Wells Fargo & Co. has modified loans for 6 percent of its borrowers eligible to participate in the federal government’s $75 billion foreclosure rescue plan, according to a U.S. Treasury Department report released Tuesday.
The finding places the San Francisco-based bank below average when it comes to the number of struggling homeowners it has helped take advantage of the Make Home Affordable Program (MHAP).
Of the 38 largest lenders participating in the program, Fort Worth, Texas-based Saxon Mortgage Services Inc. performed the best, helping 25 percent of eligible borrowers secure a trial loan modification. Six other companies had helped 15 percent or more of their borrowers who qualify modify loans. Ten lenders had not modified any loans as part of the program.
The federal government has set a goal of extending 500,000 trial modification loan starts by Nov. 1. Wells Fargo said in a press statement earlier Tuesday it is “accelerating” use of the MHAP program and expects to “achieve our portion of the government’s goal.”
#1 by Brian Beaver on August 10, 2009 - 7:21 am
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Wells fargo has my morgage and I have tryed to do a loan modifacation they only keep trying to do a forbarance that I can not afford and each time they offer one it higher than the one before. Please help I was never late until I got ripped off by a CO. called CIA they told me I could not get a lone modifacation unless I was behind What a fool I was They kept my money and left me in a mess. thanks Brian Beaver
#2 by Kelly Bigham on August 13, 2009 - 12:30 pm
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I just had a customer she submitted to Wells Fargo 4 months ago, they approved her modification with a payment increase!! Her info was not correct in the system. What a joke! http://www.modifyityourselfonline.com for full, ready to submit package, in 20-30 minutes! If you are not approved, you get a full refund of the $295
#3 by Kathy Pundt on August 31, 2009 - 3:17 pm
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My husband and I started the loan modification process on May 8, 2009. I was told that it would be reviewed in 30 days. I have kept a log of each time I have called and each time it is the same old story. Two weeks ago, I really thought – finally. I was speaking to a representative and he said that our mortgage was being reviewed! I called back again today and spoke to a “supervisor”. She said that there is nothing in my notes to indicate the our papers are in review. Furthermore, she said that they just received a directive stating (….that it will be another 60-90 days before any more decisions will be made”.
As we did not want to pay for refinance, and after speaking to a person at the Charlotte office, we were assured that this was the way to go.
When we first applied for “modification”, the interest rate was in the mid 4% range, now it is higher.
If anyone is aware of any recourse, please post your comments. I am sure there are many of us would be happy for any help.
Kathy Pundt