Is Wells Fargo evil? ...and credit questions

[OhioFiler]

Obama promised Hope and Change. Hope appears to be dwindling and Change is all he's leaving in your bank account.

Don't blame me! I voted for Sarah Palin.

The Obama Making Home Affordable Plan announcement was merely an infomercial designed to let the masses know how hard BHO was working to save Americans from the greedy banks. I'm sure he came up with this plan while dining on wagyu beef with a nice arugula salad.

If you're counting on Washington DC to rescue you you're wasting your time. It ain't going to happen.

[mccaverty]

Okay - so when we talk about saving for "another place to live", what exactly are the options? Are we talking renting, owning, or joining the local tent community? Because if you can't get a modification on an existing loan (even when you're not behind or upside-down) because of the bankruptcy, how on earth are you going to qualify for a new loan after deliberately getting behind and walking away? And how many landlords are going to do a credit check and not be frightened when they see a recent BK?

[ShorterSN]

Okay - so when we talk about saving for "another place to live", what exactly are the options? Are we talking renting, owning, or joining the local tent community? Because if you can't get a modification on an existing loan (even when you're not behind or upside-down) because of the bankruptcy, how on earth are you going to qualify for a new loan after deliberately getting behind and walking away? And how many landlords are going to do a credit check and not be frightened when they see a recent BK?

The tent community is looking better (and bigger) everyday...

There's no way we can get any kind of a loan, at least for two years; maybe more, the way this economy is going. I have no false Hope about that

Not all landlords do credit checks. Many do, nowadays, but not everyone. Ironically, we're in the process of applying to a government-grant-assisted apartment in Idaho. We definitely fall into the income guidelines, but a utility bill on our credit report and the bankruptcy are issues. They've been very nice though, and are seeing if they can make some exceptions once we're discharged and the bill switches to IIB (on a side note, how long will it take for a credit report to reflect everything that's IIB?). They know people aren't perfect, and times are tough. BTW, that apartment is bigger than our house, much newer, has the same number of bedrooms / bathrooms, has cheaper internet / utilities / etc, and costs half as much per month REALLY hoping we can get in.

One other option is saving $6k and buying a used three bedroom mobile home. Not wonderful, but no rent would be nice. We could put it on some family property in Idaho.

Basically, no matter where we go, I'm tired of living penny to penny, paycheck to paycheck. Saving up a tiny nest egg, even if we're just going to end up renting a slummy apartment, is just smart. My catalytic converter just went out yesterday... really wish I had some savings now!

[OhioFiler]

One thing to keep in mind, there are very few people living on the street who didn't choose to live like that. You're on the right track because you're trying to secure a place and making alternate plans. Everyone in this country who wants a roof over their head will have one.

[Rick9972]

One thing to keep in mind, there are very few people living on the street who didn't choose to live like that. You're on the right track because you're trying to secure a place and making alternate plans. Everyone in this country who wants a roof over their head will have one.

Mine and DW's Mantra for 21 years has been:

Plan for the worse!
Hope for the best!
Pray life falls somewhere in between.

[mynextlife]

I read an article on MSN.com earlier this week where some homeowners were getting help from PMI companies. The PMI company would contact the lender to try to negotiate terms so homeowners can stay in their home. You see the PMI company is the one who has to fork over the money to the lender should you default on your loan so it is in the interest of the PMI company to try to help NOT the lender in this situation. It would be worth a try to give Wells a call to get the name of your PMI company and see if you have any options that route. Good Luck!

[BananaCabana]

Wells Fargo--Wachovia

Our mortgage company is Wachovia, which is also Wells Fargo in a way, and we were told that we do not qualify for a refinance (which I didn't want anyway) as we were not Fannie Mae or Freddie Mac. But to keep calling back to see if I will qualify for the loan modification plan when they finally offer it. They keep telling me that they are trying to "fine tune" it before they offer it so that it will all go smoothly when the time comes. I have heard this since March. The last couple of times I have called they tell me that they are expecting to be able to do loan modifications at the end of the month of June.

I am not very confident that it will be available then either... Or it will end up being one of those things where practically no one will qualify due to one thing or another. The lawyer we consulted with this week doesn't seem to think many will qualify for it including us.

[StartingOver08]

I read an article on MSN.com earlier this week where some homeowners were getting help from PMI companies. The PMI company would contact the lender to try to negotiate terms so homeowners can stay in their home. You see the PMI company is the one who has to fork over the money to the lender should you default on your loan so it is in the interest of the PMI company to try to help NOT the lender in this situation. It would be worth a try to give Wells a call to get the name of your PMI company and see if you have any options that route. Good Luck!

Its interesting you should say this. I just negotiated a short sale where the PMI company actually demanded $10k paid to them at closing on top of the sales price that was already agreed to by the first and the second (the first and second are with Wells Fargo/ASC). The PMI company is one of the big ones - Triad Guaranty. This is in lieu of the seller signing a note to repay the MI after closing. Here in South Fl the PMI companies have not been helpful at all to the homeowners.

Here is an interesting article on Triad Guaranty that may explain why they are not so cooperative with the short sales: http://news.prnewswire.com/DisplayRe...4999303&EDATE=

[Punkin]

Seeking Modification from Wells Fargo (ASC)

My story would make your hair fall out. In 2006, I wrote a letter to ASC asking for a moratorium. I was scheduled for an organ transplant. Three months later, they said call us back. No response on file. After the transplant, I received letters monthly saying options including moratorium or rolling missed payments to the end. I had the tranplant surgery. Had complications missed 2 more payments and finally received a call from the Sandy Johnson, office of the president. Sorry, she said. No moratorium possible you are behind. Nope, cannot move payments to the end of the mortgage. I struggled until I filed for Chapter 11. April 2008, I asked for a modification. October 2008, still waiting for a call back or letter. I filed a complaint with the Office of the Currency (OCC). ASC called me back within one week. Negotiated with them and IF I contributed $2400. ASC would reduce my mortgage by $40 and make it a fixed rate mortgage. Thinking that was the best I could do, I scraped, borrowed and had yard sales. ASC never sent the paper until March 19, 2009. Dated October 2008. I wrote back. Refusing to sign old docs. They wrote back that due to BK they could not respond. I wrote back - attorney letter on file. THey wrote back, due to BK they could not respond. I filed a complaint with OCC again. ASC sent docs reducing interest with fixed rate mortgage. Only now they want $3000 contribution by 07/20/09. And next payment due 08/01/09! When I reminded them that I had filed BK because I was broke! Jennifer with the office of the president said she thought I must have money. They assume if you have missed payments you must have the money somewhere. If you ask me some one out there should investigage ASC/Wells Fargo and their business practices.

[StartingOver08]

Punkin, I am so sorry to hear of your ordeal with ASC/Wells Fargo. But I am not surprised at all. It is the typical ASC/Wells Fargo story. The only reason you got as far as you did is because you complined to the OCC. I had ASC on one of my rental properties and was just as glad to surrender it in the BK -