Dyanna, Las Vegas, NV
This is how Wells Fargo Bank (WFB) modifies loans. 03/08, my son-in-law purchased a home. 04/08, WFB purchased his loan. 07/08, four months after the purchase; my daughter lost her job. 08/09, they applied for a modification as home was worth $80,000.00 less than what they paid for it; the large payment is a hardship as his wife still unable to find gainful employment. 10/09, WFB gave them a forbearance for 3 months to determine if they could be given a modification and pay the 3 payments on time. During the 3 month forbearance, WFB told him to pay $1,118.00 per month. They pay all 3 payments on time. At the end of the 3 month forbearance (12/31/09), WFB had not made their determination on the loan, so WFB instructed them to continue to pay the $1,118. Until a decision was made. What WFB has determined is a fair and equitable modification to help this young couple keep their home is: add $13,000.00 to the balance of a loan (penalties and interest during the 6 months of reduced note), keep the interest rate at the 6.5/8's it was when they 1st received their loan, RAISE the monthly payment by nearly $100.00 (from $1,612 to $1,708) and this should help this young couple keep their home. Now WFB should be run out of business!!!
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