Started my HAMP modification 3-09. Wells Fargo put me on a trail modification from 9-09 until 11-09. I have a interest only loan. I was told it would roll into a permanent modification. That was not the case. Rejected November 10th but not told until December 22nd that I had been rejected for the final HAMP modification. The whole time I was faxing away and waiting on hold for hours thinking any minute they might approve me for my final HAMP modification. As late as 12-15-09 they asked for all my bank statements. When they told me that my HAMP modification had been exhaused back in Novemeber 10th I asked for a letter of denial. Both the lady I had been working with at the Presidential office and loss mitigation told me that I would never see a denial letter. I contacted Mark Oman's office and they drafted and sent a e-mail on 1-4-10. It stated that my HAMP modification had been denied because of my debt to income. They said that my bills were too high and that I was in the negative by over 300 per month. Wells Fargo offered me a forebearence for 6 months which means on 7-1-10 I would need to pay $7525.72 in one lump sum plus all the fees and penalties. Wells Fargo and the negoitiator got my numbers wrong and I resubmitted all my financials. 11 days later I was told that the finacial part got figured out and now I was being denied now because of my NPV. Basically, it would be better for Wells Fargo to let my house go into foreclosure then for a modification. The interesting part is 11 days ago they said it was financial but now that it has been fixed it seems like they needed to find another reason. I asked for them to send me a formal letter stating the reason for the 2nd denial. They said no. I called the Federal Reserve and they said that they needed to send me a written reason why I was denied. This is called Regulation B. At this point I am not late or in default. Even though I have spent 2,722 minutes on the phone with Wells Fargo (mostly on hold) and have sent 373 pages of faxes my main complaint is they feel they are above regulation B.
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