Posted on: 21st Feb, 2010 09:11 am
I have been through the trial period with wells fargo. I consistently follow-up at least twice weekly. I have been sent an acceleration letter which I have been told is standard, although these stopped while I was on the trial period. My current status is "in review" I have done everything asked by the lender but am now getting ready to go through a divorce. This process has attributed to the breakdown of my marriage. How will the divorce impact my modification (if any mod is given). What are the chances they will foreclose on my property? Or is the lender truly interested (but backlogged) in helping me come out of this.
Hi ElisaRenae,
I do not think your divorce will affect your loan modification in any way. If you are alone on your mortgage and if the lender gives you a permanent modification, then you will have to sign the required documents. If the lender does not agree for a modification, then there are high chances that you would face a foreclosure. A large number of people apply for modification every day. The lender has to process all the requests accordingly. As a result, it must be taking some time to consider your request.
I do not think your divorce will affect your loan modification in any way. If you are alone on your mortgage and if the lender gives you a permanent modification, then you will have to sign the required documents. If the lender does not agree for a modification, then there are high chances that you would face a foreclosure. A large number of people apply for modification every day. The lender has to process all the requests accordingly. As a result, it must be taking some time to consider your request.
elisa, you are stuck with a lender who is not especially quick in responding to the need for modifications. that's most unfortunate. keep on plugging, though, as you might just get lucky.
depending on what the divorce will do to your finance, i have to feel that there will be some impact on your achieving a modification at this time.
if your income is going to be less, it might be more difficult for them to provide you with the help you need; don't forget that the debt ratio desired of borrowers is at 31% of gross income (mortgage payment divided by gross monthly income). if you're in that ballpark, your chances are still decent.
unfortunately, i don't think there's anyone with a good feeling for how successful anyone else will be in seeking and obtaining a modification. a lot of it, frankly, depends on the lender, and yours is not a stellar performer in this arena.
depending on what the divorce will do to your finance, i have to feel that there will be some impact on your achieving a modification at this time.
if your income is going to be less, it might be more difficult for them to provide you with the help you need; don't forget that the debt ratio desired of borrowers is at 31% of gross income (mortgage payment divided by gross monthly income). if you're in that ballpark, your chances are still decent.
unfortunately, i don't think there's anyone with a good feeling for how successful anyone else will be in seeking and obtaining a modification. a lot of it, frankly, depends on the lender, and yours is not a stellar performer in this arena.
