Mortgage modification please advise.?

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I am going on over a year to get a loan modification. here is the facts
-combined income in 05-08 was 130k
-both of lost lost jobs in mid 09, wife works for 50% less I draw unemployment now over the last year making 50k
-home value 170k owe around 300k bought in 06, because of 1 late on each of our credit at the time we where put in a sub prime loan with wells fargo acceptance- our rate is 8.99%
-We have no savings and now 30k in cc debt!

At first I went thought this service that asked for 3k but I was scammed. Sept I then contacted Wells Fargo at that time they sorry we are not qualified blah blah blah.. They did tell us to borrow money from parents or relatives, take cash advances from cc, sell cars, rent a room, garage sale ect. Well then we stopped paying then in Dec them sent us a government plan with a 3mth probation period. this is 1k less then our payment what a huge relief. The noticed said if make 3 payment Dec-Feb we get a permanent modification. Well in Feb I called these clowns they said just keep sending in the trial amount until I got a letter last week that said I have been denied due to not cooperating with my paperwork WTH I send these idiots over and over my documents. I called them today and the women said the board of directors needs to review my case this will take 30-45 days keep making your payments, She was baffled by this notice. In the mean time we get collection calls from india this has been going on for 6 months.

This is completely disgusting my parents opened the idea for us to move back to Omaha as my home is underwater-I think this probation period payments are a way for them to get more $ $ out of it.

Anyone going through this.
thanks.

1 Comment
  1. Reply
    RetiredDebtFree
    February 5, 2011 at 6:12 am

    Of course you know now that buying a $ 300K house when you only make $ 130K a year was bad judgment. So, now you do a short sale or foreclosure. You are in no financial shape to keep that house. Go with the parent-plan and start working, saving, and spending responsibly. Never again buy a house that is worth over double your take-home pay, and after you have six months basic expenses in an emergency fund.

    Omaha isn’t bad this time of year.

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