Walking Away in AZ -- Wells Fargo experience

[tdskkenn]

Hi everyone. I just wanted to give you my experience so far. Everyone else posting their experiences has helped me so much. Thanks.

We are walking away from a home in the West Valley part of Phoenix. We have already moved out of state. I have already consulted an AZ lawyer.

Here's my info--bought home in 2005 for 400k. It's now worth about 210k. Both loans are purchase money and both are through Wells Fargo. Both loans are conventional (meaning not interest only, etc...). We had pristine credit. Our situation is that we have no hardship--we just can't sell or even rent our home and we had to move out of state for work. We have to dump it because we can't even find a renter.

Missed first payments on January 1st. Today is only Feb 20th and we received a letter today stating that if we didn't pay up by March 20th, they would begin acceleration on the note. This seems rather fast to me (not that I'm complaining--I am ready for this to be over and move on in life).

Does anyone have any insight on the fact that both loans are with WF? It seems most second loans are with a different bank that the first loan. How will this fact affect us?

I will keep posting as our story goes on. Thanks for reading this!

Ken

[cactus77727]

Congrats on starting a new life for your family! Nicely done on the double whammy on Wells Fargo. I'm not a fan of the big banks, so your story puts a smile on my face.

I don't think it matters if 2nd is the same bank. If both loans are purchase money, in AZ they are both out of luck. But didn't your attorney advise you of that? If not, confirm it with them.

Your time line so far, sounds similar to mine. My ongoing AZ forclosure oddyssey is: 10/1/2008 first payment missed. Received the default/cure letter in the second month like you did. Notice of Trustee Sale: 1/20/2009 Foreclosure sale date: 4/21/2009

May I ask: Where did you move to? And are there any jobs there?