Loans, Debt & Credit - View Single Post - 4 months late on payments and no word from WF.

leonidas · 07-09-2009, 03:12 PM

More information... Called WF loss mitigation to get the status update. They said they received the broker price opinion on the value of the home and it came as $1.9M (we paid $1.95M). They also said that my modification proposal was sent to investors for approval. They couldn't tell me what the proposal was.

I don't think it's an acurate assessment of the value, becasue I know I can sell it for $2.4M or more, but regardless of this, what does it mean for my modification that the value of the home is less then what we paid for? Is it good or bad? Remember that we put 30% down payment. Any ideas?

07-09-2009, 03:12 PM	#7 (permalink)
leonidas Member Join Date: Feb 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 4 months late on payments and no word from WF. More information... Called WF loss mitigation to get the status update. They said they received the broker price opinion on the value of the home and it came as $1.9M (we paid $1.95M). They also said that my modification proposal was sent to investors for approval. They couldn't tell me what the proposal was. I don't think it's an acurate assessment of the value, becasue I know I can sell it for $2.4M or more, but regardless of this, what does it mean for my modification that the value of the home is less then what we paid for? Is it good or bad? Remember that we put 30% down payment. Any ideas?