Wells Fargo said the investor does not allow Loan Modifications... is that right?

Mike,

Currently requesting a loan mod with WF as well. Any luck on your end?

Option One is my servicer, and they are telling me the same thing about Wells Fargo. However I called Wells Fargo collection Dept and they said that they do Modify loans for their clients....whats the dif?

I have an 80/20 loan both with ASC, I have been trying to work out a loan modification for the 1st mortgage which is adjusting every six months. The 1st time we were rejected because they said we did not make enough money to pay our mortgage, then my husband and I received small raises, so we tried again. Again rejected stated we made to much money. We have never been late, but we are struggling like others to just pay our mortgage. We have lost so much equity in our house we cannot refinance. We have called everyone and cannot get help! Now I am wasting my time with them for one more rejection. We do not know where to turn just so we can keep our house and not give up our 1st born to do that. ha,ha, ASC is no help to us!!

The same happened to us! We have an 80/20 loan with Wells Fargo since the 1/08 I have been trying to get a loan modification. The first time we were approved over the phone then received a letter saying they denied the loan modification because we did not earn enough money but we could sign over our interest in the house to the investor.We did not. Then a few months later they wanted us to try again with same numbers and waited the 6-8 weeks and I finally called to check and they told me we were denied again because we make TOO MUCH money!! Then we received a letter from them wanting us to sign our interest in the house to the investor. Our payment went from $3680.00 in 4/07 to $5600.00 in 4/08(this includes the adjustments of the ARM,tax escrow that they paid they collect for last year ,this year and next year,last year was already paid??? and late fees). So I call for help and they ask every time I call why the delinquency, I tell them about our payment skyrocketing and there is silence on their end. We can't sell, we can't refi,we don't want to walk away. So we make our payment late every month we love our home and want to stay. I just want a fair mortgage what are we supposed to do???

I called Asc again when I was told that there is an adjustable rate department that can help us. Well that is a lie, I called them and of course it is the same dept. that I tried to get a modification from them several times. I spoke with a girl on the phone and she of course wanted to do our finances agian and I told her they were crazy because they have turned us down three times and what makes them think I could qualify now. Like before I told her we just want a fixed rate nothing more just so we don't increase every six months. She then said we have to do the paper work again so they can see if we qualify to pay a fixed rate. Of course I Was even madder because she said just because we pay ontime doesn't mean we qualify, they have to make sure that we can support a fixed rate. By then I was so mad I said I pay now at a high rate but you don't think I could pay a lower rate. She then said they have to make sure I am not borrowing the money to pay. I then proceded to get more ____off and said they are crooks and I am not doing this then Of course she said I got myself into this by not reading my documents and of course I told her I like everyone else was lied to and told don't worry you can refinance before your rate adjusts. Ha this is a big Lie!! I am so frusturated and just want to stay in my home.!!! We need help to do this!!