Anyone had any problems with wells fargo loss and mitigation department. It seems like just a run- around with different answers from each customer service rep that works there.

I have been behind for awhile. I was given a payment plan that I was paying until my x left & took all the bill money + my tax return because I wouldnt add him as part owner. So I asked the mortgage company if there is anything else I can do. Got 1 call back and have been calling for a week now and only get a answering machine. The late fees are growing- $200.00 per month and they sent back my payment because loss mitigation has my file.I have bad credit . one company said they could get me an equity loan but not for less than $20,000, and they get to keep $5,000. I have a good job and can make my payments the way they were before I got behind. Of course the x says sign the paper & it will all go away. Should I take the $20,000?

http://news.yahoo.com/s/ap/20081112/ap_on_bi_ge/meltdown_mortgages
There are three things that I would suggest - nothing really revolutionary and two of the three are already available in current legislation and just need to be implemented.
1) Emergency legistlation as applicable to Tranche market barring the withhold of loan modification for a period of no less than three years.
2) Change 1 eligibility requirement for Loan mods. Instead of owing more than 90% of the face value of loan make it 75%
3)”Fannie and Freddie own or guarantee nearly 31 million U.S. mortgages, or nearly six of every 10 outstanding” Does this mean that up to 40% of deeds to outstanding mortgages have not been perfected and vaulted? This is the crux of the problem. What I suggest is well within current guidelines:
Those deeds can be renegotiated 100’s of times on the open market. Firstly, all fees, commissions, interest etc. can be collected back from the original loan servicer and any intermediary loan servicer and or Title Company that did not file on a timely basis (say goodbye to all those big bonuses) I believe the current legistlation offers options to pursue individuals as well as corporations. Secondly, fines can be levied for not actively participating in loss mitigation. Thirdly, outstanding deeds can be voided and replaced. {If the mortgagee does not breach the agreement of loss mitigation in anyway (including refinancing, selling, etc.) at the end of the newly agreed upon mortgage term let the mortgaee be presented with a warranty deed} What that means to the consumer of an unperfected, unvaulted deed is that if you effectively and fully perform your obligations under your modified loan contract you will be presented with the best and most uncontestable deed to you home .

I have a 1 yr. lease on a fairly new home with 2 other people on the lease with me. We are in the 8th month now and we all have plans to end it after the year is up.

Last week, and just today, we received in the mail a notice titled “Notice of HUD Rights” from a company called National Foreclosure Relief based in NV (addressed to the landlord/homeowner). At first, I thought this was some type of solicitation and threw the first one away. It states that the notice is not an attempt to collect a debt but that the time to enter into a repayment plan is running out.

On the back is states:
“As of Jan. 19, 2001, the US. Department of Urban Development mandated that all borrowers who had loans governed by their loss mitigation guidelines be informed as to their rights to repayment programs.”…

The Homeowners have other properties they manage/lease aside from working in separate professions. I am almost certain that if a foreclosure is of concern then they would know about it.
My question is that if there is a foreclosure, do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from ‘legal experts’ who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you
My question is do we have a right to know if there is a foreclosure, and do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from ‘legal experts’ who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you
Thanks for the prompt reply rlloydevans. You thoroughly answered my question when I thought no one would, especially this late. Thank you.

I am doing a presentation on Mount Saint Helens for my Natural Disasters class. Part of the requirement is talking about what steps can be taken to minimize damages. I am kind of at a loss here.

If anybody could help me here, it would be greatly appreciated.

I met with a financial counselor through the state of MI to discuss whether foreclosure or keeping my house would be best. I had it on the market for nearly a year - nothing is selling here. I have no interest in keeping my house. The adjusting ARM is adjusting for a 2nd time and I can’t afford it along with the repairs, my loss of income and lets not ever start about how bad the neighborhood has gotten. The advice she gave me was to wait til I was 3 months delinquent on my house pay and then to contact the Loss Mitigation dept for Countrywide. She said a DIL is always a bad idea for the borrower unless you negotiate. I can ask them too
-cancel any deficiencies and fees
- eliminate negative credit refs
-allow extra time in the house
-pay moving expenses ($2000-$3500)
If I can get them to agree to DIL my only worry is the defiency judgement. I’m hoping to be able to get out of this without doing BK so if all goes well I can. Thoughts and advice are appreciated.
My next concern if I do get a DIL accepted is that the infamous 1099 form. Its disgusting to me that you will be taxed after losing your home. Is it an obnoxious amount? I’d have to clam BK anyhow — and since DIL is only slightly better than foreclosure maybe I’d be better doing the foreclosure process, thus avoiding the defiency judgement and the 1099 form and banking my money for the 8 months til I leave? This issue keeps me up at night so TIA for the help everyone.

If you are not working with a realtor and you are unable to supply the lender’s loss mitigation dept w/ requesed short sale documents eg. owners w-2’s, bank statements, hardship letter, pay stubs, etc should you go ahead and submit the offer anyway? And would you submit the offer to someone OTHER then the negotiator. If so, Who?

I have a 276K commerical loan that I have been trying to refi for the last few months with no success.. My lender who holds the note has done nothing and some other banks have said no as well.. Anyone have any idea’s? I have been told several times to miss a few payments which will send the loan to the loss mitigation or modification dept which should do the trick.. Any idea’s?

I am late 9 months on my mortgage with bank of america loss mitigation. I dont know what too do? Should i be using surplus or defceit to qualify for a loan modification?? Please help! i am a single mom from NJ

I am currently in the process of trying to purchase a short sell property. We started the process 6 months ago. Here is what has happened so far…

1. Offer and short sale package was submitted to bank.
2. BPO was performed
3. Bank counter offered us a value of BPO (in my mind it was about $50K on the high side)
4. We resubmitted our original offer as our counter offer.
5. as of 3/16 the Loss Mitigation officer submitted our file to the investor for approval.

So my question is what is next step in the process and how long does it approximately take? Does anyone know if this is a good sign of it being approved and heading towards closing?