Wells Fargo – Modification and other things that didn’t happen
first started on my journey with Wells Fargo last year. My parents spent 2009 recovering from various illnesses. I called them up and tried to get the loan modified.
For the next few months, I dutifully faxed over pay stubs, bank statements, and tax documents. I followed their instructions.
Several times, they dropped the modification because of missing documentation. Always, the documentation was there. I basically did everything efax, so I could tell them the date and time they received it, so that would pull us back into the program.
The roller coaster of waiting, having our hopes dashed, and then raised again had a harsh toll on my parents. Both of them are just about retirement age. When they purchased their house, the economy was roaring and they were convinced that it was the right thing to do.
Of course, now we know that it wasn’t.
Anyway, we were told on 12/20 that the modification was officially denied. They said if the modification went through, my parents’ monthly mortgage would be cost prohibitive.
We were given till January 11, 2011 to short sell the house. Just about 3 weeks, with one of the weeks being THE holiday week of the year.
But we hoped and prayed someone would buy the house.
It’s January 10th now. I’m not sure that it will happen.
We asked for Wells Fargo to delay the foreclosure one more time so that we could try to short sell properly, but they have refused. I guess they get to write off the loan either which way.
But my parents have survived a lot in their lives. They can go on from this. I’m not sure why Wells Fargo would rather not modify so that a family can stay in a house rather than having it vacant from foreclosure. They only know the answer to that mystery.
