Very Behind on Mortgage

Guest 0.10 Dollars($)

What are our options?
Lender is Wells Fargo and we are located in NV. Will anyone be able to help us?
5 months behind...

banker0679 · Posted: Wed Jan 02, 2008 10:48 am Post subject:

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.

Guest 0.10 Dollars($)

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.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

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

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

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.

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