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Wells Fargo rejected loan modification after homeowner made 5 payments on her trial modification

Wells Fargo rejected a loan modification package after the homeowner made five on-time payments during the loan modification trial period

Newly divorced and battling ovarian cancer for the second time, Lori Ann Mitchell was hoping for a home loan modification to help her get back on her feet.

What she received from Wells Fargo instead was a rejection phone call a few days before Christmas and the threat of foreclosure at the end of the month.

She never missed a payment

Still, she has never missed a mortgage payment on her north-side home.

Not when her monthly payments were $1,457.23 and she and her ex-husband were divorcing. Not when they dropped to $941.83 after Wells Fargo accepted her for a trial modification this summer under the federal Making Home Affordable plan.

She was supposed to make three trial payments under the program, but instead she said she made five as she waited and waited to hear from the bank. She’d call for updates, but could never get a set answer. She could never speak to the same person twice. And then …

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After taking five payments under her trial load modification period – Wells Fargo demanded more money or foreclosure

“They just dropped me. Boom,” Mitchell said. “It’s devastating. First of all I had put a lot of hope in this. I don’t find hope a lot with cancer. … But when I hit the third month, and they hadn’t rejected me; and I hit my fourth month, and they hadn’t rejected me, I started getting high hopes.”

Those hopes were dashed a few days ago with the ring of a phone. The voice on the other end of the line said Mitchell needed to pay the difference between her previous payments and the modification payments she had been making for the past five months. And that difference, about $2,500, was due by the start of the year.

“I didn’t expect them to call me and start harassing me for money, telling me ‘in two weeks it’s going into foreclosure,’ ” she said.

When Mitchell was pursuing her modification, she said she struggled to reach a human being at Wells Fargo. Now that she was being threatened with a potential foreclosure, she had no problem connecting with the bank.

Turns out Mitchell’s modification request was rejected because of some missing paperwork to verify her income. It’s a common obstacle in the modification process, the VP of Communications for Wells Fargo said, particularly if income includes factors like alimony or child support. A big chunk of Mitchell’s income comes from loans from her mom, and child-support payments.

Now that a reporter has called about Mitchell’s loan, though, Wells Fargo is taking a second look.

“In this case we are taking another look at the loan right now, and we’ll work to see if we can get the documentation in,” Goyda said. “We are trying to collect the documents that are still outstanding. If we don’t get those, we will evaluate other options.”
Source: http://www.azstarnet.com/business/321963

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