I am writing this so that everyone who has worked with or is working with Wells Fargo is aware of how their process doesnt work. I started a modification process with their loss mitigation department back in January and submitted all of the required paperwork and called in every week to be told it is currently under review or they are waiting for a negotiator to be assigned to my account. I am currently paying $2600 a month and I originally bought the home at $422,000 it is now worth $230,000. The only thing I was asking for is for Wells Fargo to put me into a 30 or even 40 year fixed rate loan. I was told 2 weeks ago that I have been declined becuase I am outside of the investor guidelines whatever that means. I called the HARP number and spoke to a representative there and they re-directed me back to Wells Fargo. I checked to see if I would be eligable for a making home affortable refinance made available through the Obama administration. I found out that my home value has dropped so much that I dont even fit into the guidelines to refinance under the government plan. Something is completley wrong here. I sent in the hardship letter and detailed everything. It is pretty sad that a short-sale is my only logical option. Because I am basically stuck with no where to go. Hopegully Wells Fargo approves the short sale and I can get out of this problem. I am not quite sure why Wells Fargo would be willing to sell my house to another person at the going price of $230,000 and not just modify my loan to that amount??? They must be insane. I have a credit score of over 800 points, and have an income to pay. For everyone that thinks there is HOPE NOW. I suggest you prepare other options. Wells Fargo is not willing to assist. I spoke with someone today about changing the names on the Mortgage and they wanted to charge me $937 to do that. I told the lady that I am having a very hard time not saying some things about the 22 BILLION dollars you got from US!!! Cut me some slack. They have only modified 6% of the eligible 100% of loans they have. They need to get moving. If I dont work I get fired. It is time to fire wells fargo.
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