Mortgages

One Family’s 9-Month Trip Through the Loan Mod Twilight Zone

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Girding Up to Fight Some More

As she prepares to renew her fight against Wells Fargo, Bevin Beckage’s life continues on its normal routine. Rise early, feed and dress her three children, transport them to and from school, run all the errands, cook supper, clean the dishes, collapse back into bed. Just the thought of adding an endless bureaucratic nightmare to her packed day makes her nervous.

“At this point I just feel exhausted,” she says.

Beckage feels she can’t give up, however. If she can win a loan modification, she’ll finally be able to afford new, larger beds for her twins. Maybe she’ll be able to afford all-day preschool at a local Catholic school, which offers speech therapy both twins need, and which the local public schools do not offer.

Wells Fargo has agreed to take another look at the loan and see if it can modify the terms, Menke says. The bank asked her to submit her financial information all over again. In an interesting twist, after we at Credit.com phoned the bank about Beckage’s case, Wells Fargo invited her to apply for a loan modification through its executive office, instead of calling in through the main switchboard.

The two processes are completely different. As just a regular customer, Beckage had to tally and document all kinds of expenses, including how much she spends on haircuts and dog food. For some reason the executive office doesn’t need all that info. All they’ve asked for is her credit card statement, car payments, insurance, food and gas.

Going through the switchboard, Beckage lost track of all the different people supposedly managing her case. With the executive office, she has just one consistent point of contact.

“The process is completely different,” she says. “The people in the executive office are much more organized. They haven’t lost any paperwork, unlike all the other people I was dealing with.”

Her contact in the executive office told Beckage that she’ll receive an answer back within a week. That in itself is a big difference, considering she’s been waiting nine months. Whatever happens, Beckage is just excited that her ordeal may finally be over.

“I hope we can get it resolved so that my kids can be in pre-school next year,” Beckage says. “I just don’t understand why it has to be this hard.”

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