Posted on: 03rd Feb, 2010 04:39 pm
Wells Fargo says we don't qualify for loan modification because we are current and can afford mortgage payments. We have been telling them and faxing them for last three months that beginning now this Feb. my spouse takes a 25% paycut and submitted the info from spouse's paycut. Now we can only afford to pay first mtg. not second also with wells fargo. Everything is current but won't be in another week. Also we dont qualify for refi since the housing market here is down 60% and we purchased 4 years ago with a 30% down. If we sale then it is a short sale...With both mtg. we owe wells fargo 1million! What should we do?
Hi Guest,
I would suggest you to contact your lender and reapply for a modification once your husband takes the pay cut of 25%. You and your husband can show this as a hardship in paying off the loan. May be the lender would agree to give you a loan modification so that you can afford to pay off the loan.
Thanks
I would suggest you to contact your lender and reapply for a modification once your husband takes the pay cut of 25%. You and your husband can show this as a hardship in paying off the loan. May be the lender would agree to give you a loan modification so that you can afford to pay off the loan.
Thanks