Need advise on HAMP package requests from Wells

[ultimate4799]

Guys, need your help here. After my family moved to a rental almost 2 weeks ago, now here comes a UPS overnight package from Wells Fargo which I got over the weekend. You can see my details per link below. 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.

After NOS filed and we've moved out, here comes HAMP Package from Wells

I'm looking forward to hear from everyone and their thoughts and I highly appreciate it.

[Evan Bedard]

Hi ultimate4799,

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.

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..

[ultimate4799]

Thanks for the thoughts, Evan. I really appreciate it. It seems I will be just wasting time applying for HAMP if I no longer live in that said home(no intentions to keep either) since majority is not being approved for permanent solution anyway. But, can I use this HAMP applic tactic to delay foreclosure sale date further and give me more time to perhaps negotiate short sale? Is it better to call Wells and tell them I have no intentions to keep house now? Right now, not sure if foreclosure better or short sale is better as far as making sure both lenders will not run after you for deficiency. Any thoughts on this? Initially, I thought foreclosure + $$Fkeys + 2nd loan settlement. Now since $$Fkeys only is about $1k, I thought doing short sale if you no longer lived in the house maybe worth it since I enjoyed rent free for 10 months already

BTW, are there any incentives from the treasury to sellers for short sale?