Stop 4 mo trial mod payments and foreclose.

[getmeouttahere]

We've been on this 4mo trial mod for 3 months now and we are still getting calls from WF for full payment, each time we have to explain we are on mod then they go, oh I see - okay, blah, blah. Next day, they call again even on Sundays and we go thru the same song and dance all over again. So getting tired of it. Since our mod started our income reduced to another 30%. If we stop paying all together and wait for foreclosesure would it count that we are 3 months late even though we've never been late on the trial mod? And if they count 3 months as late, can they foreclosed on us immediately?

[Evan Bedard]

Hi getmeouttahere,

We've been on this 4mo trial mod for 3 months now and we are still getting calls from WF for full payment, each time we have to explain we are on mod then they go, oh I see - okay, blah, blah. Next day, they call again even on Sundays and we go thru the same song and dance all over again. So getting tired of it. Since our mod started our income reduced to another 30%. If we stop paying all together and wait for foreclosesure would it count that we are 3 months late even though we've never been late on the trial mod? And if they count 3 months as late, can they foreclosed on us immediately?

If you quit paying on it now they will most likely still count you as a couple months late and continue with the foreclosure process. Most of the time they are still reporting to the credit bureaus even while your on the trial payments. But the foreclosue process will still take some time since you have been working on a modification..

[getmeouttahere]

Hi Evan, thanks for that advise. Sometimes I get so frustrated with WF I think of just foreclosing the house, in reality we really want to keep the house if we can afford it. Since we were offered this 4 trial mod in August, our income took another hit, so we are really having a hardtime with the 3rd payment. I wonder if we could ask WF to adjust our mod once again to our new lower income. I checked our financicals and we can still afford the 31% payment with no deficit. I had to adjust our budget to be able to make it. Should we try to ask WF? Or should we wait for the 4mo trial to finish and then request later? Is this too much to ask?

[Evan Bedard]

I had to adjust our budget to be able to make it. Should we try to ask WF? Or should we wait for the 4mo trial to finish and then request later? Is this too much to ask?

This will most likely have an affect on the trial payments if your income has changed. After the trial period is complete they will most likely ask for updated paystubs and bank statements anyway, so you may want to let them know now...