I applied for loan modification last month. I got a call from wells fargo yesterday saying that my application was denied. The reason given to me was “investor allows one modificatin for the life of the loan” In 2010 I was given forbearance for 27 months because I lost my job. Now I have a job and my payment reset back to the original payment. I wanted a permanent modification. I am current with my mortgage. Any one has any idea what i can do next. I want to keep the house.
While it is the investor that sets the guidelines for what can be done, forbearance is not generally considered a modification because of its temporary nature. Since you said Wells Fargo called you to inform you of the decline, I presume the modification request was not done through NACA since that would have been a violation of the terms of their agreement with us.
My suggestion is to simply try again, this time through NACA. If the rep at Wells Fargo misinterpreted the investor guidelines and mistakenly classified the forbearance as a modification, we could likely prevent that from happening again, even asking that the file be reviewed directly by the investor if needed.
If you have not done so already, please go to http://www.naca.com and click on the “Home Save” button to begin the process.