Loans, Debt & Credit - View Single Post - Help with Loan Modification through Wells Fargo

oregonheaven · 01-04-2009, 01:06 PM

Needless to say, your situation is quite complex. Might I suggest that you retain counsel. It may set you back a $2-$3k retainer fee, but it will be well worth it to have representation on your side before you make any significant decisions. Also, you need an attorney who is experienced in real estate law, and also can refer you to a professional tax advisor if you don't already have one. That said, I am neither an attorney or CPA, but have hired both in my situation.

Here is what I can tell you from my situation. I also have a loan with Wells on my primary residence that is about $100k underwater. First thing to know is that Wells does not negotiate very effectively or expediently. Second, Hope for Homeowners has had 312 people apply as of mid December, and 0 people accepted into the program. Yes, this is the same program that you saw Congress say would prevent 400,000 foreclosures this past summer. However, they got busy with Wall Street bailouts, so not a lot of time for commoners right now. Thus, I really don't see this program helping you or anyone else since it's not mandatory and banks aren't using it because they don't have to. Talk to an attorney asap.

01-04-2009, 01:06 PM	#2 (permalink)
oregonheaven Senior Member Join Date: Dec 2008 Posts: 101 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help with Loan Modification through Wells Fargo Needless to say, your situation is quite complex. Might I suggest that you retain counsel. It may set you back a $2-$3k retainer fee, but it will be well worth it to have representation on your side before you make any significant decisions. Also, you need an attorney who is experienced in real estate law, and also can refer you to a professional tax advisor if you don't already have one. That said, I am neither an attorney or CPA, but have hired both in my situation. Here is what I can tell you from my situation. I also have a loan with Wells on my primary residence that is about $100k underwater. First thing to know is that Wells does not negotiate very effectively or expediently. Second, Hope for Homeowners has had 312 people apply as of mid December, and 0 people accepted into the program. Yes, this is the same program that you saw Congress say would prevent 400,000 foreclosures this past summer. However, they got busy with Wall Street bailouts, so not a lot of time for commoners right now. Thus, I really don't see this program helping you or anyone else since it's not mandatory and banks aren't using it because they don't have to. Talk to an attorney asap.