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vwsoccermom
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Posted: Wed Jan 02, 2008 10:26 am Post subject: Very Behind on Mortgage |
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What are our options?
Lender is Wells Fargo and we are located in NV. Will anyone be able to help us?
5 months behind... _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant |
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banker0679
 Community Experts

Joined: 15 Nov 2007
Posts: 332 Location: Charlotte, North Carolina
1.41 Dollars($)
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Posted: Wed Jan 02, 2008 10:48 am Post subject: |
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Generally, when you're 5months behind...that's usually the latest they'll wait before starting foreclosure proceedings.
Were you late due to an ARM re-adjusting? If you were late after your ARM readjusted...and never been late before that..then you should apply for a FHA-Secure mortgage. _________________ Mortgage Refinance
Loan Modification
North Carolina Mortgage Rates |
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vwsoccermom
 Guest
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Posted: Wed Jan 02, 2008 11:00 am Post subject: Very Behind on Mortgage |
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| No - no ARM re-adjusting. Unfortunately, just let an "aggressive" broker talk us into more than we could handle. Always seems easy at the time but then the payments get tougher and tougher to make. |
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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Posted: Wed Jan 02, 2008 11:44 am Post subject: |
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Hi,
Welcome to the forum.
If you are 5 months late then the lender is going to foreclose the mortgage which will be very bad for your credit. Foreclosure is generally regarded worse even than Bankruptcy. So you should better try to avoid foreclosure.
Talk to your lender ASAP and see if you can afford any repayment plans like forbearance or mortgage modification. There is an article in this site on how you can avoid foreclosure. You can check this out - http://www.mortgagefit.com/loss-mitigation.html
Hope this will help you.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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lisascherzer

Joined: 04 Jan 2008
Posts: 755
1.07 Dollars($)
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Posted: Fri Jan 04, 2008 11:52 pm Post subject: Workout solution with lender |
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I would recommend calling the mortgage lender and speaking with someone in the foreclosure department to work out an arrangement. Wells Fargo will go over the option that are available so that you can resume payments. Make sure you are in a position to make the payments on time since they will follow through with the forclosure if you do not follow through with the arrangement. _________________ Lisa Scherzer
Allpointe Mortgage
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