Posted on: 31st Mar, 2010 09:13 pm
we have submitted paperwork and financial documents with wells fargo over five times in the last two years requesting a modification even before we were late on any payments. we paid 50% for 15 months or so.
now we are thirteen months behind on our first and in the process of our fifth attempt to modify our loan. i recently was laid off from yet another minimal part-time job and i'm afraid to call them in fear of them asking about it and hindering our request for modification more.
but here is my obvious question? why would they want to throw us out, have our house sell for 50% of the loan value rather than work something reasonable out with us? if our payments were the value of a %50 sale, we could afford this home!
any idea of the time line of sale, i am nervous we are close to the exit period and our back payments are mounting at 14,000. now. how much notice do they give you if it goes to sale? as far as i know they are still reviewing our modification, but zero communication from them for two months now since paperwork last sent again! recent message said, "were are giving a courtesy call on behalf of wells fargo." what the *#* does that mean?
insane that the system works like this. if the government gave the "bailout" money to us rather than the banks our loans would be pain in full. and if i may also add we have worked with two nonprofits acorn and mn housing to try to assist us also to no avail!
we are current on our second mortgage and i think this has helped prolong us being in the home and working towards modification, do you have an opinion on this?
in one of the posts they said banks wouldn't modify if over 10,000. and would modify if over 10,000. which one is correct?
one last thing, i found out through the nonprofits that on our second mortgage there was a final payout of $10,000. in the fine print of truth and lending...of course there was zero disclosing of this from our mortgage lender at closing. i never saw it because it said 155 payments at 300. and one final at 10,000. amazing that they can do this stuff and still be backed by our government! this of course has made it very hard for us to modify by rolling two mortgages into one that is more affordable than current because 10,000. wasn't originally included in payment schedule.
now we are thirteen months behind on our first and in the process of our fifth attempt to modify our loan. i recently was laid off from yet another minimal part-time job and i'm afraid to call them in fear of them asking about it and hindering our request for modification more.
but here is my obvious question? why would they want to throw us out, have our house sell for 50% of the loan value rather than work something reasonable out with us? if our payments were the value of a %50 sale, we could afford this home!
any idea of the time line of sale, i am nervous we are close to the exit period and our back payments are mounting at 14,000. now. how much notice do they give you if it goes to sale? as far as i know they are still reviewing our modification, but zero communication from them for two months now since paperwork last sent again! recent message said, "were are giving a courtesy call on behalf of wells fargo." what the *#* does that mean?
insane that the system works like this. if the government gave the "bailout" money to us rather than the banks our loans would be pain in full. and if i may also add we have worked with two nonprofits acorn and mn housing to try to assist us also to no avail!
we are current on our second mortgage and i think this has helped prolong us being in the home and working towards modification, do you have an opinion on this?
in one of the posts they said banks wouldn't modify if over 10,000. and would modify if over 10,000. which one is correct?
one last thing, i found out through the nonprofits that on our second mortgage there was a final payout of $10,000. in the fine print of truth and lending...of course there was zero disclosing of this from our mortgage lender at closing. i never saw it because it said 155 payments at 300. and one final at 10,000. amazing that they can do this stuff and still be backed by our government! this of course has made it very hard for us to modify by rolling two mortgages into one that is more affordable than current because 10,000. wasn't originally included in payment schedule.
It will be completely the lender's discretion whether or not he would offer you a loan modification. Also, you should note that as you're presently 13 months late on your mortgage payments, after a modification, your payments may increase as the lender will add all the back payments and late fees to your monthly payments.
If you're not paying the dues on time, the lender has the rights to foreclose the property. After the foreclosure is complete, the lender will claim the deficient amount from you in order to recover his dues. A foreclosure takes around 90-120 days to complete. After the foreclosure sale is over, the lender will give you a 3 days notice period to leave the property. You'll have to move out of the property within that time period.
If you're not paying the dues on time, the lender has the rights to foreclose the property. After the foreclosure is complete, the lender will claim the deficient amount from you in order to recover his dues. A foreclosure takes around 90-120 days to complete. After the foreclosure sale is over, the lender will give you a 3 days notice period to leave the property. You'll have to move out of the property within that time period.