen times,
since they apparently didn=92t receive the first 11 faxes I sent, they
finally confirmed they got it & it was going to take 30-90 days, and
again-they advised me not to make the payments. I asked why & a
representative explained that the reason to freeze the payments, is
that when we get approved for the mitigation/modification (they were
never very clear & kept telling me they are the same thing..) all of
the past due payments would be put back into the total balance, =91like
a fresh start=92 were there words exactly.
They told me to just call every couple of weeks to see if we were
approved or not. I did this for over 3 months & they continued to tell
me the same thing.
2 days ago (3 months later) I got 2 letters in the mail from wells
Fargo.
The first one said that unfortunately our application for a re-
modification was denied & the decision was based on us not being able
to =91come to an agreement=92. Then it continued on stating that =91there
may be other options, however in our case there are no other options=92
I opened up the other letter & it was a statement reflecting the
following information;
Total Due by 5/1/08: almost $17,000
In a highlighted box to the right, it stated that the balance was due
in full & if not paid IMMEDIATLEY, foreclosure proceeding would begin.
I immediately called wells fargo & got disconnected 5 times literally,
after not giving up, I spoke to a rep that informed me the reason for
our request being denied was =92missing information=92. Apparently they
called just days before their decision & =91left a message=92 requesting
more current do***entation
First off, they didn=92t leave a message, I check the answering machine
daily and never received anything from them.
Secondly, after taking over 3 months to decide that they needed more
information=97because they took too long, they cant wait 3 days?
What ever happened to US Mail?
A letter would have been sufficient, since I never got their so called
=91message=92.
The representative advised me of the following options;
1. Pay the delinquent balance of $17,000 in full.
2. Request a re-payment plan, which would require me to pay $8,000 up
front & the rest I could pay off in addition to my monthly payment-
actually making it higher
3. Re-apply for the modification, HOWEVER-the house will be in
foreclosure & obviously ding my credit, but they would freeze the
=91force sale=92 process while my request was in review. And she informed
me of something else I was never told before=85
That a modification would only reduce my payments a total of $200
MAXIMUM/month anyway. Is this true?
About an hour after I got off the phone, a woman showed up saying that
she was a representative of Wells Fargo & she needed to take pictures.
She had a paper that said 'property inspection' on it. coincidence? I
dont know.
I am confused, scared, and not sure what to do here
What concerns me the most, is that I have a lot of equity in my house
& now I am beginning to think I may loose it.
Current market value is about $1.3m
I owe $360k on it
My payments (including escrow/property taxes) are $4059.00/month & I
am on a 15 year fixed rate: 5.5%
With a maturity date of 9/19
Last payment was made in January of 08.
If anyone can give me any direction, I would very much appreciate
it!!
Anya Burnham
anya@[EMAIL PROTECTED]
email
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