October 30, 2008

Paging Mary Coffin!

Hi Paul,
 
Good day. I have a 20-80 mortgage. My home’s current value is 330,000. My total loan amount is 515T.

I am current on my payment despite my financial situation.

Im currently on disability . I have been on disability since Dec. 07. Because of that, paying my mortgage is a challenge and my resources have been  running dry. 

I called hope now  and they assisted in forwarding my financial worksheet to the bank.

Yesterday, Oct 28, i called Wells Fargo to follow up. I was told that my request for modification was denied. They said I have the option of a short sale or a deed in leiu…

Im not sure if Hope for Homeowners have been applied in the review of my docs. Is it in place now? It seem like it is a hoping against hope thing with the bank. 

Grace

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Hi Grace,

According to Ms Mary Coffin, EVP of Wells Fargo Home Mortgage, Wells feels 30,000 to 40,000 homeowners “may qualify for” the Hope For Homeowners program.

The challenge would be to write-down the loan to a 31% mortgage payment-to-income ratio based on your current income on a voluntary program.

Read: Heavy Hand Loan Mod

Thanks for the questions and hope this helps.

Paul

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