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Wells Fargo HAMP loan modification activity for June 2010

Wells Fargo saw a dip in the number of active trial modifications in the month of June 2010

Many homeowners have had trouble making their mortgage payments during the modification period and as a result many Making Home Affordable modification trials have been canceled by a variety of lenders.

Yet, these cancellations and low numbers in the amount of trial modifications have fueled the fires of those homeowners to believe that lenders are not doing all they can to help homeowners.

The Making Home Affordable servicer performance report for the month of May 2010 showed that Wells Fargo had made 45,999 active trial modifications up until that point. However, the June report for the Making Home Affordable program stated that Wells Fargo only had 30,949 trial home loan modifications in progress. While this was a dip from the months of May to June, Wells Fargo did have an increase in the number of permanent home loan modifications they made.

The May report for the Making Home Affordable Program, concerning Wells Fargo, stated that 40,759 permanent modifications had been made until that point. Yet, there was an increase in June to 44,628 permanent modifications from Wells Fargo, which is seen as a positive sign by many. In January, Wells Fargo had only made 17,652 permanent home loan modifications at the time, but there has been a huge jump over the past months.

There are many homeowners who are, obviously, very angry with mortgage lenders and believe that more needs to be done.

Accounts from homeowners do raise questions about some instances where homeowners were seemingly denied a permanent modification despite going through the trial program with little trouble. However, Wells Fargo has been implementing mortgage assistance extension plans from the Making Home Affordable Program as many homeowners do not always benefit from modification.

Wells Fargo has also stated they are using in-house programs to help homeowners who do not qualify for one of the Making Home Affordable modifications, which is something other lenders have been doing as well. Despite offering various mortgage assistance programs and in-house assistance plans, some homeowners still have problems with their mortgage lender.

Sadly, this has caused many homeowners to turn away from their lender when seeking mortgage assistance. While it is often advised that a homeowner who is struggling to make their mortgage payment contact their mortgage lender, many homeowners believe that using alternative assistance programs or companies is the best route.

Yet, there are warnings of scams that have arisen, so homeowners are advised to be cautious when dealing with modification sources outside of their primary lender or the Making Home Affordable Program’s website.
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Source: http://www.rwbpress.com/2010/07/27/wells-fargo-hamp-active-trial-modifications-lower-in-june-2010-but-permanent-home-loan-modifications-increase/

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3 Responses to Wells Fargo HAMP loan modification activity for June 2010

  1. Wells Fargo HAMP loan modification activity for June 2010 | Loan … | American Financing Articles on 16/08/2010 at 20:03

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  3. TJ on 10/02/2011 at 09:54

    I have read what everyone has said and I am not surprised at all to see all of this as I work privately with investors who have very large sums of money held in the Private Wealth Division of Wells Fargo and here’s something to read and think about that happens with all banks and I mean all banks! If you are not in the private financial industry this may not make any senses to you but stop and think about this because the US authorities is now cracking down on everyone who has found ways to make millions of dollars the legal way and the government is pissed about it and calling everyone fraudulant.

    Read carefully below:

    Investors who have hundreds of millions of dollar at any major bank such as Wells Fargo have found a better way for those large investors to make a higher return on their money then what a bank will offer them, they simply rent/lease their funds/money to a company or person who needs to show large funds on their company ledger in order for them to do commodity/commercial deals worldwide, this is called a lease proof of funds (POF) and the investor will lease/rent their funds to the company/person for a period of 60 days at a time and charge anywhere from 2% up to 10% of the amount that the company/person is needing to show on their ledger. And what makes this safe to the investor is that the investor would allow a sub-account or non-depleating account to be opened under the investors main account, also called their master account and this keeps the investors money in their total control but now allows the company/person who leased/rented the money from the investor to now have an account with their name on it with let’s say $100 Million Dollars in it. And now this will allow the company/person to show that they have the credibility now to support whatever transaction/deal that they are trying to close or get into to.

    Let me show you an example of what I mean. Let’s say an oil company has a buyer that has come to buy a large amount of oil from them but they do not have that oil in their own port/holdings the selling company would need to go to a large refinery and order the oil that the buyer has asked for but the seller must show that they have enough money to support their order. Now, the buyer is paying the seller more so this means, the buyer is buying at retail and the seller would get the wholesale price and flip the sale directly to the buyer thus making the profit but if the seller doesn’t have enough funds in their account to show that they can afford the order then they would not be able to make the transaction happen at all and thus losing a large profit. Now the buyer has already showed and proved to the seller that they have all the funds to buy the oil so in order for the selling oil company to make a profit they will do what is called a flip sale and now is when they look to lease/rent money from a large investor because they can lease/rent the funds that they need to show the refinery that they can support their order. The refinery normally allows 7 days once the oil has been order to be transported to the final place and also payment. Thus making money now for the investor, the seller and the refinery and now transaction has been completed and money is now made and companies stay in business longer.

    Now it’s get’s better, the government is telling the world that all leased/rented funds also known as proof of funds (POF) are all scams and fraudulant but as you can see above it is a way for the wealthy people to make fast and higher return on their money that is sitting at a bank and they make alot more in those 60 days then any bank would offer them and this allowed a smaller company to start growing but the government doesn’t like the fact that all investors normally has a third party also known as an intermediary to do the transaction for them because no large investor has the time nor wants to deal direct with the general public. The intermediary get’s paid a commission for these deals and now the government is taking all these intermediaries down and calling them all fraudulant and scammers because they have found a way to work for themselves with large private investors. The government agencies do not like people who are smarter then them or who makes more then them and until the world understands that these are everyday people who are working to make a paycheck, the world will only see everything as a scam instead of seeing the facts with reasons behind the transactions. After all you can do research and see that many attorney’s now have given up their practice and have become an intermediary to these type of transactions/deals.

    Now what makes this bad with banks is that if someone becomes under an SEC, SS, or FBI investigation, all the banks play stupid and run for the hills and tell the government agencies that these type of accounts (leased/rented accounts) are not real but they are done everyday in the Private Wealth Department of all banks! So, my advise to people who only listen to the news is to do some serious due diligence on when you see that while you sleep that the United States, Government Agencies and Banks are making hundreds of millions of dollars on your money that is sitting in your account as well as they make money by trading your social security number on the international market thus helping to create more bank notes for them to sell to the international world and that my friends is how we got into this mess. The governments love when babies are born as this now gives a new social security number to have a bank note created for and on.

    My fellow American’s please start looking at what goes on behind the banking world because until you understand how money is really made you will see nothing but what reporters report and that is everything and everyone including all investments in the world must be a scam to all American’s because we can now be fooled very easy as our ears and eyes have been trained to only believe what is reported and that is what we have all done. If you would research the international trading market, the stock exchange and the private wealth world on how money is really created, you will soon see that thousands of people have been charged with guilt by a jury of it’s peers only because they have been programed to believe that everything is fake!

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