Your party is over.

Well, I have yet to hear back from the "Office of the President". It seems they took my fax and went home.

But, I did get a message from a Shanika at Wells Fargo to call her back. She left the basic customer service number at Wells Fargo Home Loan Assist, so I knew I was in for a treat.

I got a gentleman with a robotic voice. After giving him the same information I had to type in on the phone, he clicked a few times and began...

"Unfortunately... (he paused, and I just couldn't wait for the rest to come) Mr. Angelus, the reason she was calling you was to tell you that you had been declined for a home loan modification at this time."

"Really", I responded, and asked him what happened to the offer two representatives told me on August 28th was forthcoming, which I never got. He couldn't answer.

Then I asked him why the "office of the president" hadn't called back yet. He knew nothing about that.

He went on to tell me that I had declined the offer for a payment moratorium, and so there was nothing else they could do. Again, I asked him why anyone who wasn't late on their payments would possiby accept that offer (see below). He told me that it gives some people the time to get back on their feet, and if they hadn't, they could reapply for another modification before the deadline. I didn't even ask about that. I simply commented that would be impossible since it takes at least 3 months to get an answer, so one would have to apply for that revision as they accepted that offer. And then I asked why anyone who hadn't been late would want to sign a document that would immediately negatively affect their credit rating. No answer.

So, after a bit of scolding for the treatment I had gotten for four months, I asked him if he had a reason for them declining me.

"Your debt to income ratio is too high."

"Well, isn't THAT THE POINT?????? That's why I need a home loan modification, and it's why the government forked over all that money. So you could help me".

"I'm sorry, Mr Angelus. Your ratio falls outside of our guidelines. Some people sell things, get second jobs, or take in renters. Have you done that yet to try and help your ratio?"

"No, I was looking for you to try and help my ratio. That's why I have jumped through hoops for four months. Did I just hear you correctly? After all this you're telling me to sell things?"

"There's nothing else we can do for you right now, unless you reapply."

"Why would I reapply? Nothing has changed with my debt or income since I originally applied."

"Again, you can take some of those other steps."

"Right, like sell things. That should improve my debt to income ratio fast. Thanks."

"I'm sorry, Mr. Angelus"

"So, are you telling me you'd rather take the chance that I could default rather than work to help me improve my situation?"

"There are two other options, Mr. Angelus" (Of course, anything verbal from these people means nothing).

"Oh, like what?"

"Well, you can do a short sale, or another option is a deed-in-lieu."

"Oh, what's that?"

"That's where you just give us your house and we forgive the mortgage"

With that, I immediately thought of my new friend, Rosemary, a bookkeeper/personal assistant who has found herself very versed on home loan mods after helping a few clients and seeing what's going on, told me over a month ago it is her opinion that the banks are actually trying to speed up the foreclosure process so they can own more real estate, positioning themselves nicely for a good market again.

I thought.... holy shit. After all I've gone through, and all the government has done to shovel money at these banks to help us, what I am hearing now is that Wells Fargo is offering to take my house (that still has somewhere around $150,000 in equity--I think and hope) and forgive my mortgage.

Isn't that great. All that, and their answer: Give us your house.

Incredible. That's not what I was expecting to hear when I applied for a home loan modification... to modify my ass, and my kids' asses, right out of this house. Nice solution.

Again, is this what our government had in mind?

More later on Rosemary's experience SINCE the government got involved in this. It's worse, because now the banks have nothing to lose.

But we do. Still.