I'm not sure if anyone else has seen the effects of this, but I work in the industry and everyone that I see who has participated is screwed. They try to refinance after the modification and since they have been instructed NOT to pay there mortgage for 3 months they end up completely screwing their credit score and then have to wait to refi because their credit report shows there mortgage has been late too many times and that they have past dues to pay now. I would suggest trying a rate/term FHA refi or a DU refi plus if the appraised value is a concern. Just attempt the refi before its too late, you have nothing to lose.

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Posted by CroTiger

South Louisiana

Member since Dec 2005

614 posts

Posted on 10/21/10 at 8:51 am to cadn0327

Yep.

I tried a modification because we simply couldn't keep up the payments when my wife was laid off. Wells Fargo told us not to make payments while the modification was in review. They continually strung us along and repeatedly told us that we had certain paperwork missing, which was NOT true. I sent Wells Fargo the same peice of paperwork at least 4 times. The process ended up taking 4 months to complete and of course, at the end they told us that we didn't qualify for a modification. Two weeks later, we get a foreclosure notice in the mail because we had not paid the mortgage for 4 months per Wells Fargo instructions.

Now, am I unAmerican for not paying when told not to pay or am I unAmerican for my wife being laid off or am I unAmerican because somebody is taking my f**king house away from my 3 kids, my wife and myself through no fault of our own.

We are in the short sale process, have a written offer and are waiting for Wells Fargo to send out a negotiator to look at the property and make a decision. Of course, yesterday I am told that they are missing paperwork. Haha. This has been the most frustrating 6 months of my life.

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