HAMP denied....now what

[midnight]

Finally after 5 months, Wells Fargo told me my HAMP was denied. Apparently we don't have enough debt and our income is to high to meet the 31% ratio (we were discharged from chap 7 in February), and as a result we can afford the normal regular mortgage payment (well sure, now that we've wiped out our debt in a 7). When we first started the HAMP process my husband was unemployed and luckily he found a job shortly afterwards, so I suspected that we would get denied even though his income is lower. So now they tell me that we are currently in the process of review to see if I can qualify for an in-house mod.

I am freaking out!! We were about 3 months behind when the trial period payments started, so because of the halved trial period payments, we are about 8-9 months behind.

The last rep I talked to said because our account is still with Loss Mitigation that we are in absolutely no danger of foreclosure even though they have started the process. She said if/when we receive a notice that we call and they will suspend the date until we find out what happens with the in-house process. She said that most likely we'll get something where the arrears are tacked on interest-free to a new mortgage. She sounded confident that we'll get a new in-house modification. She said that Wells Fargo isn't a realtor and doesn't want to have to foreclose and then find someone to live in our house. Don't know that I believe that!

So, what would you do? I was actually wondering if it'd be in our benefit to file a 13 so we don't lose our house, and can catch up. Our income is down from last year but w/o credit cards, we can afford to catch up with payments.

Advice? Help?

[shark66]

Two questions come to mind here...

a) Are you underwater on your house, assuming that you were to keep paying the original mortgage etc. ?

b) On a whole different level, and on a scale from 1-10 (ten being "at any cost") how much do you want to keep the house?

Good luck.

[midnight]

a) With both first and second, not underwater, might have about 5-8k in equity.

b) Honestly, 10.

[shark66]

Unless you can find the money somewhere on favorable terms to pay off what you currently owe, I guess you would be looking at Ch. 13..........what a kick in the gut altogether, if you don't mind me saying that...

Good luck.

[midnight]

Tell me about it. I haven't eaten since I got off the phone with them. I'm really hoping that WF will give us an in-house mod. *fingers crossed* Sigh. More waiting and praying.....

[325Falcon]

Chapter 13 is probley not an option so soon after a 7 .

[midnight]

I haven't talked to a lawyer yet, but from a few google searches, it seems that as long as I didn't have a prior BK dismissed, I can file a 13 almost immediately after a 7 if I need too. It just won't be discharged until the chap 7 has been discharged at least 4 years.

[justbroke]

Chapter 13 is probley not an option so soon after a 7 .

Chapter 13 is an option immediately after a Chapter 7 discharge. The only thing is, that you can't receive a discharge in the Chapter 13.

This is known as the elusive "Chapter 20". It is perfectly designed for curing arrears on secured debt, and for dealing with IRS tax debt.

[knotholeone]

I have a question. We did a chapter 13 last May. We are behind in our mortgage and waiting to hear from Bof A on a mod. Va is a state that if you walk or foreclose they will come after you. Do you have any rights while you are in the 13 to keep from having to pay the difference when sold? We were behind when we did the 13 and those payments were included in the BK. The house is paid outside of the plan. Please help me with this. My attorney passed away and he has no partners so I need a new atty. One thing after another.

[montana59451]

IF your mortgage is Fannie Mae ask them for the Alternate HAMP (I think that is what it is called). Also visit loansafe.org and there is more info regarding this new program.

[justbroke]

Do you have any rights while you are in the 13 to keep from having to pay the difference when sold?

Yes. Any deficiency will be filed as a general "unsecured" claim. You would just continue to submit your disposable monthly income (DMI). However, your DMI would probably go up since you would be surrendering the home.

[knotholeone]

Thanks JustBroke. Since my Atty passed away on Easter, I am in a tailspin.

[Coldplay]

Finally after 5 months, Wells Fargo told me my HAMP was denied. Apparently we don't have enough debt and our income is to high to meet the 31% ratio (we were discharged from chap 7 in February), and as a result we can afford the normal regular mortgage payment (well sure, now that we've wiped out our debt in a 7). When we first started the HAMP process my husband was unemployed and luckily he found a job shortly afterwards, so I suspected that we would get denied even though his income is lower. So now they tell me that we are currently in the process of review to see if I can qualify for an in-house mod.

I am freaking out!! We were about 3 months behind when the trial period payments started, so because of the halved trial period payments, we are about 8-9 months behind.

The last rep I talked to said because our account is still with Loss Mitigation that we are in absolutely no danger of foreclosure even though they have started the process. She said if/when we receive a notice that we call and they will suspend the date until we find out what happens with the in-house process. She said that most likely we'll get something where the arrears are tacked on interest-free to a new mortgage. She sounded confident that we'll get a new in-house modification. She said that Wells Fargo isn't a realtor and doesn't want to have to foreclose and then find someone to live in our house. Don't know that I believe that!

So, what would you do? I was actually wondering if it'd be in our benefit to file a 13 so we don't lose our house, and can catch up. Our income is down from last year but w/o credit cards, we can afford to catch up with payments.

Advice? Help?

Have you dealt with the office of the president at all ? You might want to escalate this. Wells Fargo isn't a realtor and they DON'T want your house they just want to foreclose on it and make money off of it. You see WF is your servicer and they took out credit default swaps...which basically means that they took out a bet on your loan hoping that it would default.... And guess what ???THEY have the power to cause you to default. Hard to believe but it's true !

If you want to keep your house you need to FIGHT for it. Email the OOP. Below are some emails I was able to find. I've emailed ALL of them at the same time. Really pissess them OFF !! Contact your State Attorney's general . These trial payment periods are complete BS !





[email protected]; CEO, Co-President WFHM
[email protected]; Co-President WFHM
[email protected]; SVP WFHM
[email protected]; VP WFHM
[email protected]; Assistant to Mary Coffin
[email protected];
[email protected]; General Counsel WFHM
[email protected];
[email protected];
[email protected];
[email protected];
[email protected];
[email protected]; Board of Directors, Wells Fargo
[email protected]; CEO, Wells Fargo
[email protected]; CFO, Wells Fargo
[email protected]; EVP and General Counsel, Wells Fargo
[email protected]; EVP and Controller, Wells Fargo
[email protected]; EVP, Wells Fargo
[email protected]; EVP, Wells Fargo
[email protected];
[email protected];
[email protected];

[midnight]

Wow, thanks, I will certainly be emailing all of them. At this point, I'll try anything.

I was reviewing the financial worksheet I submitted WF, and realized many of my expenses were lower than they should have been (I put $500 for food whereas it's closer to 700-750). However, I think even with corrected updated expenses, I suspect we still make too much to qualify for HAMP. Especially now that our debt was wiped out (we still pay on our car but didn't reaffirm). In the meantime, I'm going to start paying the normal payment again and we'll see if that helps.

Out of curiosity, did you just email them a letter or did you include all of your paperwork you faxed previously?

I certainly don't plan on giving up without a fight.
Now that the nightmare of the 7 is over, and now that we can actually afford our regular mortgage payment, I plan on fighting all the way. I'd only file the 13 as a last resort....wish me luck!

[Coldplay]

Wow, thanks, I will certainly be emailing all of them. At this point, I'll try anything.

I was reviewing the financial worksheet I submitted WF, and realized many of my expenses were lower than they should have been (I put $500 for food whereas it's closer to 700-750). However, I think even with corrected updated expenses, I suspect we still make too much to qualify for HAMP. Especially now that our debt was wiped out (we still pay on our car but didn't reaffirm). In the meantime, I'm going to start paying the normal payment again and we'll see if that helps.

Out of curiosity, did you just email them a letter or did you include all of your paperwork you faxed previously?

I certainly don't plan on giving up without a fight.
Now that the nightmare of the 7 is over, and now that we can actually afford our regular mortgage payment, I plan on fighting all the way. I'd only file the 13 as a last resort....wish me luck!

We've applied about 5 times
I emailed them and then they contacted me.. asking me for a new package of financials. The Office of President is way more efficient then loan mitigation.