Try to modify your loan!!! Being in the Real Estate industry is one sentence that needs no explanation of "loss of income". Back in February I was notified by a friend who works for Wells Fargo (the holder of my mortgage), that the "making home affordable" program was just put into place. It was available for EVERYONE. Even those of us who were still paying our bills "on time".
I called the lender, and it was confirmed that it had just come out that day. I was told that it didn't matter whether we were on time or not, that this program was set forth to HELP everyone. I decided to gather my information, fill out the forms, and proceed with "trying to make things, a bit more affordable" in these trying times.
My package was submitted the end of February. After about 3 weeks, I placed a call to the department handling this program.
And here's what went down:
I was asked the SAME questions every time I called, "Why are you seeking a modification on your loan?"
The minute I said that my husband and I are Realtors, the comment was "OH, no need to explain any further". THIS INDICATES THAT OUR PROFESSION, AND/OR ANY PROFESSION HAVING TO DO WITH REAL ESTATE, IS AN OBVIOUS CASE OF "DROP IN INCOME".
Here's the kicker.......I was assigned a negotiator.....HOWEVER.......I would NEVER have access to this person. No phone number, email, or even a name. This person would update the computer systems at Wells Fargo, when anything happened with our file. I had to call the 1-800 number weekly for updates.
Sometime in April, I became frustrated and asked for a manager. Only to be told that there was no manager. Trying to maintain my frustration, I hung up and called back. This time I said that if a manager did not get on the phone, I would file a complaint with he banking commission. WELL, all of a sudden there was a manager on the phone. This person then said that she would put a "priority" on my file because it had been soooo long in process. However, there was a note in her computer that I was required to UPDATE my paperwork because it had been a few months. The note also said that I had 48 hours to do this or my file would be closed. They didn't call me with this, I just happened to place my weekly call and found this out. Had I NOT called (because their advice was to call every couple of weeks) my file would have just been closed. So I faxed the updates (which were basically none).
4 months had gone by and on June 7th I was told that my file was completed and sent to the investor. This being FREDDIE MAC............You know, the one who was BAILED OUT IN ORDER TO HELP "WE THE PEOPLE".
Well, here it is JULY. I called a few days ago, and was told that FREDDIE MAC denied any modification. Even though Wells Fargo confirmed a big drop in my income since the housing market declined. A comment was made (which I believe was not suppose to be) that none of my bills were late and I had always paid on time. However, the program specifies that this could not be a factor in this program.
So now I have been strung along for almost 5 months of aggravation!!! I most definitely qualify, especially since My mortgage is an adjustable..................however, my reward for paying on time is NOTHING BUT A BIG SLAP IN THE FACE!!!
SHAME ON FREDDIE MAC!!! SHAME ON WELLS FARGO AND ANY OTHER BANK THAT CAN NOT ORGANIZE AND SERVICE THE PEOPLE WITH THESE PROGRAMS THAT THE GOVERNMENT "thinks" IS HELPING US!
I realize that there are thousands of people out there that have fallen behind on their mortgages, but those of us who have OBVIOUSLY lost income in this market, and are still paying our bills need some help too. With this kind of behavior, we might as well join the ranks of the "unable to pay".
And just in case someone suggests "refinancing"...............I do not want to PAY closing costs or ANYTHING to refinance my mortgage..................I want what the government put out there for all of us to make things easier "A loan modification".
SO MAKE YOUR PAYMENTS ON TIME, AND EARN YOUR SLAP IN THE FACE!!!