Posted: Thu Nov 22, 2007 7:34 pm Post subject: One Wells Fargo repayment plan after another - now what?
For the past 9 months I've been on one re-payment plan after another. At first each plan seemed achievable....but some unexected financial crisis would always occur that made me short on money.
At most I'd be around $300 short, but when I call WF would just create another repayment plan & start the process all over again.
Seeming on the verge of foreclosure, the last time I called (in Sept) I asked to talk to their loss mitigation dept, instead the collection dept set up another payment plan - make the regular payments ($860) for 3 months, then pay $3,400 at the end of Dec to bring me current. I've made the regular payments, but I'm going to be $1,200 short of $3,400 (new brakes on car & medical expenses have since come up)
WF's website says their repayment plans can be worked out for up to 10 months, but so far they only offered me 3-4 month repayment plans - which have not worked for me . I'm sure at this point they will tell me that I no longer qualify for any repayment plan, but if I ask them to create one over a longer period of time will they possibly consider since they have not done that yet? Or should I insist on working with the loss mit dept to save my house?
What can I expect at this point? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
It is always better to talk with the mortgage company if you have problem regarding mortgage payments. So first talk to the company and see whether they agree to offer you any other options; obviously long time options. If not you can think about deed in lieu of foreclosure or short sale to avoid foreclosure.
It is important for you to contact them immediately and find out what are the options for you.
If they are willing to work out another repayment plan over a longer period of time, will that help you to make your payments regular? You may talk to your lender about your present financial condition and see if they offer another repayment plan.
If that is negative, then you should think about the loss mitigation options to save your home from foreclosure.
Posted: Wed Nov 28, 2007 9:51 am Post subject: re: Late Payments
I've been in the foreclosure service industry for several years. If you are late and you're not getting anything resolved but going into default over and over again, then you need to talk with me. I can help you. What is happening is that you are gettig a lose-lose agreement with the mortgage company because you are talking to collections most likely. They don't care about anything but the almighty $$ that they collect. So, we need to go in and submit a professional hardship application to the mortgage company. Give me a call and I can explain. We have helped hundreds of homeowners nationwide with a re-instatment of their loan. They do not pull your credit for this program. Give me a call to explain the program at 1-877-414-2106. Stopmyforeclosure(dot)net
I appreciate that you have contacted with the lender and Wells Fargo has at least tried out a repayment plan for you.
Now if you think that you cannot afford this plan, contact with the loss mitigation department and find out if you can have any affordable plan there.
If you see that you cannot afford such plans, I would advise you to go for the Short Sale. Do not let yourself go through the foreclosure process. Foreclosure will have negative affects on your credit and it will stay for long. If you go for the Short Sale, the lender will see that you have at least tried out some thing to pay him back. Short Sale has less negative effects than foreclosure and you can be approved for another loan in about 18 months after the Short Sale.
Do let me know if you have any other questions.
Thanks
Blue _________________ Lets help each other. Try my blog
They should have other options. Some lenders will even tack the arrearages on the back of the loan. I would contact them and let them know that you need a better solution. _________________ Irene
www.real-mortgage-quotes.com
Most companies like Wells Fargo/Countrywide will only set you up based on the financial window you are falling in...if your income fits in that window they'll set you up on the shortest plan possible to get your loan current..I assume when they speak with you they take a financial snapshot and see where you stand....are you being truthful w/Wells Fargo about your finances? If you still can't get on a longer plan than 3-4 months ask for a supervisor they should be able to look at your history and see the 3-4 month plan won't work for you
DO NOT waste your money calling a foreclosure assistance company, you will be spending money you could be using for your mortgage and they can't do anything you can't do yourself _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Why do not you join this community? You can join this community and help people with you valuable suggestions and sound information. You can also earn while participating in the community. Isn't it great
I think money is not factor but you can help people in his need without spending a penny and at the same time can make thousand of friends worldwide .
yeah Larry that's how we became friends, isn't it?
I agree Mike, I've heard several who've been victims of foreclosure help companies. I doubt whether they are really authentic enough. Is there anyone who's been given real support by these companies and could they avoid foreclosure? _________________ Procrastination is the enemy of your financial sucess
i dont get this - how can munchkin130 be the original poster in a crisis and then approximately 24 hours later turn out to be a foreclosure expert with a website?
is this at all possible?????
forgive me for chiming in late on this original post, which is now almost 3 months old - i just this morning noticed it for the first time.
methinks we need to be cognizant of who is posting scenarios that will later provide the opportunity for the same person to advertise. _________________ George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444
Posted: Sun Aug 10, 2008 8:06 am Post subject: repayment plan
well i been in a repayment plan and now i cant pay my ballon amount. and now the loss mitigation dept. is reviewing my case. and now i recived a letter saying im in foreclosure and my house is a active sell date on aug 27.08 and now im running out of time to get 14.000.00 to pay the anmount.so now i dont what to do?????
It could be possible that the loss mitigation dept didn't feel you were the right candidate to whom they could offer a workout plan. But you should ask for an explanation as to what went wrong and why they denied a loss mitigation plan and chose to foreclose because that's going to cost them, no doubt about it. _________________ Procrastination is the enemy of your financial sucess
larry
