In Dec. 2007 when our job was relocated and we were forced to move to a more expensive area or lose the job, we put our house on the market and rented in the new location. We ate the mortgage payment monthly and paid rent painfully losing savings every month.
We contacted Wells and they said, "the only way we can help you is if you stop paying on your mortgage". We refused to do that. Our intention was to try to sell our home, be responsible home owners and do what we could. We also thought we would like to move back here at some point if we can find a job in the area.
When homes in the neighborhood were being short saled and foreclosed on and the selling of our home lost all hope of actually selling for the amount we owed on it (We didn't expect to get the 60K back on the home that we initially put down when we bought the home), we took our home off the market and contacted Wells Fargo again. They still refused to help us and said, "wait. The government may be putting out a new bill and the only way we can help you is, if you stop paying the mortgage". We decided to rent our home for $500 less then our mortgage because that was all we could get for the house.
At this point, Wells Fargo stated, that we were "investment property owners and they couldn't help us, because we were renting the propety". We still chose not to forclose on the home and continued to call Wells Fargo twice weekly to see what we could do, outside of stopping payment, foreclosure and putting the home up for a short sale, they referred us to Freddie Mac. Freddie Mac initially denied our request based on their calculater indicting that loan to income didn't match.
After working with their loan mitigation analyst, Robert Talerico for 9 months, we lowered most of our personal debt, expenses and increased the rent on our home by $100 when the initial renters moved out and moved to a rental in the area for $400 less. Robert Talerico, of Freddie Mac corresponded with us through email stating that he " liked working with people like us, who do what is necessary to show that they are committed to keeping their home". He stated he would put a request through on a loan modification. He indicated he would get the paper work to Wells Fargo and then they would adjust the mortgage to the new loan. However, as dumb luck would have it, Robert Talerico disappeared! Our emails went unanswered, our calls were sent to a voice mail that now no longer existed, and he was nowhere to be found!
At this point we sent Wells fargo all the paperwork, correspondence with Freddie Mac and Robert and they told us we had to reapply for a loan modification. We made the decision we could pay the amount on the mortgage that Freddie Mac indicated we would have to make based on the final discussion with Robert for the loan modification and again reapply through Wells Fargo home loan modification program.
Now, Wells Fargo has denied us again stating that " We (Wells Fargo) were unable to get you to a modified payment amount that you could afford per the investor guidelines on your mortgage. At this point we can only recommend the following options, and request you contact us to discuss them: Short Sale, Deed in lieu of foreclosure."
This company and Freddie Mac are in bed together giving us the run around and not helping good responsibble homeowners do the right thing! BTW, the loan authorized by Freddie Mac still would mean we would be paying the same amount, giving the bank the same amount at an additional 10 years of the loan, forcing us into a 40 year loan instead of the initial 30 year loan. We have been working with Wells Fargo through their inept customer service, and not having anyone deal directly with us trying to help us for the past 2 years.
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