Hi ultimate4799,
Quote:
Can someone help shed some light on what risks(like WF running after my assets, spouse, etc.) it will create if I just go ahead and fill out package and resend to Wells? I thought like I have nothing to loose but I'm being paranoid about what I am hearing in our forum that Wells encourage people to borrow 401k to pay mortgage. Also, they have their own financial worksheet forms which ask particularly about assets, bank accounts, etc. Only assets I have is 401k worth $50k now, car of around $3k. Bank account is almost nill  Also my total 1st loan only is $640k(+arrerages of around $30k) and house worth $560k on zillow/ $420k on cyberhome which proves I'm really underwater.
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Generally your lender will come after you by issuing a 1099 for the deficiency balance on the loan. If you fill out the package and turn it in, it may postpone the foreclosure for quite some time. But as you will find most people here who apply for the HAMP program only end up with a trial period for three months with no permanent solution after the trial is over..