Posted on: 24th Apr, 2012 12:51 pm
i have not paid my wells fargo mortgage in 7 months in il. home is worth approx $100k and i owe $162k. i could probably take every penny i have and breakeven but don’t think i want to do that since my credit is already shot.
owe $12k on a home equity loan. do i continue to pay the $200 month on this.
questions
do i continue to pay the home equity loan?
how much longer do i have? i just received a letter from the attorney, telling me i have 30 days to respond.
do i get a real estate agent to help me find a home?
has anyone been through this and will i find a home?
owe $12k on a home equity loan. do i continue to pay the $200 month on this.
questions
do i continue to pay the home equity loan?
how much longer do i have? i just received a letter from the attorney, telling me i have 30 days to respond.
do i get a real estate agent to help me find a home?
has anyone been through this and will i find a home?
Hi nathan!
Welcome to forums!
If you don't pay the home equity loan, the lender can charge off the mortgage and you may receive harassing phone calls from the collection agency. So, it's better to pay off the loan. You should immediately respond to the letter and mention your financial condition. You should ask for a loan modification help from your lender. You can contact a real estate agent to find you a home but given your situation, it may be difficult.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you don't pay the home equity loan, the lender can charge off the mortgage and you may receive harassing phone calls from the collection agency. So, it's better to pay off the loan. You should immediately respond to the letter and mention your financial condition. You should ask for a loan modification help from your lender. You can contact a real estate agent to find you a home but given your situation, it may be difficult.
Feel free to ask if you've further queries.
Sussane
I am not looking to keep my home and want to leave it. I want to go rent something nicer but not sure if I foreclose or do I claim bankruptcy. I understand I need to do a chp 13 since I make 90k a year.
Hi nathan,
If you want to get rid of the property, you can go for the options of deed in lieu of foreclosure or short sale. These are better options compared to a bankruptcy or foreclosure.
Thanks
If you want to get rid of the property, you can go for the options of deed in lieu of foreclosure or short sale. These are better options compared to a bankruptcy or foreclosure.
Thanks
I am already 8 months behind. Is it even possible to find a real estate agent that will help me? I have no idea but thought 8 months is already too late and I will go into foreclosure quickly.
As for deed in lieu, it's a Wells Fargo loan and I think i'm just wasting my time from everything i read. I live in IL and heard that WF does not do deed's in leiu. If i'm wrong with either please let me know and share your comments.
As for deed in lieu, it's a Wells Fargo loan and I think i'm just wasting my time from everything i read. I live in IL and heard that WF does not do deed's in leiu. If i'm wrong with either please let me know and share your comments.
Hi nathan,
I personally feel that you should contact Wells Fargo and check out if they will consider your request for a deed in lieu of foreclosure. If they don't negotiate with you, then you can apply for the short sale.
Thanks
I personally feel that you should contact Wells Fargo and check out if they will consider your request for a deed in lieu of foreclosure. If they don't negotiate with you, then you can apply for the short sale.
Thanks