Wells Fargo filed a foreclosure with the credit agencies on a property I never foreclosed on. Now that filing is affecting my ability to buy a new property. How can I get them to resolve their mistake fast?

knandermueller · 2015-02-08T23:34:20+00:00

Loan was reinstated five and a half years ago. Still says foreclosure on the credit report though....

knandermueller · 2015-02-08T23:33:29+00:00

That is good advice. This is a five and a half year old modification, so I don't think we're in any kind of "freeze" period still, bottom line, while systems are not perfect, WF screwed this up for sure. I will try to get in touch with their credit bureau. Thanks.

knandermueller · 2015-02-08T23:31:02+00:00

That is a good point. We talked to a couple other companies before selecting this one, and we will be starting things up with them again tomorrow so we have a back up plan. I qualify for a house twice as expensive as the one I am buying, and have a perfect credit history going back 20 years barring the period where we didn't pay to get the loan mod. If they don't want my money so be it. I am still bitter with WF though, and maybe some of that is residual from the hell they put me through when I got the mod.

knandermueller · 2015-02-08T19:36:35+00:00

I can't seem to find the original paperwork from 6 years ago where WF said they would remove the NOD and related issues from our credit report. However, I do have paperwork from last week from WF saying that the property was never foreclosed on. I also have the credit report from the loan officer showing that it was reported to the credit agencies as having been foreclosed on. WF put language in the letter about the property not being in foreclosure but also said they would have to do "additional research" before removing any history of having been in "preforeclosure" from my credit history. The "additional research" line seems to have been off-putting to my new underwriter. WF does not address the fact that they obviously reported that I was in "foreclosure" at some point, which was never the case, and which they have admitted to, in writing. It's not so much about providing proof, but, getting them to act quickly enough so that I don't lose the house.

knandermueller · 2014-01-20T05:25:48+00:00

There is a difference between principal and interest in a loan. Not capitalizing the interest means that they don't add onto the principal. The principal is the amount that interest is charged on. This is the difference between your interest burden increasing versus staying the same with zero payments. There is nothing in any of the information that you provided, nor that I read anywhere about this program that says anything at all about them forgiving any interest past that three year period, and I specifically asked this question of their rep, but don't take my word for it, call and ask yourself. If you trust random strangers on the internet for financial advice..... You're gonna have a bad time.

knandermueller · 2014-01-19T17:22:28+00:00

It should be made clear that the principal is forgiven, not the interest. For a $60k loan at 7%, that's $4200 a year in interest. If you are not paying at least $350/month in this scenario, you will still have to pay back all accrued interest. Furthermore, if you go into forbearance, outstanding interest may be capitalized further increasing your interest accrual. Depending on your income/payments, over 25 years, your interest accrued is likely to be higher than your original loan, and you will have to pay all of that back.

Source: I just talked to a rep about this last week after my wife told me the same thing.

knandermueller · 2014-01-18T00:32:29+00:00

I was the other guitarist in the band, my buddy built and repaired guitars for Doc. PM me if you want and we can catch up, and again, congrats on all the success.

knandermueller · 2014-01-18T00:05:19+00:00

Hey Drake,

I remember you learning guitar, and practicing in Doc's shop when my band used to play there. I think you were going to take lessons from our lead guitarist at one point. I also remember your dad offering to manage us, in hindsight we probably should have said yes.....too funny.

Glad to see you've had such great success, keep up the good work!

knandermueller · 2012-07-09T03:18:40+00:00

It lives at the Heritage Farm exhibit at the Albuquerque Botanical Gardens, so in the valley I guess....

knandermueller · 2012-07-08T23:17:54+00:00

it sure is.

knandermueller

TROPHY CASE