{"id":28340,"date":"2009-12-03T16:47:51","date_gmt":"2009-12-03T16:47:51","guid":{"rendered":"http:\/\/therealestatemango.com\/2009\/12\/03\/is-loan-modification-a-myth-wells-fargo-thinks-so\/"},"modified":"2019-04-23T20:55:13","modified_gmt":"2019-04-23T20:55:13","slug":"is-loan-modification-a-myth-wells-fargo-thinks-so","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/is-loan-modification-a-myth-wells-fargo-thinks-so\/","title":{"rendered":"Is Loan Modification A Myth….Wells Fargo Thinks So"},"content":{"rendered":"

\"foreclosure<\/a>Here is a tale of woe.\u00a0\u00a0 The story is true but the names and the city will remain unnamed.<\/strong><\/p>\n

Three years ago, a couple, we will call them, Mr and Mrs. Jones, bought a house,\u00a0at a modest price, and financed it with 20% down payment.\u00a0 Both Mr. and Mrs. Jones had jobs and they had no trouble paying the $1100 a month mortgage payment.<\/p>\n

In March of 2009, Mr. Jones was laid off.\u00a0 Mrs. Jones was furloughed from her job as a pilot.\u00a0 They were expecting their first child.<\/p>\n

Mr. Jones called Wells Fargo in April of 2009\u00a0to apply for a loan modification<\/strong> that had been written about in about every newspaper in the country.\u00a0 Banks had received bail out money and the government had instructed them to modify loans to avoid foreclosures.\u00a0 The people were waiting.<\/p>\n

Mr. and Mrs. Jones applied for and received unemployment benefits.\u00a0 All their information was given to Wells Fargo Bank.\u00a0 They were told that the bank would be in touch.\u00a0 After three months passed with no word from the bank, Mr. Jones called to inquire.\u00a0 He was told that they did not qualify for the first program but that they should submit more information and the bank would see what other program would apply.\u00a0 They were never told what each program was.\u00a0 This happened again three months later.<\/p>\n

Now, we are nine months down the line.\u00a0 Mr. Jones called the bank and was told they wanted all the information again since it had become out of date and that they had no idea when they would be hearing from them.<\/p>\n

While Mr. and Mrs. Jones are making the payments and are never late, the bank does nothing.\u00a0 If they stop making the payments the bank will change the interest rate for five months and if they make these payments on time, the bank will consider remodification.\u00a0 If they don’t modify the loan on a permanent basis, the Jones’ will owe the bank the difference between the original payment and the reduced payment.<\/strong><\/p>\n

THIS DOES NOT HELP PEOPLE!\u00a0\u00a0 THIS IS NOT AVOIDING FORECLOSURE!\u00a0 The\u00a0 banks must be compelled to comply with the wishes of the U.S. government.\u00a0\u00a0 Congress must enforce the conditions under which the banks received bail out money.\u00a0 <\/strong>The road to hell was paved with good intentions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here is a tale of woe.\u00a0\u00a0 The story is true but the names and the city will remain unnamed. Three years ago, a couple, we will call them, Mr and Mrs. Jones, bought a house,\u00a0at a modest price, and financed it with 20% down payment.\u00a0 Both Mr. and Mrs. Jones had jobs and they had<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nIs Loan Modification A Myth....Wells Fargo Thinks So - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/is-loan-modification-a-myth-wells-fargo-thinks-so\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Loan Modification A Myth....Wells Fargo Thinks So - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Here is a tale of woe.\u00a0\u00a0 The story is true but the names and the city will remain unnamed. 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