We're not behind on our mortage... Yet. The HAMP program outlined by Obama seemed like the answer to our prayers for the future. Our Vegas home has lost over 50% of it's value since the June '07 purchase. Even after a 20% down we are at least $130,000 upsidedown.
So we filled out all the paperwork for Wells Fargo and sent it off and got denied. They added things to our monthly costs so that we were living with a deficeit they claim. They also would not include my small part time income since only my husband is on the loan. I attended a conference with HUD, Fannie Mae (our lender) etc where the HAMP was explained. Consumer Credit Counseling Service also spoke to us and told us if we were getting the runaround, give them a call. So we met with them, they did our budget and couldn't see why WF denied our MOD. She said they also had to include my income too. So she called them. She was told they made a "msitake" and to re-submitt. And wait another 3 months I guess?
Today we got the biggest slap in the face you can imagine. 3 letters form WF. One telling us to short sale, one for a realtor about short selling and one with instructions for us on doing a short sale! WHAT? Are they insane? In 2 years we haven't even had a late payment.
So, WF will be happy to let us short sell which will probably be at about $165,000 on a $274,000 mortgage, but the investor says we can't get a Mod because we have $100 too much in bills a month BEFORE a modification is done??? Can someone please make some sense of this! WF keeps blaming Fannie Mae. Don't we own Fannie Mae?
I called Rep Dina Titus' office. They agreed and said they'd pass it on it her. This was rushed through congress and they don't have teeth in it. Who is making the banks actually comply? They don't care if we all foreclose or short sell, it isn't their money is it???
We all need to start making some noise. It isn't our fault the economy tanked. I was told to take the I/O loan, we could refi in a couple years since the rates had gone up a little in June 07!! I went in asking for a 30 yr fixed and was steered away from it by KH Mortgage, a division of our now bankrupt builder, Kimball Hill Homes. Don't get me started on them.
I haven't heard of anyone getting a modification under the HAMP program yet.
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