Mortgage Modification – Bankruptcy – Creative Financing

Wells Fargo can be one of the more difficult lenders to work with.

In the case of KS, we worked for over nine months to complete her modification.

KS was burdened by a rental property with a negative cash flow. Her income was in the low $3,000 range. Her mortgage was large. To qualify her we had to use her fiance’s income. However, the fiance was a real estate agent and his income was hard to prove.

But we persisted, and Wells Fargo came around.

See KS’s trial payment plan here.

You can take a look at KS’s modification here.

Note that $88,000 of the total loan amount was made non-interest-bearing, with no payments required.

Note also that this is a MERS loan. I advised KS that nothing in the modification agreement waved her rights later to sue Wells Fargo or pursue an additional modification. I do not do MERS litigation, but I can refer clients to other attorneys who do.

KS was extremely pleased.