I just talked with one of my former clients who told me she is trying to get her Wells Fargo home loan modified. She has been very cooperative – a study in opposites from how the company has treated her.  She said the last round ended with her loan modification being denied because all of the paperwork she sent – every single page – hadn’t been signed and dated.  Never had they told her to do that.  She has finally hired attorneys to help her through the process because the company seems to be stalling in order to turn her down.  In the end, they will have a full year of every paycheck stub and bank statements.  Is that really necessary?

Meanwhile, the process has decimated her credit score.  She had a conversation with Equifax, though, and that representative told her that credit scores are tanking throughout the country by nearly everyone.  So good luck in getting a new loan, which seem to be highly desirable right now according to MSNBC,

For homeowners who qualify, it’s a good time to refinance. The average rate on a 30-year fixed rate mortgage dipped this week to the lowest rate of the year — 4.84 percent, down from 4.93 percent a week earlier. Homeowners who took out adjustable-rate loans at 4.5 percent in 2005 are now seeing their rates fall to 3 percent to 3.25 percent, McBride says. As a result, they have extra cash to spend.

I’d rather see the economy in a strong, steady recovery, frankly.