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Man offered $2 mortgage loan modification

How would you like to have your loan modification to result in a payment reduction of reduced $2 and never know the real reason why? In an article from newsnet5.com titled "Independence Man offered $2 Loan Modification" Mike Elewski said Wells Fargo offered to reduce his monthly mortgage payment. Elewski, lives in Independence, Ohio.


When the recession began to affect his business in August 2009, Elewski began asking Wells Fargo for a reduction in his monthly payments but never asked how much of a payment he wanted reduced in specific terms.

Elewski said Wells Fargo phone representatives told him Wells Fargo only processes loan modifications when loans are delinquent at least a number of days between 16 and 90. Elewski stopped making his mortgage payments and ended up in foreclosure.

A judge ordered mediation between Wells Fargo and Elewski. After filling out massive amounts of paperwork and spending thousands of dollars for an attorney, Elewski said the bank offered him a $2 reduction in his mortgage payments Friday without indicating why or how much income they were able to validate.

The Ohio attorney general's consumer protection unit has received close to 450 complaints involving mortgages since Jan. 1, 2011. According to documents obtained by newsnet5.com, most customer complaints involve mortgage servicers and lenders.

Wells Fargo has yet to answer anyone's questions about Elewski's modification. A spokesperson did send newsnet5 this statement: "Modifications are complex and it is difficult to validate what was truly said and heard in the many conversations it takes to find a viable option for a customer. That said, we would never advise customers to deliberately miss payments. Regarding Mr. Elewski’s situation, we are continuing to work with him to identify potential options that would allow him to retain homeownership."

Newsnet5 investigator Sarah Buduson is working to get more specific answers from Wells Fargo about  mortgage modification practices.
Parts of this article are Copyright 2011 Scripps Media, Inc. All rights reserved.

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.



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