I have been attempting to get a loan Modification from wells fargo for almost 18 months with No help in sight.

Asked by Alexander Eccleston, Carmichael, CA Fri Jan 13, 2012

I declared bankruptcy and missed a total of 3 payments, down to 2 as of 1/10/2012, Wells fargo refuses to help by way of foreclosure notices and me calling a new employee once a month to start the process over again. Do you think a Lawyer could help. We have a point of contact in name only . Either not available and Never answers messages

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Sue Archer R…, Agent, Palm Harbor, FL
Sat Jan 14, 2012
Thanks Jim you're right! http://www.makinghomeaffordable.gov and make sure it's HOME not homes.

By the way, my offer for a free one hour consultation? That goes to any realtor who has a client as well. I don't want a referral fee, nor any information from your client. I want to help be part of the solution so please don't hesitate to call me. You will have agency with that client.
Web Reference:  http://www.asksuearcher.com
1 vote
Jim Walker, Agent, Carmichael, CA
Sat Jan 14, 2012
try .gov instead of .com

0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Sat Jan 14, 2012
Had to add a couple of other items to the mix here.

There are two government-sponsored loan modification programs announced. One- the HAMP program offers a loan modification reducing the monthly payment to 31% of gross income, provided all other ratios are in line (and all proper documentation provided) . The interest rate starts at 2% for five years, 3% for year 6, and caps at 4% for years 7-25. It's a 40 year loan payable in 25 with a balloon payment. It actually is a great deal but more detail than can list here. The second- (mentioned here- the HARP program) includes a principal reduction. That program was announced under Bush, never materialized, and was reannounced under Obama. It was set to roll out December 1 and has been postponed to March/April...so it may not come to fruition either. While a loan mod is one of 7 options, I have never seen a principal reduction as part of a loan mod so it is not common, but always worth trying for.

ALL information is in the http://www.makinghomeaffordable.com website...all 276 pages of it. This isn't rocket science and the key is to communicate effectively with your lender, who holds the answer. The KeepYourhomeCalifornia is a group that received federal funding to help you do exactly what I offer (and I hope other realtors do too) for free. What I was concerned with is that they asked to run my clients credit as part of their service....I don't see the reason why this would be needed.
Web Reference:  http://www.asksuearcher.com
0 votes
Michele Pete…, Agent, Rocklin, CA
Fri Jan 13, 2012
While there are many great answers below.

I believe that you have several untapped resources that are free and local.

1. Find a realtor who will answer your questions and guide you through the process - modification, short sale, etc. There will be many issues that surface through your process and only you and your family can identify which solution is best for you. A realtor will provide you with answers and many, many resources.

2. Keep Your Home California - Call center located here in Sacramento

* Federally funded program to assist homeowners by identifying the best solutions available to them
* Modification assistance - free
* Non-profit resources - free
* 6 day a week call center ready and willing to answer your questions and guide you through steps - free
* Have your paperwork, loan information, bankruptcy papers, etc on hand. Your call will take about 30 minutes and you will have answers - where you qualify and options!

Now the best part.

Wells Fargo will be here in Sacramento to assist home owners with and keep them in their homes.

February 8-9
9am – 7pm
Wells Fargo
Home Preservation Workshop Sacramento Convention Center - Hall D&C
1400 J Street
Sacramento, CA 95814

Please call or email if I can be of assistance.
I am happy to help...by phone , email, etc.

Wishing you answers and solutions in 2012.

Michele Peterson
Keller Williams Realty
(916) 743-5934
0 votes
Jim Walker, Agent, Carmichael, CA
Fri Jan 13, 2012
Ron from Fresno, you asked for some math wizardry. Tis my specialty. If the borrower had a 100% Loan to value purchase money loan and the property has since declined by 20%, A full refinance of the original purchase price would require a loan to value of 125%.

example: $300,000 - ($300K X 20%) = $240,000

$240,000 X 125% = $300,000.

Most of the decline Sacramento homeowners have experienced was from the period 2005 to 2008,
Regionwide I believe the average decline has been about 50% from 2005 through 2012 to date. With some neighborhoods experiencing 80% declines.

A loan modification program that helps people with smallest declines in the region is therefor targeted to primarlily help the wealthiest zip codes.

In Sacramento, if you are only 20% -25% underwater, you either bought during the previous century (and never took $ in a refinance), or you put up an extra large down payment, or you bought within the last three years when the yearly percentage decline slowed down.
0 votes
Patrick Saum…, Agent, Sacramento, CA
Fri Jan 13, 2012
I would consider talking with Steve Beede. He and his team may be able help you.

Good luck!

0 votes
Michelle Car…, Agent, Coppertino, AL
Fri Jan 13, 2012
Be careful of any lawyer, RE agent or other "loan modification pro" who claims to solve this problem-and asks for money up front, a big no-no.

Loan modifications are a long, tedious and frustrating process.. The most important thing is to document it all,

e.g. 1/12/12 at 12:31 I called WF, on hold for 28 min., spoke to Michael Angelo who said file is still in initial review, said they are not asking for additional documentation at this time. He said to check back in 10 business days.

If you have a RE agent you know and trust who has experience with loan modifications & short sales, (such as a CDPE) contact them and ask for a free consultation and then bring your documentation. You may want to speak with a lawyer or tax expert about your situation, just be wary. It's best if you can get a referral for an attorney from someone you already know who has actually succeeded in solving the problem (not just signed up for someone's services or program.).

Whenever you call, note the date, time, how long you waited to speak with someone, the person's name and what they tell you about the file. Ask if there is any needed documentation they are waiting for, what is the next deadline, whether there is a foreclosure date scheduled, and the name and extension of anyone in charge of your file.

Check Wells Fargo's website on loan modifications for any additional contact names, numbers and info. Banks typically ask you to fax in information. Be sure each page you send has the borrower name, loan number and property address.

*Important: Only send 10 pages at a time thru these fax systems.* They sometimes forget to tell you that.
0 votes
Kylee Roe, Agent, Sacramento, CA
Fri Jan 13, 2012
If the Bankruptcy is not discharged, that could be the problem. If Chap. 13, then your creditors cannot continue collections and a loan mod. can be construed as an attempt to collect a debt, as it would require to ask you for payment--you'd start making new payments on the new loan.

If it is discharged, and payments are not caught up, they can continue to foreclosure. I'd get a Realtor to guide you through the loan mod steps quick, or, sadly, what you're probably trying to avoid--do a short sale. Not sure of your full situation, but that's what I see.

It is definetaly frustrating trying to talk to the banks and their phone clerks. Realtors have to abide by Dept. of Real Estate guidelines, but can help with loan mods to some extent.

Good luck!
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Jan 13, 2012
Loan Modification
Here is some information that might start you on your way to understanding what’s going on with Refinancing, Loan Modifications and in particular, Obama’s H.A.R.P. Program:

One report I read, showed that during the initial HARP period, only about 10% of the goal was achieved for helping homeowners in distress. While 10% is a pitiful result, the scuttlebutt is that the actual number is considerably lower; possibly as low as 60,000 (3%)!

One explanation that the Banks gave, was that INTEREST RATES had fallen so low, during the life of the program, that the Banks were doing Loan Modifications on their own! (Unbelievable!)

I understand that the primary reason for the breakdown in communication, is a new-fangled problem called “OUTLYING”:

What this means, is that when a Lender declines a Refinance/Modification and they report the results to HUD, they do not have to give a detailed reason or explanation; they can merely say that the “APPLICANT WAS NOT QUALIFIED” or “THE REQUIREMENTS WERE NOT SATISFIED”. HUD has been blindly accepting these refusals as Gospel and has not looked into the details of what these phrases mean. The Bank does not have to justify anything, they do not have to explain themselves to anyone. When they decline an application; they do not have to give the Homeowner or the Government a reason.

In addition; the initial parameters for Fannie Mae were 80 to 105% of the Loan to Value ratio, which was ludicrous. With the recent extension, this figure has been increased to 125%, which means that if the property had DECREASED more than 25%, then the new loan will not cover it and therefore will not qualify. (Those of you who are Math Whizzes and Mortgage experts; please check me on this; it’s confusing).

There is absolutely no incentive for the Banks to give away anything; particularly PRINCIPAL!

There are two conclusions which can be drawn from this;
1.) Don’t expect to see a lot of Loan Modifications
2.) There should be a lot more investigation here.
0 votes
Byron Lohman, Agent, Palm Springs, CA
Fri Jan 13, 2012
I did a loan mod with ASC (technically Wells Fargo) and found that actually going to their help center meetings held around the country was the best way to actually sit down with a rep and hammer out what had to be done. I went to their session in Los Angeles and then several months later when I had the supporting info, I actually flew to the next help event in Florida and got my modification on the spot. Wells also has loan mod centers around the state and likely have on in the Sacramento area. WHile it may not be the easiest solution, I found that sitting face to face with a rep with an appointment cut through most of the run around. I hope you are able to locate the places I have described. Start by calling your local WF branch and then call a larger branch closer to Sacramento. They may not have the large convention center meeting anymore but they do have help centers.

Byron Lohman, CDPE, SFR
Prudential CA Realty
CA DRE# 01272085
0 votes
Paul Rinde, Agent, Menifee, CA
Fri Jan 13, 2012
Yes, sounds like an attorney would be your best bet. When you filed the BK the ball game changed. A certified lawyer referral service can put you in touch with a lawyer who can handle your problem.You can find a lawyer at this link http://www.sacbarlawyer.org/

Good Luck!
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Fri Jan 13, 2012
I have been very successful in streamlining the loan modification process. It's the same paperwork for both a short sale or a loan modification. My theory is that the loan modification requires the homeowner to complete the paperwork on their own, and the lender (most likely a $10/hr employee) does not tell you what's missing with your paperwork, only that there's still a request for a document....one that you've sent them twenty times already.

So those 18 months could be for a reason as simple as you are not sending in the blank pages of your bank statements (all pages must be submitted), or you didn't sign and date one page of the submission package.
I offer a FREE one hour consultation. We go through the questions the lender will ask, HOW THE LENDER INTERPRETS YOUR ANSWERS, and then we call your lender together to get them to agree to a direction. In your case where you've already completed the paperwork, I will review for completion and we'll submit the package right then. In December, I had 6 loan mods approved. I do that to be part of the solution in this real estate dilemma, not as a revenue source.

I refer you to a lawyer only to clarify your legal rights, approve your loan mod approval contract from your lender, or review your short sale approval letter. If you want to get a complete package for review from your lender, i don't think that's a service provided by an attorney. Call me if I can help.
Web Reference:  http://www.asksuearcher.com
0 votes
Ron Leis, , Sacramento, CA
Fri Jan 13, 2012
Have you looked into the HARP program or the HAMP program? Look these programs up on the internet and see who you can contact for help. There are quite a few government sponsored help groups out there that can guide you through the process.
0 votes
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