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We will consider your modification if you don't eat!

Date: Thu, 06/24/2010 - 11:44

Submitted by dantheman
on Thu, 06/24/2010 - 11:44

Posts: 860 Credits: [Donate]

Total Replies: 8


Just a bit of humor for all of you seeking loan mods... Just received a call from WellsFargo and was told that my financial worksheet needed to be reworked because my allowance for food at $600 per month was excessive. In discussing it, I broke it down with them that with a family of 3, that ends up being $6 per day per person. They insisted it was above the national average and I would have to lower it to be considered. So I told them we would go down to rice and beans at $5 per person per day. They said that would be better. 10 months....no modification or rejection.


Quote:

Originally Posted by ball_mich
Amazing. We spend $700-750 per month on food for my family of four. And we don't eat excessively or extravagantly. That's just over $6/day per person.


haha.. according to wf, you are substantially over the national average. from here on it is beans and bananas with skim milk.

ball mich, it's nice to hear from you. I don't pm much but when I get a chance I will do just that regarding my WF negotiations. You are the king of heloc settlement in my book. dtm


lrhall41

Submitted by dantheman on Thu, 06/24/2010 - 21:58

( Posts: 860 | Credits: )


Quote:

Originally Posted by dantheman
haha.. according to wf, you are substantially over the national average. from here on it is beans and bananas with skim milk.

ball mich, it's nice to hear from you. I don't pm much but when I get a chance I will do just that regarding my WF negotiations. You are the king of heloc settlement in my book. dtm


Yeah, I'm just living the high life at $6/day per family member.

I'm hardly an expert, but I'll answer what I can regarding your HELOC. It sounds like you are doing a pretty good job so far. PM me any time.


lrhall41

Submitted by ball_mich on Fri, 06/25/2010 - 08:58

( Posts: 360 | Credits: )


If you are going for the govt hamp program then the rule for a mod is that your current gross income (or P&L if self employed) needs to equal or be greater than a 2% mortgage payment.

If you are going for an in house wells mod, which is what they do if you don't qualify for HAMP, they are looking for your financial worksheet to show a SURPLUS, yes thats what I said a SURPLUS of $50-$100 per month pre mod. If you are underwater every month pre-mod, wells will deny you based on unaffordabilty.

PMI really kills mortgage mods hopefully nobody has PMI. I had PMI on one of my mortgages and got the crappyest mod on that one.


lrhall41

Submitted by on Fri, 06/25/2010 - 16:26

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