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Wells Fargo mortgage modifiation

My daughter's husband left her in Nov. 2013..She fell behind in mtg. pymts. Tried to re-modify 2x, was denied both, with very vague reason. "Does not qualify for any programs".We the went to local HUD counselor who said "denial letter doesn't even show that they tried any options, such as HAMP, etc.HUD has re-submitted to WF all necessary aperwork AGAIN, and our fingers are crossed for a better outcome.Is there any gvmt. agency on housing that would listen to my complaints against WF? The making Homes Affordable agency says that they regulate and oversee lenders to make sure that they follow the guideline rules for these programs. Obviously, they aren't really checking into Wells Fargo all that well.My daughter, without question, fits into the criteria for the HAMP program, yet it was never offered by WF.They would rather short sale, take the $$ and run, I guess....Who could I file a complaint with about this...Thank you,Deb Brancodbranco1@cox.net
By dbranco1582 from RI Apr 30th 2015

The law requires the lender to allow for a HAMP modification only if the lender would net more money by doing the modification. One of the worksheet the lenders does is called a "net present value" calculation to determine if it's more profitable to modify or foreclose.. the government cannot force a lender to lose more money by modifying then they would if they foreclosed.. this is probably why your son-n-law is being turned down.. I'm not sure who you would complain to.. maybe the CFPB or HUD. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 30th 2015

As outlined by William, "Net Present Value" calculation is important whether or not a loan modification is allowed. There are other factors as well. You can contact the Consumer Finance Protection Agency and file a complaint. They will contact WF , but it does not guarantee a modification. I would also have your son in law contact www.equitychoicemanagement.com Terena is really exceptional on the loan modification front and will help determine if your son in law is eligble. www.SmartChoiceRealtySolutions.com

Apr 30th 2015

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