Do you guys every listen to the Planet Money podcast? Well, it's great. You should! Monday's podcast ("Your Future Mortgage") featured a story about a homeowner who had been attempting to modify his loan through Obama's plan and had no success. Wells Fargo is his loan servicer and hadn't been able to give him any answers even though he was a perfect candidate for the Obama Plan. This sounded just like us. They kept giving him the runaround. For weeks. And weeks. No answers. Just, "Call back." And, "Send us your financials." Just like Countrywide did with us- as I wrote here.
Anyway, Wells Fargo eventually told this guy that he had been denied for a modification. Until, that is, Planet Money aired his story! Monday, the day the Planet Money podcast aired, this guy was suddenly told that his modification had been approved. No explanation as to how it went from being denied to approved.
He is now saving $500 a month and has a 3.75% interest rate down from 6-something%. Today's Planet Money podcast talks about this and how this is seemingly a phenomena. People go through hell trying to get modifications, get nowhere, then a major media outlet airs their story and WHAMMO! Loan Modified!
So, now to get someone's attention. NPR, PRI, CNN, MSNBC, ABC, XYZ, LMNOP?! Help.
"And Three Baby Camels" - Planet Money