Posted on: 06th May, 2010 08:29 pm
I refinanced my home two years ago, just before the market crashed (so of course I refinanced for more than what my home would be currently worth). The child support that I relied upon to make my house payment is now absent. I called Wells Fargo to ask about a loan modification. I received a packet, then a few days later received a letter stating they were sorry that we weren't "able to reach an agreement" on my loan. There weren't any options given to me during the phone call so I have no idea what they are talking about. I am still working on filling out the paperwork. This evening I received a "this is an attempt to collect" from a Wells Fargo Loss Mit. employee. They are acting as if they are already starting foreclosure procedings! I am not behind in payments or even late on my current one! I cannot continue to make payments at the current rate for much longer. I have children and many pets, the thought of being homeless is terrifying. Now I am scared to finish the modification papers. I don't know if I should put my house up for sale and continue making payments for as long as I can, finish the modification papers and hope they don't deny me or just save my money and wait for them to foreclose. Please, anyone, what are my best options?
hi kqteaze!
welcome to forums!
when the loss mitigation department calls you the next time, you should inform them that you have applied for a loan modification and waiting for a decision from the lender's end. you should also inform them that you haven't defaulted on the payment and they cannot "collect" anything from you. while you reapply for the modification, you should negotiate in such a manner that the lender is convinced about your situation and agrees to your request. this will help you in saving your property.
feel free to ask if you've further queries.
sussane
welcome to forums!
when the loss mitigation department calls you the next time, you should inform them that you have applied for a loan modification and waiting for a decision from the lender's end. you should also inform them that you haven't defaulted on the payment and they cannot "collect" anything from you. while you reapply for the modification, you should negotiate in such a manner that the lender is convinced about your situation and agrees to your request. this will help you in saving your property.
feel free to ask if you've further queries.
sussane
Hi Kqteaze,
I would suggest you to consult with a real estate attorney for the same. Also call up the bank and check your loan modification status. And if the loan mitigation company calls you then tell them about the loan modification and also send a legal letter to that company.
I would suggest you to consult with a real estate attorney for the same. Also call up the bank and check your loan modification status. And if the loan mitigation company calls you then tell them about the loan modification and also send a legal letter to that company.