Here is my story ….

In January of this year, we contacted our mortgage company, Wells
Fargo in an attempt to lower our monthly mortgage payment. Our family
business has been declining in recent months, and we cannot afford to
pay the total monthly due right now.

We were first told to freeze payments immediately & to fax a profit &
loss statement, along with proof of income (or 3 months of bank
statements in our case). In order for us to go forward on reducing our
monthly payments.

After doing so-and having to fax all 27 pages over a dozen times,
since they apparently didn’t receive the first 11 faxes I sent, they
finally confirmed they got it & it was going to take 30-90 days, and
again-they advised me not to make the payments. I asked why & a
representative explained that the reason to freeze the payments, is
that when we get approved for the mitigation/modification (they were
never very clear & kept telling me they are the same thing..) all of
the past due payments would be put back into the total balance, ‘like
a fresh start’ were there words exactly.

They told me to just call every couple of weeks to see if we were
approved or not. I did this for over 3 months & they continued to tell
me the same thing.

2 days ago (3 months later) I got 2 letters in the mail from wells
Fargo.

The first one said that unfortunately our application for a re-
modification was denied & the decision was based on us not being able
to ‘come to an agreement’. Then it continued on stating that ‘there
may be other options, however in our case there are no other options’

I opened up the other letter & it was a statement reflecting the
following information;

Total Due by 5/1/08: almost $17,000

In a highlighted box to the right, it stated that the balance was due
in full & if not paid IMMEDIATLEY, foreclosure proceeding would begin.
I immediately called wells fargo & got disconnected 5 times literally,
after not giving up, I spoke to a rep that informed me the reason for
our request being denied was ’missing information’. Apparently they
called just days before their decision & ‘left a message’ requesting
more current documentation

First off, they didn’t leave a message, I check the answering machine
daily and never received anything from them.
Secondly, after taking over 3 months to decide that they needed more
information—because they took too long, they cant wait 3 days?

What ever happened to US Mail?

A letter would have been sufficient, since I never got their so called
‘message’.
The representative advised me of the following options;

1. Pay the delinquent balance of $17,000 in full.

2. Request a re-payment plan, which would require me to pay $8,000 up
front & the rest I could pay off in addition to my monthly payment-
actually making it higher

3. Re-apply for the modification, HOWEVER-the house will be in
foreclosure & obviously ding my credit, but they would freeze the
‘force sale’ process while my request was in review. And she informed
me of something else I was never told before…

That a modification would only reduce my payments a total of $200
MAXIMUM/month anyway. Is this true?

About an hour after I got off the phone, a woman showed up saying that
she was a representative of Wells Fargo & she needed to take pictures.
She had a paper that said 'property inspection' on it. coincidence? I
dont know.

I am confused, scared, and not sure what to do here

What concerns me the most, is that I have a lot of equity in my house
& now I am beginning to think I may loose it.
Current market value is about $1.3m
I owe $360k on it
My payments (including escrow/property taxes) are $4059.00/month & I
am on a 15 year fixed rate: 5.5%
With a maturity date of 9/19
Last payment was made in January of 08.
If anyone can give me any direction, I would very much appreciate
it!!
Anya Burnham
email

In article
,
wrote:

I am confused, scared, and not sure what to do here

I think you should let them take your house away. You just are
not home owner material. It takes a certain level of knowledge,
understanding, and care to own a home. You just are not there
yet. You need to work and rent for a while longer, and then
try again in 8 to 12 years. Maybe you will have better luck
then.

If you were homeowner material, you wouldn't have gotten yourself
3 payments behind, and if all you need is $17,000 to pay off the
note, you would find a way to do it. $17K isn't that much. If
you handn't of ruined your credit, you could have gotten an H/E
loan. Now, you still have options of borrowing from kids, family,
parents, credit cards, against cars, from your retirement account,
and maybe still an H/E loan. You do anything you can to save your
home from foreclosure, especially if it is only a small amount
left to pay.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * *
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

On Apr 29, 4:16 pm, "John A. Weeks III" wrote:
In article
,

wrote:
I am confused, scared, and not sure what to do here

I think you should let them take your house away. You just are
not home owner material. It takes a certain level of knowledge,
understanding, and care to own a home. You just are not there
yet. You need to work and rent for a while longer, and then
try again in 8 to 12 years. Maybe you will have better luck
then.

If you were homeowner material, you wouldn't have gotten yourself
3 payments behind, and if all you need is $17,000 to pay off the
note, you would find a way to do it. $17K isn't that much. If
you handn't of ruined your credit, you could have gotten an H/E
loan. Now, you still have options of borrowing from kids, family,
parents, credit cards, against cars, from your retirement account,
and maybe still an H/E loan. You do anything you can to save your
home from foreclosure, especially if it is only a small amount
left to pay.

-john-

--
================================================== ====================
John A. Weeks III 612-720-2854
Newave Communications http://www.johnweeks.com
================================================== ====================

I don't think I'd be so hard on the OP.
Assuming that his story is accurate, he did exactly what WF told him
to do, and ended up the worse for it.
unfortunately, WF probably isn't the holder of the mortgage; they just
process the payments and have no particular interest.

Never do stuff over the phone without a recorder. Do it all by mail.
I'd get me a lawyer on this one, just for my own protection.

In article
,
wrote:

I don't think I'd be so hard on the OP.
Assuming that his story is accurate, he did exactly what WF told him
to do, and ended up the worse for it.
unfortunately, WF probably isn't the holder of the mortgage; they just
process the payments and have no particular interest.

So, if Wells Fargo had told this person to jump off of a cliff,
would they have done so? You never let some big company jerk
you around like this. The advice that WF gave was awful. You
never miss house payments like that on the advice of a 3rd party.
People have a responsibility to understand what they are getting
into and how basic things in life like a load work. If you are
not that sophisticated to be able to have a loan, then you have
no business getting into home ownership.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * *
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

On Apr 29, 9:18 pm, "John A. Weeks III" wrote:
In article
,

wrote:
I don't think I'd be so hard on the OP.
Assuming that his story is accurate, he did exactly what WF told him
to do, and ended up the worse for it.
unfortunately, WF probably isn't the holder of the mortgage; they just
process the payments and have no particular interest.

So, if Wells Fargo had told this person to jump off of a cliff,
would they have done so?
Ordinarily, no.

You never let some big company jerk
you around like this.
The OP didn't know--yet--that WF was taking him for a ride. MOST
people have no idea how the mortgage industry works. So, they would
probably follow the given advice.
Some know enough to know that they shouldn't trust just about anybody
in that industry.

The advice that WF gave was awful.
It borders on criminal. Too bad it was verbal instead of in writing.
There's a lesson there. Remember, you don't get to borrow money
without WF--or whoever--putting everything in writing to protect the
mortgagor.

You
never miss house payments
The OP probably knows that.....now.

like that on the advice of a 3rd party.
I wouldn't let them set me up like that even on the advice of the
FIRST party!

People have a responsibility to understand what they are getting
into and how basic things in life like a load work. If you are
not that sophisticated to be able to have a loan, then you have
no business getting into home ownership.

You shouldn't have to be sophisticated enough to not follow the
instructions from the mortgage company. They shouldn't be lying and
screwing things over.
But they do. And we keep letting them do it.

As you may guess, I have no sympathy for the mortgage bankers, loan
sharks, and developers in the current crisis. Only a year and more
ago they were rolling in money, and didn't keep the prices lower. I
wouldn't either. But they screwed up, and now they pay the piper.
Those elected officials that want to bail them out should be voted
right out of office at the first opportunity.

Oh, and for those homebuyers who bought more than they could/should
have, I don't have much sympathy either.

On Apr 30, 6:47*pm, wrote:

The advice that WF gave was awful.
It borders on criminal. *Too bad it was verbal instead of in writing.
There's a lesson there. *Remember, you don't get to borrow money
without WF--or whoever--putting everything in writing to protect the
mortgagor.

Pet peeve: A mortgagor is a buyer who requests a loan by pledging to
the mortgagee the property as collateral for a loan. A mortgagee is
the party to whom property is mortgaged. I know many people who claim
that they "got" a mortgage. In reality, they obtained a loan by
"giving" a mortgage to the mortgagee (the lender).

With that typed, I agree that the verbal advice provided by WF is
slimely, but that does not relieve the OP (mortgagor) of their
responsiblity to make timely payments to the mortgagee per the written
loan agreement.

On Apr 29, 9:18*pm, "John A. Weeks III" wrote:
In article
,

wrote:
I don't think I'd be so hard on the OP.
Assuming that his story is accurate, he did exactly what WF told him
to do, and ended up the worse for it.
unfortunately, WF probably isn't the holder of the mortgage; they just
process the payments and have no particular interest.

So, ifWellsFargohad told this person to jump off of a cliff,
would they have done so? *You never let some big company jerk
you around like this. *The advice that WF gave was awful. *You
never miss house payments like that on the advice of a 3rd party.
People have a responsibility to understand what they are getting
into and how basic things in life like a load work. *If you are
not that sophisticated to be able to have a loan, then you have
no business getting into home ownership.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * *
Newave Communications * * * * * * * * * * * *http://www.johnweeks.com
================================================== ====================

first of all John,
When someone is looking for help with something as serious as the
possible forclosure of their home, the last thing they need to hear is
how stupid they are, or how they should probably wait 8 - 12 years.
How is that helping at all? Honestly. save your bull**** holier than
thou attitude for someone else.
If my loan was processed thru Wells Fargo Bank, and I make the
payments to wells fargo bank, and my mortgage bills come from Wells
Fargo Bank, am I supposed to automatically know that there is another
party in the picture?
If I make payments to the bank, and I go to them for help, and they
tell me they can help lower my monthly payment, am I stupid for
believe them? Im not in the mortgage industry, I had never heard of
anything like this happening to anyone before, how was I supposed to
know what the potential outcome could be?
Hearing that you dont have to make payments while they are processing
your modification, and to rest assured that the amount of money due
from the missed Payments will go back to the principal of the loan, is
music to someones ears when they are encountering a serious financial
hardship.

I have a busy life & I dont have the time to be trying to prove myself
to some ignorant asshole that probably sits in front of his computer
whacking off all day.

In article
,
wrote:

If my loan was processed thru Wells Fargo Bank, and I make the
payments to wells fargo bank, and my mortgage bills come from Wells
Fargo Bank, am I supposed to automatically know that there is another
party in the picture?

Like I said, you simply may not be homeowner material. You might
be far better off as a renter. That is a lot simpler scenario, and
the sums of money are smaller.

I have a busy life & I dont have the time to be trying to prove myself
to some ignorant asshole that probably sits in front of his computer
whacking off all day.

It sounds to me like you are so busy that you are too busy to save
your house. In that case, you better set aside some time on that
social calendar to hunt for an apartment and move at the end of the
month.

Otherwise, saving your house is going to mean doing some homework,
taking some advice, and doing a lot of legwork. But so far, it
doesn't seem like you are interested in doing that.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * *
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

In article ,
RosemontCrest says...

On Apr 30, 6:47=A0pm, wrote:

The advice that WF gave was awful.
It borders on criminal. =A0Too bad it was verbal instead of in writing.
There's a lesson there. =A0Remember, you don't get to borrow money
without WF--or whoever--putting everything in writing to protect the
mortgagor.

Pet peeve: A mortgagor is a buyer who requests a loan by pledging to
the mortgagee the property as collateral for a loan. A mortgagee is
the party to whom property is mortgaged. I know many people who claim
that they "got" a mortgage. In reality, they obtained a loan by
"giving" a mortgage to the mortgagee (the lender).

With that typed, I agree that the verbal advice provided by WF is
slimely, but that does not relieve the OP (mortgagor) of their
responsiblity to make timely payments to the mortgagee per the written
loan agreement.

The instructions as he (the original poster) described them make so little sense
I wonder if he misunderstood. Being as the mortgagee stands to lose a lot by
selling at a loss at a foreclosure auction in this market, I can't even think of
a nefarious reason they'd do it to benefit themselves.

Banty

In article ,
says...

On Apr 29, 9:18 pm, "John A. Weeks III" wrote:
In article
,


As you may guess, I have no sympathy for the mortgage bankers, loan
sharks, and developers in the current crisis. Only a year and more
ago they were rolling in money, and didn't keep the prices lower. I
wouldn't either. But they screwed up, and now they pay the piper.
Those elected officials that want to bail them out should be voted
right out of office at the first opportunity.

Oh, and for those homebuyers who bought more than they could/should
have, I don't have much sympathy either.

I don't think we have enough information to know which this is.

Banty

On May 1, 4:24 am, "John A. Weeks III" wrote:
In article
,

wrote:
If my loan was processed thruWellsFargoBank, and I make the
payments towellsfargobank, and my mortgage bills come fromWells
FargoBank, am I supposed to automatically know that there is another
party in the picture?

Like I said, you simply may not be homeowner material. You might
be far better off as a renter. That is a lot simpler scenario, and
the sums of money are smaller.

I have a busy life & I dont have the time to be trying to prove myself
to some ignorant asshole that probably sits in front of his computer
whacking off all day.

It sounds to me like you are so busy that you are too busy to save
your house. In that case, you better set aside some time on that
social calendar to hunt for an apartment and move at the end of the
month.

Otherwise, saving your house is going to mean doing some homework,
taking some advice, and doing a lot of legwork. But so far, it
doesn't seem like you are interested in doing that.

-john-

--
================================================== ====================
John A. Weeks III 612-720-2854
Newave Communications http://www.johnweeks.com
================================================== ===============
John,
I posted my message to see if anyone had been through this & if so,
maybe they could give me some direction. I also wanted to put it out
there, to help prevent this from happening to anyone else.
You do not know all of the circumstances, nor did I ask what you
thought about me as a homeowner, or how many years you thought it
would take until I may be mature enough to become a better one.
Just a thought...
You should consider taking your contact information off the bottom of
your postings. One day your going to **** of the wrong person

In article ,
says...

On May 1, 4:24 am, "John A. Weeks III" wrote:
In article
,

wrote:
If my loan was processed thruWellsFargoBank, and I make the
payments towellsfargobank, and my mortgage bills come fromWells
FargoBank, am I supposed to automatically know that there is another
party in the picture?

Like I said, you simply may not be homeowner material. You might
be far better off as a renter. That is a lot simpler scenario, and
the sums of money are smaller.

I have a busy life & I dont have the time to be trying to prove myself
to some ignorant asshole that probably sits in front of his computer
whacking off all day.

It sounds to me like you are so busy that you are too busy to save
your house. In that case, you better set aside some time on that
social calendar to hunt for an apartment and move at the end of the
month.

Otherwise, saving your house is going to mean doing some homework,
taking some advice, and doing a lot of legwork. But so far, it
doesn't seem like you are interested in doing that.

-john-

--
================================================== ====================
John A. Weeks III 612-720-2854
Newave Communications http://www.johnweeks.com
================================================== ===============
John,
I posted my message to see if anyone had been through this & if so,
maybe they could give me some direction. I also wanted to put it out
there, to help prevent this from happening to anyone else.
You do not know all of the circumstances, nor did I ask what you
thought about me as a homeowner, or how many years you thought it
would take until I may be mature enough to become a better one.
Just a thought...
You should consider taking your contact information off the bottom of
your postings. One day your going to **** of the wrong person

Neither this kind of veiled threat nor your shifting gmail addys help your cause
much.

Yeah, the guy who jumped on you right away as to what kind of homeowner you are
was out of line IMO, but at this point I'm wondering how much I believe your
story and to what extent you might have gotten your own self into a corner with
this behavior. For example, if you're so impatient and quickly hostile here,
did you really calmly listen to what Wells Fargo was advising you do to?
Because the only way I see for this story to hang together is that you probably
misunderstood what you were being instructed to do.

Banty

In article
,
wrote:

I posted my message to see if anyone had been through this & if so,
maybe they could give me some direction. I also wanted to put it out
there, to help prevent this from happening to anyone else.

But that is like calling 911 after your boat has already sunk.
You needed to ask for help 6 months ago. Today, you have trashed
your credit and put your back up against the wall so tight that
you don't have any options left. 6 months ago, you had options.
Today, you are mostly a spectator.

Just a thought...
You should consider taking your contact information off the bottom of
your postings. One day your going to **** of the wrong person

I have been using my real name and real telephone number on the
Internet for 25 years, and in all that time, I have never had any
trouble. Given all the good people that I have met, and the fun
conversations that I have had, I think the risk is worth it. And
if someone really wants to come after you, it wouldn't take too
much for them to find you.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * *
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

On May 1, 11:15 am, Banty wrote:

Oh, and for those homebuyers who bought more than they could/should
have, I don't have much sympathy either.

I don't think we have enough information to know which this is.

Banty

I don't have sympathy for the group, even if I don't know who is in
it! 8)