Full extinguishment of second loan!!!!!!! I just got the letter in the mail.

Wells Fargo has finally released the lien on my second mortgage. I had been trying to settle with them for around 19 months. Out of the blue...no communication I received the loan extinguishment letter in the mail

1. In my experience, I found that demonstrating the financial hardship which made making the payment a struggle every month, I did not need to default on the loan to get the assistance. Because the incentives to the banks on behalf of the government programs have gotten tougher, the actual qualifying process now will be longer than it was a couple of years ago. Right now your goal is to qualify for a HAMP loan Mod, and have them give you a three month trial mod. Once you have that, you are 80% of the way there. I would follow up with my Home Preservation Specialist regarding every single document that they requested. I made sure that they received it, and I would ask them if they needed anything else from me. Make sure you document every call that you make, so that you have a clear and solid log of all of your communications with them. Hang in there and Best Wishes! If you think that I can share any other helpful information, I would be more than happy to do so! Don't hesitate to just ask!

Heres a breakdown of the original loan: Principal Balance: $589,000 Arrears: $79,000 Monthly payment to Wells Fargo: $2,800.00 (included escrow for property taxes but not homeowners insurance) Monthly Bankruptcy payment for arrears: $1,680.00 Interest Rate: 7.85% New loan: Principal balance: $325,053 (around $370,000 from the principal and the arrears has been forgiven) Monthly payment to Wells Fargo: $1,974.00 (this includes $340.00 escrow for property taxes and homeowners insurance) Interest Rate: 3.25%

I believe the process has gotten MUCH better than it was a few years ago and lenders are generally making decisions in a timely matter. In the past once a homeowner

achieved a trial period, they could easily have had to make 3-10 trial payments or more before a final decision was made. At that point lenders did not fully review a borrower's account before offering a trial period so many ended up ultimately being denied for permanent assistance.. However, once HAMP was updated lenders now fully review one's account prior to offering a trial period. The chances are VERY high you will receive a permanent modification shortly after the third trial payment is made.

Jennifer.N.Booth@Wellsfargo.com mike.heid@wellsfargo.com; Co-President WFHM jerald.banwart@wellsfargo.com; SVP WFHM mary.coffin@wellsfargo.com; VP WFHM sharon.cecil@wellsfargo.com; Assistant to Mary Coffin todd.m.boothroyd@wellsfargo.com; General Counsel WFHM BoardCommunications@wellsfargo.com; Board of Directors, WF John.G.Stumpf@wellsfargo.com; CEO, WellsFargo

Richard.D.Levy@wellsfargo.com; EVP and Controller, WellsFargo