LOST V3GAS
Junior Member
What is the name of your state (only U.S. law)? NEVADA
My loan is current, no late payments, and Wells Fargo has finally agreed to offer me a HAMP modification trial period agreement which I must sign and return by 9/5/2009.
The FAQ included with the trial paperwork indicates the loan will be reported to the credit agencies as delinquent/"partial payment" however the actual agreement (Fannie Mae/Freddie Mac Form 3156) that I sign and Wells Fargo is required to sign makes no mention of it. I intend to make my full normal payments during the trial period, not just the reduced payment required in the trial agreement, to give myself the ability to fight any negative credit reporting in the future. In addition, I plan to mark-up the agreement in Section 4 - "Additional Agreeements" by adding my own line item "Wells Fargo Home Mortgage agrees to report to the credit agencies debt is 'paid as agreed'. "
If Wells Fargo signs the agreement with my markups, is it legally binding? I'm willing to bet the person who handles the paperwork won't notice the comments and process it without thought which could be very favorable for me. Do I need to do anything to highlight my ammendment to make sure it's enforcable or is my plan a non-starter and a waste of time?
A little additional background: The basis of my hardship is unemployment but I've remained current on the loan thanks to responsible planning. My credit score is near perfect so I have a lot to lose if any negative comments are reported. I've read the Bloomberg article where someone in my similar situation lost 121 points on their FICO score. Potential employers in my industry use credit scores in their decision process so it's very important for me to maintain good credit standing.
Also... I was denied several times for modification but I was able to get somewhere after I personally e-mailed several Wells Fargo executives. You just need to be persistent. I've read a lot of posts from misinformed individuals claiming you can't be eligible unless you miss payments. There's way too much misinformation out there.What is the name of your state (only U.S. law)?
My loan is current, no late payments, and Wells Fargo has finally agreed to offer me a HAMP modification trial period agreement which I must sign and return by 9/5/2009.
The FAQ included with the trial paperwork indicates the loan will be reported to the credit agencies as delinquent/"partial payment" however the actual agreement (Fannie Mae/Freddie Mac Form 3156) that I sign and Wells Fargo is required to sign makes no mention of it. I intend to make my full normal payments during the trial period, not just the reduced payment required in the trial agreement, to give myself the ability to fight any negative credit reporting in the future. In addition, I plan to mark-up the agreement in Section 4 - "Additional Agreeements" by adding my own line item "Wells Fargo Home Mortgage agrees to report to the credit agencies debt is 'paid as agreed'. "
If Wells Fargo signs the agreement with my markups, is it legally binding? I'm willing to bet the person who handles the paperwork won't notice the comments and process it without thought which could be very favorable for me. Do I need to do anything to highlight my ammendment to make sure it's enforcable or is my plan a non-starter and a waste of time?
A little additional background: The basis of my hardship is unemployment but I've remained current on the loan thanks to responsible planning. My credit score is near perfect so I have a lot to lose if any negative comments are reported. I've read the Bloomberg article where someone in my similar situation lost 121 points on their FICO score. Potential employers in my industry use credit scores in their decision process so it's very important for me to maintain good credit standing.
Also... I was denied several times for modification but I was able to get somewhere after I personally e-mailed several Wells Fargo executives. You just need to be persistent. I've read a lot of posts from misinformed individuals claiming you can't be eligible unless you miss payments. There's way too much misinformation out there.What is the name of your state (only U.S. law)?