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flippinwacko · 12-30-2008, 04:45 PM

Murrieta California - Riverside County
5/1ARM interest only 5.875%
Adjusts end of 2010
Loan Amt. $387,952
Have paid on it for 3 years interest only.
Owner occupied. - I do want to live in it. I like my home.
fico: 788

Way upside down.
value: $220,000 - on the liberal side
-based on what homes in foreclosure/short sale, basically are going for right down the street...Just alone on my street 8 -10 houses with signs up, Bank Owned.

2 Rentals - combined in the red.
Going through Divorce with Wife.
Paying Spousal Support for $1000.00 a month.
Lost her income and responsibility to pay.
Her name is still on the deed.

The only way I have been surviving is from overtime at work (which is going away along with the economy) and my parents lending me money every month.

I can't nor do I see a reason to make the payment anymore. I have contacted Wells Fargo several times prior trying to get them to refinance the loan even before the financial debacle! They say, "They can't help me."

My perspective...I can only see a modification happening if the principal was reduced.
Do I have a chance of that happening?

I am not late as of yet...But I have tapped everything out!
I wrote a hardship letter but have not sent it yet.
Reasons:
1.I believe I have to be late on payments to send it.
2.I am unsure if my hardship letter is good enough.
3.My fico score.
4.Needing the best approach, for fear of Rejection of request.

PLEASE, CAN ANYONE HELP?

Sincerely,

distraught at the refusal of beauracrats to release the $800 billion dollars to even be considered to bail out homeowners.

Why didn't the government try to avoid this entire mess by simply reducing rates across the board for homeowners and then guarunteeing the difference lost with the rate reduction. None of these loans would never have been charged off and the economy would still be at least sputtering along above water!

PLEASE HELP!

12-30-2008, 04:45 PM	#1 (permalink)
flippinwacko Senior Member Join Date: Dec 2008 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	HELP!!! with Wells Fargo Loan MOD!!!! Murrieta California - Riverside County 5/1ARM interest only 5.875% Adjusts end of 2010 Loan Amt. $387,952 Have paid on it for 3 years interest only. Owner occupied. - I do want to live in it. I like my home. fico: 788 Way upside down. value: $220,000 - on the liberal side -based on what homes in foreclosure/short sale, basically are going for right down the street...Just alone on my street 8 -10 houses with signs up, Bank Owned. 2 Rentals - combined in the red. Going through Divorce with Wife. Paying Spousal Support for $1000.00 a month. Lost her income and responsibility to pay. Her name is still on the deed. The only way I have been surviving is from overtime at work (which is going away along with the economy) and my parents lending me money every month. I can't nor do I see a reason to make the payment anymore. I have contacted Wells Fargo several times prior trying to get them to refinance the loan even before the financial debacle! They say, "They can't help me." My perspective...I can only see a modification happening if the principal was reduced. Do I have a chance of that happening? I am not late as of yet...But I have tapped everything out! I wrote a hardship letter but have not sent it yet. Reasons: 1.I believe I have to be late on payments to send it. 2.I am unsure if my hardship letter is good enough. 3.My fico score. 4.Needing the best approach, for fear of Rejection of request. PLEASE, CAN ANYONE HELP? Sincerely, distraught at the refusal of beauracrats to release the $800 billion dollars to even be considered to bail out homeowners. Why didn't the government try to avoid this entire mess by simply reducing rates across the board for homeowners and then guarunteeing the difference lost with the rate reduction. None of these loans would never have been charged off and the economy would still be at least sputtering along above water! PLEASE HELP!