Marital Separation and Loan Modification Paperwork

[shaele]

Please forgive me, I'm sure this has been answered somewhere, but my searches are not turning up the information that I'm looking for.

My husband and I separated and I have requested a loan modification. But all the paperwork requests his income and signature. Obviously we can afford the home together, but I cannot afford the home by myself. How am I supposed to fill out these papers? We have no legal separation. I have no legal child support, just his voluntary contribution. And there is no divorce. I cannot afford a lawyer to get one either, or legal child support order.

I have also considered one of those companies that will do the modifications for you. You know those things you get in the mail. Are there any reputable companies that do this? How do I find them and are they worth it. I have an old paper on my refrigerator of one company. They all charge a fee, this one says "guaranteed".

My loan is serviced by Wells Fargo, I have called the executive team and have been assigned to a "specialist". I just received the financial worksheet today, already filled in, but it like others, has incorrect numbers on it. But received the packet a couple of days ago. Just not sure what to do about needing his signature and listing his income.

I live in Arizona, and and just tempted to let the house foreclose. From me missing the first payment this month - November, how long until I will be forced to move? I think I may just save the money and pay down credit card debt. But want to have the money to put in deposit for new place to rent, but I don't know what kind of time frame I am looking at.

The 2nd mortgage is in my name only, what is going to happen during forclosure?

Thanks for your time,
Michelle

[taz007]

You may want to read this thread:

Walking Away in Arizona - My Journey

[shaele]

yes that was helpful for a time frame, thank you.

How about those papers? Do I fill in my husband's information and have him sign them? He is listed first as the borrower. I am the Co-borrower. We have a VA guaranteed loan, is this going to matter? I just keep thinking that they are guaranteed their money by the VA whether we pay or not, so why would they modify the loan? I have always made more than my husband, so this should be good for the mod, right?

[shaele]

Sorry, just a bump, to move it up. Waiting for help.

[taz007]

If I were you, I would contact NACA (naca.com) and have them negotiate for you. You will need your husband to sign.

[Irish Gal]

Originally Posted by shaele

Sorry, just a bump, to move it up. Waiting for help.

Hi Shaele,

Welcome! Sorry to hear about the marital separation, as well as, the mortgage mod hell too. I thought I'd respond until someone with more knowledge or in your same situation might respond. It's the weekend, and many folks here are probably taking a much needed break from all this, so be patient and keep asking, asking, asking whatever questions you may have as you move along in your situation. Folks do want to help as much as they can, here. I have seen some cases (here) where divorce or separation have been issues in this process, so hang in there. You might want to do a site search with those words, see what comes up. Basically, each case is different as there's so many variables. Lenders for the most part are giving homeowners a very hard time with mods, esp HAMP. Homeowners, for the most part, are pretty burned out with the whole process and feeling helpless and hopeless. I'm a realist, so I think folks should know up front what they are up against so they can hope for the best, but plan for the worst. It is recommended that folks who are beginning this process consult a real estate atty w/ experience in debt collection to review your options with you (AZ law, etc.). Most good attys will provide a free (brief) consult to discuss your options (mod, short sale, DIL (rare) or foreclosure). Also, some homeowners try for a mod (short term goal) while they buy more time to decide later if a short sale or foreclosure is best, long-term. Some here start out wanting to mod, then decide to sell, and then hate that process and let it go to foreclosure. There can be many twists and turns in the process. So, I guess what I'm saying is this is all a PROCESS, and "more will be revealed" to you as you move through it, gain knowledge, and confidence in how to deal w/ these awful lenders, etc. You may want to go for a mod now, but change your mind later, as you read here, circumstances change, etc. So, educate yourself here (TONS of great info here for those who want the knowledge/info). Also, there's some savvy AZ homeowners on this site (davephx; AZowner to name a few). I'm sure someone from AZ will take your hand soon to help another AZian . (I'm in CA). Hang in there. You are not alone. Take care of yourself in this process as, unfortunately, all this does affect your health (if you let it) along the way. Keep us posted!