Update on my Minnesota Walk...

[sclay1983]

Today we got an acceleration letter from WF Home Equity, not registered or certified, just regular mail that says:

Dear xxxx

Despite our repeated attempts to work with you, your above referenced account still remains severely delinquent. Accordingly, you are hereby notified that, due to the default under the terms of your mortgage or deed of trust, the entire outstanding balance on your account is now due and payable.

In addition, we may refer your account to our foreclosure company with instructions to begin foreclosure proceedings.

In the even you are experiencing an inability to pay due to circumstances beyond your control, or wish to explore an opportunity to reinstate your mortgage or deed of trust, please contact us at yada yada.

Home Equity Collections Servicing

There's no name, signature or anything

Just some particulars on my loan:

Suburb of St Paul, MN
Cash out refi in 2005 (no other loans; this paid off the original mortgage)
Current balance: 191,000
Zillow estimate as of 5/12/11: 136,500 (which is now officially less than we bought the house for in 2000)
11/10 - last payment
3/28/11 NOD
5/5/11 Loan is accelerated

I'm starting to get some weird calls which I don't pick up and they don't leave messages. I usually google them if a number shows up on my caller ID (often it doesn't), a few times it's been Wells but in the last week there have been 2 credit repair companies which tells me Wells is releasing my phone number now. We are current on everything but the mortgage. I have the Google Voice number, but Wells must have looked in the dark recesses of their files and found the home number again even though I removed it from the website. They never leave a message though. Lots of "Number Unavailable" and "800 Service" on the caller ID. If I'm home I pick up and hang up before it goes into voice mail.

I admit, I'm a tad depressed that its coming to this. Then I just remind myself that 1) I'm not alone, Loansafe is proof of that; 2) I'm still a good person and 3) Our family will get through this and to be grateful for every good thing that we have. Our family and our mental well-being is way more important than propping up Wells Fargo.

[Screwed11]

((Hugs)) ... you are not alone, you are still a good person, and your family will get through this and will still have lots of other blessings to be thankful for in your lives.

The current blessing is that it really is starting now. And before long, this will all be behind you, your son will be off to college, and you off to a new life in sunny Vegas with your husband.

((Hugs again))... stay strong, stay safe, and, (courtesy RyGuySD), stay classy :-)

[shortsale973]

To the above:
You guys are not alone... We are all in this together.....
You are not a bad person, you will get through this.....
good luck and keep us posted!!!!!!!!

[kaltcall]

Definitely not alone...I occasionally go through the brain f*^t thought that little 'ole me and my $124,000 mortgage will be the one that brings the US financial system to it's knees...NOT! Keep your head up and moving forward...we will all get through this mess together and come out stronger in the end

[sclay1983]

Oh my... all traces of my Wells Fargo Mortgage info has disappeared from their website, or at least my access to it has. I guess this is a sign of progress in the foreclosure pipeline -- it was a little startling though. Gulp!

Suburb of St Paul, MN
Cash out refi in 2005 (no other loans; this paid off the original mortgage)
Current balance: 191,000
Zillow estimate as of 5/12/11: 136,500 (which is now officially less than we bought the house for in 2000)
11/10 - last payment
3/28/11 NOD
5/5/11 Loan is accelerated

Credit cards are all still active, although AMEX lowered my limit to $200 above my balance.
Credit score as of 5/19: 660 (Credit Karma)

[sclay1983]

Small update... today I received letters (one for me, one for my husband) from the attorneys retained by Wells Fargo. It's a letter that says they are going to commence foreclosure proceedings, lists the amount with fees that is due. It also lists a "Debt Validation Notice" explaining they are a debt collector and if I dispute I have 30 days... yada yada.

So I think I know the answer but just to verify, this is just part of the natural chain of events, and now I just wait for them to schedule a trustee sale? I don't need to respond to this if I am not interested in saving my home, correct?

Also, since my post a little over a week ago, my house (on Zillow) is now down another 3,000 -- 133,500. It just keeps dropping.

Suburb of St Paul, MN
Cash out refi in 2005 (no other loans; this paid off the original mortgage)
Current balance: 191,000
Zillow estimate as of 5/27/11: 133,500
11/10 - last payment
3/28/11 NOD
5/5/11 Loan is accelerated
5/27/11 Letters from attorneys

[shortsale973]

Hello Sclay,
Since the letter contains the verbiage,

explaining they are a debt collector and if I dispute I have 30 days

I would answer the complaint. If you are under going a hardship the court has to know, otherwise they will rule in their favor
,I know thats what you want, anyways, but I wouldnt want them (the debt collector) to validat a judgement and seek a defficeny against you due to non-compliance...etc...
Maybe some others can shed some light and help us both out as I'm sure one day I'm going to get the same letter.
Keep us posted.

[sclay1983]

Thank you ShortSale; it's not a summons, it's a letter from the attorney. It's not a court document - I do have a hardship; should I just say the exact same thing in the hardship letter I sent to Wells? I'm not really wanting dispute the debt, I know that it exists. Minnesota is non-recourse when they (the servicer/attorneys retained) advertise the trustee sale as opposed to judicial foreclosure and 95% of foreclosures in MN are by advertisement. I definitely don't live in a McMansion so I kind of doubt they're going to go after me judicially.

I guess I can send them a hardship letter too, but I hesitate because of that statement on the letter "any information we gather will be used to collect this debt".

What to do, what to do...

[sclay1983]

Update - my credit score has been at 670-674 now for over 4 months... and I am 210 days late so I think it's safe to say until the word "foreclosure" actually appears on my credit score, this is where we'll sit for awhile. Everyday I keep an eye out for the notice on the door but it doesn't appear.

1 week away from saying goodbye to the little yellow house with lots of repair problems and the screamy-mimi neighbor. We are graduating a son, having a big pizza party and to celebrate and say goodbye to friends and packing the ABF truck and HEADING WEST! Can't wait to get started on our new life!

[Screwed11]

Update - my credit score has been at 670-674 now for over 4 months... and I am 210 days late so I think it's safe to say until the word "foreclosure" actually appears on my credit score, this is where we'll sit for awhile. Everyday I keep an eye out for the notice on the door but it doesn't appear.

1 week away from saying goodbye to the little yellow house with lots of repair problems and the screamy-mimi neighbor. We are graduating a son, having a big pizza party and to celebrate and say goodbye to friends and packing the ABF truck and HEADING WEST! Can't wait to get started on our new life!

WOW, good for you - looks like you're almost done!

Did you answer the attorney's letter? I don't think that it is necessary to since, technically, MN is a non-recourse state, and WF is out of luck even if they hired the best possible attorneys to take you to court (following a non-judicial foreclosure)?

Silence is golden, is it not?

Good luck, again, and congratulations on the upcoming move to Vegas!

[sclay1983]

Sitting here typing in our apartment in Henderson, NV. After I finish my collapse from exhaustion, I will actively look for a bigger place to rent. Mailed some jingle mail on the way out of town, reminding WF of our hardship (CRRR) and cc'd the attorneys on the letter. Cleaned out our house nicely but basically used our garage as the dumpster -- feel kind of bad about that, but we were getting so crunched for time at the end and getting the truck packed in time that it was quicker to do that then to keep running to Goodwill. My SIL is an escrow officer and she said the banks hire clean up crews to deal with all that stuff and that they are used to that... still feel kind of bad doing it though. But it's done, and that's that. Gave the bank and the attorneys my forwarding PO Box. I will keep checking the county website for activity. Other than that, I guess now it's hurry up and wait. Didn't expect the emotions that I felt leaving. Hopefully we will get settled someplace nice here and establish a social life and I won't feel so shell-shocked.

Onward and upward.

[sclay1983]

Small update... I've been in Nevada for 2 weeks now. We have signed a lease on an awesome SFR in Green Valley Ranch. Not a peep from Hells Cargo or their attorneys in over a month. I suspect this is how it will be for quite sometime due to the backlog of foreclosures, I can only pray they will get it over with soon, but I'm not holding my breath.

My Nevada rental experience has been interesting, and not nearly as scary as I imagined it might be. Spoke with 10 different rental agents; looked at 8 properties before we found the one we loved. Of the 10 agents, only one turned us down due to default; the other turned us down due to... cat. That left 8 rental agents with no problem with either cats or foreclosure. In fact, most if not all said the same thing -- foreclosure is so common now that it is doesn't really matter -- as long as you have steady income, and relatively clean credit other than the foreclosure it's not an issue. NONE of the rental agents required anything over and above the standard first and security deposit (meaning no 3 months in advance rent due to default). We worked specifically with rental agents (through Realtor.com and the newspaper) rather than looking at Craigslist postings. We also checked the Clark County Assessor/Recorder website to check if any of these were in default - none were. IMHO this is the case with rental agents vs. a private party.

I think our credit has bottomed out in the 670 range as it's been here for months now -- when the foreclosure actually shows up we'll see if that changes. Last house payment was November 2010.

All in all, house hunting was kind of fun actually. It will be great to be in newer home that doesn't have the old-home problems we left, not to mention the community pool that is 75 feet from my front door is a plus!

Life is settling down and I am excited about it.

[sclay1983]

Small update today...

Haven't heard a PEEP from Wells or the attorneys, but got a piece of "LET US SAVE YOUR HOME!!!" junk mail forwarded to our new address, so I figured something is in the works. I bit the bullet and using my Google Voice number, called the attorney's office and found out when the trustee sale is scheduled (September 1st) and what paper it is being advertised in -- so thankfully since it's being advertised, and that means no deficiency and closure is on the horizon. I was able to find that paper online, but the latest sale dates are in early and mid-August that are showing up on their website. I couldn't find ours. I called the paper and they told me they might be a little behind in posting on the website. Dakota County doesn't even list anything on the county website until after the sale has occured. I am still paying homeowner's insurance -- I haven't said anything about the house being vacant to them...

I did get a letter from my city (forwarded mail again) saying that one of my neighbors complained about weeds and if I didn't take care of it, the city would, and would charge me for it. I called the city, after the deadline they gave me due to mail delay, got their voicemail, explained I am 1600 miles away and the house is about to be foreclosed and will belong to the bank soon. Gave them a call-back number. Never heard back from them... hopefully they took care of it and just added a lien to the house.

So as of today we are here:

suburb of St Paul, MN
Cash out refi in 2005 (no other loans; this paid off the original mortgage)
Current balance: 191,000 plus all those ****y fees... 10,000+
Zillow estimate as of 8/4/11: $123,400 (TANKING!)
11/10 - last payment
3/28/11 NOD
5/5/11 Loan is accelerated
9/1/11 Trustee Sale scheduled

Credit cards are all still active, although AMEX lowered my limit to $200 above my balance.
Credit score as of 5/19: 653 (Credit Karma)

[sclay1983]

That should read Credit score as of 8/4/11: 653 (Credit Karma) and I forgot that words like S U C K Y get x'd out of Loansafe. Sorry!

[blssed2bme]

So glad to read this post from you!! I'm very happy that your move to NV was sucessful and that you didn't have many issues with getting a rental. My family is planning on moving to Dallas between now and next summer so hopefully our experience will be similiar.

Small update... I've been in Nevada for 2 weeks now. We have signed a lease on an awesome SFR in Green Valley Ranch. Not a peep from Hells Cargo or their attorneys in over a month. I suspect this is how it will be for quite sometime due to the backlog of foreclosures, I can only pray they will get it over with soon, but I'm not holding my breath.

My Nevada rental experience has been interesting, and not nearly as scary as I imagined it might be. Spoke with 10 different rental agents; looked at 8 properties before we found the one we loved. Of the 10 agents, only one turned us down due to default; the other turned us down due to... cat. That left 8 rental agents with no problem with either cats or foreclosure. In fact, most if not all said the same thing -- foreclosure is so common now that it is doesn't really matter -- as long as you have steady income, and relatively clean credit other than the foreclosure it's not an issue. NONE of the rental agents required anything over and above the standard first and security deposit (meaning no 3 months in advance rent due to default). We worked specifically with rental agents (through Realtor.com and the newspaper) rather than looking at Craigslist postings. We also checked the Clark County Assessor/Recorder website to check if any of these were in default - none were. IMHO this is the case with rental agents vs. a private party.

I think our credit has bottomed out in the 670 range as it's been here for months now -- when the foreclosure actually shows up we'll see if that changes. Last house payment was November 2010.

All in all, house hunting was kind of fun actually. It will be great to be in newer home that doesn't have the old-home problems we left, not to mention the community pool that is 75 feet from my front door is a plus!

Life is settling down and I am excited about it.

[blssed2bme]

At my last check my credit score went up. Plus I've been a slew of credit card applications letters from companies (even approved an received 2 new ones this week). I don't plan on using them but its nice to know that the rest of my credit history is being considered beyond the foreclosure.

[sclay1983]

Our house sold back to the bank 9/1/11 for - get this - $42,900. This is the house we bought in 2000 for $139,000 and was appraised in 2005 at $225,000.

suburb of St Paul, MN
Cash out refi in 2005 (no other loans; this paid off the original mortgage)
Current balance: 191,000 plus all those lousy fees... 10,000+
Zillow estimate as of 8/4/11: $123,400 (TANKING!)
11/10 - last payment
3/28/11 NOD
5/5/11 Loan is accelerated
9/1/11 Trustee Sale held; house sold back to bank for $42,900.
10/6/11 - tentative date that house should belong completely to lender. Hopefully our free and clear day.

Credit cards are all still active, although AMEX lowered my limit to $200 above my balance.
Credit score as of 9/5/11: 644 (Credit Karma)

[sclay1983]

Not a lot of update, but my latest move was to notify the bank and attorney that as of 10/25/11 (via CMRRR) I am calling my insurance company and cancelling my homeowner's insurance since I made the last payment I'm going to make in September. The house went to the bank on 9/1/11; since it was abandoned, right of redemption can be lowered to 5 weeks from the original 6 months had we chosen to stay -- technically after 10/6/11, it should be going back to the bank. I'm hoping by telling them I can't afford to pay insurance on a house I don't technically own anymore, that they will get on the dime. They never contact me about anything, but I do have my signed proof of delivery cards, so I know they're getting my mail. My county website is showing the foreclosure sale, but still listing hubby and I as mortgagee... hopefully that will change to Wells soon. Here's the latest...

suburb of St Paul, MN
Cash out refi in 2005 (no other loans; this paid off the original mortgage)
Current balance: originally $191,000, now somewhere above $208,000.
Zillow estimate as of 10/14/11: $122,200 (TANKING!) (appraised in 2005 for $225K)
11/10 - last payment
3/28/11 NOD
5/5/11 Loan is accelerated
9/1/11 Trustee Sale held; house sold back to bank for $42,900.
10/6/11 - tentative date that house should belong completely to lender. Hopefully our free and clear day.
10/14/11 - doesn't appear to be free and clear yet, hopefully soon.

Credit cards are all still active, although AMEX lowered my limit to $200 above my balance.
Credit score as of 10/14/11: 631 (Credit Karma)

[sclay1983]

I also forgot to add I've gotten a slew of letters from realtors saying "we want to buy your house!", and I just ignore them. They've discovered my cell phone number, they've found me on facebook and I ignore them (though I did flag the facebook creepy guy as harassing me). I took great pleasure in responding to one of them via USPS... it seems they were trying to pose as Little Mr. and Mrs. First Time Homebuyer. I googled the guy, and he had a big ol' website where he "buys and sells distressed homes" and then when I googled his wife, I got a notice of foreclosure on the two of them. I printed that out and his website page, mailed it back to them and wrote on it, "For obvious reasons, I'm not interested." Dumb probably, but for some sick reason it made me feel better :-P

[blssed2bme]

I just got my 1st letter from a credit company that closed my card. It had a zero balance and I hardly ever used it but they closed it due to negative hit on my credit report which I know was the foreclosure. But all of my other cards are active with the same credit limit.

[tickytacky]

Sclay1983,

Welcome to Henderson! Just wanted to let you know I lol'd at you *actually* responding to the solicitor! Stuff like that I only ever imagine doing

[sclay1983]

Over a year has passed now since we made our last house payment in November 2010. Not a lot to add, but here is my update for now.

suburb of St Paul, MN
Cash out refi in 2005 (no other loans; this paid off the original mortgage)
Current balance: originally $191,000, now somewhere above $212,000.
Zillow estimate as of 10/14/11: $122,200 (TANKING!)
Zillow estimate as of 1/30/12: $109, 100 (how low can you go?)
(appraised in 2005 for $225,000)
11/10 - last payment
3/28/11 NOD
5/5/11 Loan is accelerated
9/1/11 Trustee Sale held; house sold back to bank for $42,900.
10/6/11 - tentative date that house should belong completely to lender. Hopefully our free and clear day.
10/14/11 - doesn't appear to be free and clear yet, hopefully soon.
1/30/12 - Although the house was foreclosed 9/1/11, and I notified Wells and foreclosing Attys that the house was vacant (and wrongly assumed that they would exercise the the 6 week right of redemption), we are still listed as the mortgagors on the county website. Maybe Wells Fargo has such a backlog of homes, that they are holding out for the 6-month right of redemption. We left MN in June 2011. The house has been vacant since then. I stopped paying the homeowners insurance the end of October. I gave the bank/attys 30 days notice that I would be doing that. I have since found out recently that the house looks ok, the locks have been changed, there's a notice on the door, etc so it sounds like the bank has secured the home, etc. Just not sure why they won't take it back from us yet. I had hoped we would have a 1099 for our 2011 taxes, but it looks like it will be 2012. Maybe around March 1st things will start to pop, after the 6-month period has passed.

Meanwhile we have paid off ALL OUR CREDIT CARDS, Yippee! My utility bills are 1/4 what they were in MN. We rent for $300 less per month than our mortgage payment was. Our house is definitely smaller, but in a nicer neighborhood, and now that we are empty-nesting we don't need the space we did when there were 4 kids running around. AND NO SNOW.

Credit score 11/2010: Around 780
Credit score as of 10/14/11: 631 (this was rock bottom)
Credit score as of 1/30/12: 679!!! woo hoo!

I will be happy when the bank takes the house back once and for all. Hopefully by March.

[rubysobe]

Sclay1983,
Thank you for your update timeline! It sure helps those of us who are following you know what to expect.
My last payment to Citi was Aug 2011. I've had mine turned over to attorney's and am waiting on a sale date. I'll stay in my house as long as I can and save up money for rent. My credit score is at 640 right now showing 120 days late. I'm sure it's not going to be pretty here in a few months when the house is finally given back to the bank!
Thanks again!

Ruby

[sclay1983]

Edited - text was wonky. Update:4/16/12 - We always kind of figured WF's right hand didn't know what the left hand was doing. 16 months after our first missed WF Mortgage payment, WF finally cancelled our 13 year old WF Mastercard, which had a zero balance and a 21K limit.Right of redemption expired on 3/1/12, and it looks from the county website that an investor bought the property. We have yet to receive a 1099 from WF.Our credit score is now in the low 700's.I will be happy when this is really and truly over. Not receiving the 1099 makes me kind of nervous.

[sclay1983]

Update: I don't know whether to laugh or to cry... just got my WF bank PMA account statement. It says our total liabilities are $0.00. They just wiped off the amount due less what they sold the house for. We never did get a 1099. I called the attorney last month to ask about it and was told "the bank is not obligated to send you one of those" and "we don't handle that - call them". I haven't called them -- I guess when we get with the tax guy next January we will ask him what he thinks. Credit score is 702. Just like my new area code.

[sclay1983]

Small credit score update - my score was steadily creeping up, and got back up to 710 - which is "good" on Credit Karma... Wells Fargo posted my debt as having been discharged, it showed up about October 1st, and that knocked my score down to 692... back to "fair"... my credit cards and auto loans are all paid off, so I'm assuming that's the only thing that would have knocked it down.

[Br&Ta]

Thanks for the updates. It's interesting to read other members experiences with the foreclosure process. I'll be on my 3rd missed payment in November, so I still have a ways to go. It is good to hear that everything worked out in the end for you. Hoping it goes that way with us as well.