Posted on: 02nd Jan, 2008 09:26 am
What are our options?
Lender is Wells Fargo and we are located in NV. Will anyone be able to help us?
5 months behind...
Lender is Wells Fargo and we are located in NV. Will anyone be able to help us?
5 months behind...
Generally, when you're 5months behind...that's usually the latest they'll wait before starting foreclosure proceedings.
Were you late due to an ARM re-adjusting? If you were late after your ARM readjusted...and never been late before that..then you should apply for a FHA-Secure mortgage.
Were you late due to an ARM re-adjusting? If you were late after your ARM readjusted...and never been late before that..then you should apply for a FHA-Secure mortgage.
No - no ARM re-adjusting. Unfortunately, just let an "aggressive" broker talk us into more than we could handle. Always seems easy at the time but then the payments get tougher and tougher to make.
I would recommend calling the mortgage lender and speaking with someone in the foreclosure department to work out an arrangement. Wells Fargo will go over the option that are available so that you can resume payments. Make sure you are in a position to make the payments on time since they will follow through with the forclosure if you do not follow through with the arrangement.