Question

Mortgage in default, received 1st letter from bank lawyer about Foreclosure. Help!?

Like alot of other people out there, my husband and I fell on hard times and our mortgage is in default. We havent paid a full mortgage payment since last October (though we have sent them $500 here & there when we have the money).

We recieved our 1st letter from Wells Fargo's lawyer saying our house is now going into foreclosure. We're in the process of trying to get a loan modification with Wells Fargo.

So here's my question:
1) Is it too late to try for a loan modification?
2) Is there a way to save our home that doesnt include money?
3) What should we do from this point on.

I'm really scared of losing our home. Help!

4 years ago - 8 answers

Best Answer

Chosen by Asker

If this is the first letter you have received from Wells Fargo then I am pretty sure it is a warning that your property will eventually be placed in foreclosure according to the state you are residing.

The most important thing is to communicate with Wells Fargo and as soon as possible. Please explain your current financial situation to Wells Fargo.

They might have a program or suggest ways in which you would be able to stay in your home.

There are several things you can do to remain in your home, one of which is trying to get your mortgage loan modified as you mentioned. It is not too late to apply for this modification through Wells Fargo.

In order to make sure you are qualified for any of the Wells Fargo programs they might have you must communicate with them. Also you must communicate with someone in authority that can make a decision about your options.

If you are unable to make the monthly payments upon modification then you might possibly lose your home, there must be reality in making the decision in attempting to keep your home.

If you are able to complete the modification documents sent to you by Wells Fargo then you will not be out of pocket for this transaction. If you are unable to complete the application for your modification, and you decide to use an outside firm for assistance in the completion of this application, the firm you decide to use will charge you a fee even if your are disapproved by Wells Fargo for the modification you applied for.

You should be able to complete the forms with the assistance of Wells Fargo, so if a problem arise or something is on the forms you are not familiar with call the person Wells Fargo has assigned you for assistance.

I hope this has been of some benefit to you, good luck.


"FIGHT ON"

4 years ago

Other Answers

NOT enough info provided to fully answer

TALK to your lender, talk to multiple people at your lender, PERSIST

Draw up a budget

Source(s)

by chatsplas - 4 years ago

in order to save this home there must be income to pay the note or even at best catch it up. With out that a forbearance agreement or even modification is out of the picture and foreclosure is all that is left to do

by golferwhoworks - 4 years ago

Even with a mortgage modification you cannot afford the home 500 whenever you can send it is unacceptable.

by Age of Reason - 4 years ago

We just went threw the same thing. We also had wells fargo and most likely soon they wont except money from you cause your house well be foreclosure. So the only way you can save your house with out spending money is to go to your local court house and talk to them about paying you mortgage and give them the money. I know it sounds crazy but when your cases goes to court the judge will see that you had been giving money to them cause they would no longer accept it. And most likely he will end it there, but if not they will give you all your money back. Hope this helps, just know your not the only one cause we just found out we could have been paying to the court house. But its to late for us just found out yesterday there taking are home. So much luck to you and your family. Talk to you court house they can give you more info on this.

by Brittany M - 4 years ago

1) Is it too late to try for a loan modification?

No, although if you can't pay there is no way to modify the loan. You have to prove you have the ability to pay.

2) Is there a way to save our home that doesn't include money?

No. Remember, you already have the banks money, this is just you repaying it.

3) What should we do from this point on.

If you only have 500 here and there you may as well start looking for a new place to live, you will not be allowed to both keep the banks money and the house. They deserve the right to try and recover as much as they can.

by Landlord - 4 years ago

You may have to face the inevitable. Sometimes the best thing to do is to realize that you can't keep your house. Instead of letting the bank foreclose on you, and ruin your credit plus put you through all that grief, talk to the bank about a "deed in lieu of foreclosure". This is a mechanism where you deed the house over to the bank, saving the bank the hassle of foreclosure and saving your credit.

God bless you and your husband. This is never an easy decision!

by rtrentmartin - 4 years ago

There are a lot of people in the exact same position so #1 you are not alone. Explore every possible option but understand that every option will involve money there is no way around that...There are some qualifications that you will have to meet for a loan modification program.

Get a FREE consultation immediately to find out out if you qualify and what your options are at this point.

You may need a loan audit. The fact is many lenders extended loans with illegal terms. Talk to an experienced professional right away. The biggest mistake that people make is waiting too late. Do something now including exploring alternatives for supplementing your income.

Source(s)

by marenda - 4 years ago