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Lorybz · 07-22-2009, 07:50 PM

Hi, this is my first time on this forum. I would really appreciate any advise.This is my story: My husband and I bought a house on July 2008 for $375,000 and our mortgage with Wells Fargo is for $300,000 and the vallue of the house now is about $325,000. Our monthly payment is $1590, (without excrows, just interest) 30 y, interest only the first 10 y. then int & principal. By the time of the closing we had an income of about $125,000 annualy. In October my husband's salary was reduced by 15% , and 2 weeks ago I was laid off . So now our income is about 60% less from what we used to do. We are on time w/ our payments and have never been late, we still can make the payments, but it's so hard, we have cut o lot of spends, but are afraid how long are we going to be able to do it. Would it be better to do the modification through one of these firms that do modification? Would it be faster than if we did it? How much do we need to show that we our short from our income. or do I have to show that i can cover all the expenses. How it works?
Thanks in advance for your advise.

07-22-2009, 07:50 PM	#9 (permalink)
Lorybz Junior Member Join Date: Jul 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Wells Fargo Modification Hi, this is my first time on this forum. I would really appreciate any advise.This is my story: My husband and I bought a house on July 2008 for $375,000 and our mortgage with Wells Fargo is for $300,000 and the vallue of the house now is about $325,000. Our monthly payment is $1590, (without excrows, just interest) 30 y, interest only the first 10 y. then int & principal. By the time of the closing we had an income of about $125,000 annualy. In October my husband's salary was reduced by 15% , and 2 weeks ago I was laid off . So now our income is about 60% less from what we used to do. We are on time w/ our payments and have never been late, we still can make the payments, but it's so hard, we have cut o lot of spends, but are afraid how long are we going to be able to do it. Would it be better to do the modification through one of these firms that do modification? Would it be faster than if we did it? How much do we need to show that we our short from our income. or do I have to show that i can cover all the expenses. How it works? Thanks in advance for your advise.