| Wells Fargo loan...still current but not for long
Hi all. I'm new to this site...found it while attemting some on-line research on the loan modification subject. This forum is full of usefull info...thank you, thank you. Honestly I don't really know where to start. I was hoping for a little advice/info on my situation.
I have 30 yr fixed loan at 5.875% with Wells Fargo. My payments have always been on time and in full. I am still current to date. But that's only because i've been charging other bills to my credit cards in order to make the mortgage payment. I do still have good credit, and would like to keep it that way. So I desperately want to fix the situation before it goes bad.
About 1 year ago, my husband was layed off. Being a superintendent for a custom home builder, he was one of the first to loose his job due to the economic changes. He was out of work for about 2 months. The job he has now is for less pay, and he is not guaranteed 40 hrs/week. He has to call this job line telephone # to see where he's working the following day. Well, for a couple of months he was only averaging 12-20 hrs/week. When he does work, he has to use his own personal vehicle as a work truck and drive to the job sites. His company no longer reimbuses gas mileage, and we all know how crazy gas prices have been in the recent past. In addition, I'm unable to compensate the loss because my employer has cut my overtime. We are barely able to make minimum payments on our credit cards anymore. Our motgage just went up anoth $40 due to a change in taxes (negative escrow balance.) I know it's only $40, but at this point, that's alot.
Do you think I would any success with a loan modification?? I've read on this site that Wells Fargo is not the best to work with their customers.
Is anyone familiar with the new Streamline Modification Program? What is it??
Thank you in advance for any help.
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