Was on and ARM mortgage. Knew is was going to mature in Sept or Oct. Started working early (I thought) to get a fixed 30 yr. Loan. At first in Feb. 08 I was told I was upside down like everyone else in the valley here and could not be helped. I waited.
At the end of May a friend and I went to see the mortgage manager at a local Wells Fargo branch. I told him I had 2 full payments and by the next payday I would have the 3rd. I told him my concern was that being in and ARM that was going to mature I needed to try and qualify for some government. I told him I did not know what was available. He told us that there was some programs but that I needed to be behind in my payments. I asked what he would advise me to do. He said with no hesitation, 'STOP MAKING YOUR PAYMENTS' and apply for a program. He gave me the number to call.
After the June payment was late I called them and was told they could not help me that the payment had to be 30 days late. I waited till after July 1st and was told I had to be 60 days late. I was then told 90 days and by the time it got to that they filed a default against me. Now I was really in a mess.in the meantime I am putting money back to make monthly payments.
During this process they gave me a fax number to send my financial information into them. After 3 different fax numbers that did not work I asked them if there was any one there that knew a working fax number. All I got was try this number. I faxed the information and also got the Ft Mill address and sent the information certified/return receipt requested. I did not really know how or what information to send so I was eventually denied. I was told I could reapply and I have.
This time I understand the paperwork a little better. I sent them property listings for other homes in the immediate area. I sent it in to the Hope4Homeowners program. I sent in a work up sheet with a basic estimate using a guess as to the current value of my home. I know the loan could not be for more than 90% which includes property taxes and etc. I have found out that it has gone to a negotiator as of Nov. 10. I sent in another hardship letter that went in on Nov 17th. I have not talked with them since doing this but I also went to file for widow's benefits with Social Security.
I simply need a loan modification from them. They have acted as though they are completely adverse to doing this. They would be willing to lose money, do a short sale, sign over my deed to them, anything else other than give me a modification that I can do that would keep me in my home. All I want is to stay in this home. I am so upside down. My loan is currently around $197000 and a best guess at the current value based on other homes in this area is $80000.
I am waiting to hear from them. I called last Wed. And I will call then again this Wed. Or Thurs. So far they have not set a sale date. I want all sale dates stopped. I want a modification and if they are not happy then put it on a probation type staus. Just give me a chance. My current payment is $1585 or something a month. I need a modification if based soley on me down to $650.00 a month. If I rent one or two bedrooms out then maybe to $950.00 a month. I just need it to go down and be given a chance. It has to be a 30 yeart fixed rate loan though. Wells Fargo has been most uncooperative and you always get a different person. I just want a chance.
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