A few hours left at Wells Fargo loan-mod event
Wells Fargo is in its final day of a mortgage-help event in Baltimore for struggling borrowers, and I just heard from an attorney who went with clients that it's been truly helpful.
Karl-Henri Gauvin said several of his clients walked away with loan modifications because representatives have the authority to approve them on the spot if the borrowers qualify.
"You cut through all the red tape," said Gauvin, a Baltimore attorney who was named volunteer of the year in September by the Maryland Consumer Rights Coalition.
The event -- also open to Wachovia borrowers -- is set to run until 7 p.m. today at the Baltimore Convention Center, One West Pratt Street. More details on the original post.
Did you go? Was your experience good, bad or neutral?
Posted by Jamie Smith Hopkins at 1:36 PM | Permalink
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Categories: Mortgages, The foreclosure mess
Categories: Mortgages, The foreclosure mess
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A friendly reminder:
Loan modification will crush your credit score. If your payment is $2,000 a month and they modify you to $1,500 a month, they report you as being $500 delinquent each month during your "trial period." (Although mortgages owned by Fannie Mae are reported as "in modification" and not delinquent)
That said, if you're in a position where it's loan modification or foreclosure, the modification will be significantly better for your credit.
Posted by: Craig | January 15, 2010 1:05 AM