Just got denied

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  • #978
    kassahunw
    Participant

    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.

    #979
    TTrumble
    Member

    Hello kassahunw,

    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.

    I wish you the best!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #984
    kassahunw
    Participant

    Hello Tim,
    I applied the modification through NACA. If you have time you can take a look at my file. How do you want me to give you my membership number?
    Kassahun

    #991
    TTrumble
    Member

    Hello kassahunw,

    Please send me your name and ID number at the e-mail address below. Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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