help...advise needed for young couple after getting acceleration notice from our wella fargo home mortgage 30 days ago

[kalizmomma]

hi all,

any advise is helpfull. im very worried about our home being forclosed on, and need to know what to do. we have a loan through wells fargo, we bought a year ago, and home is pretty much worth what we paid. its a 30 year loan, 29 left. we are 26 years old. we got the notice of acceleration last month in march. after only 2 months of not paying the mortgage. we could not come up with the $$. my husbands work status changed and im at home w a baby. we told them that, they advised we send in a bunch of documents, and try for a loan mod or repayment plan. not refinance, since the interest rate was already decent from 1 year ago, and bc our credit score has dwindeled as we did not pay on credit cards (mortgage was the priority!) for a year. now the last 3 months we havent paid. after acceleration notice we gave them a few hundred $$, but thats ALL we had. my husband just got a new job, and we should be able to keep paying our normal payments, if they let us. but if they want the 3 months back pay there is no way....and im very scared to let the house go to forclsure as were already 15k into it between the down payment, and insurances/closing, ect ect...its so frustrating. so what happens next? now that were past acceleration. will they work with us after reviewing our docs? we did a hardship letter. he has a job now. any advise is helpfull...thanks so much everyone

[LoanModHelpCenter.com]

hi all,

any advise is helpfull. im very worried about our home being forclosed on, and need to know what to do. we have a loan through wells fargo, we bought a year ago, and home is pretty much worth what we paid. its a 30 year loan, 29 left. we are 26 years old. we got the notice of acceleration last month in march. after only 2 months of not paying the mortgage. we could not come up with the $$. my husbands work status changed and im at home w a baby. we told them that, they advised we send in a bunch of documents, and try for a loan mod or repayment plan. not refinance, since the interest rate was already decent from 1 year ago, and bc our credit score has dwindeled as we did not pay on credit cards (mortgage was the priority!) for a year. now the last 3 months we havent paid. after acceleration notice we gave them a few hundred $$, but thats ALL we had. my husband just got a new job, and we should be able to keep paying our normal payments, if they let us. but if they want the 3 months back pay there is no way....and im very scared to let the house go to forclsure as were already 15k into it between the down payment, and insurances/closing, ect ect...its so frustrating. so what happens next? now that were past acceleration. will they work with us after reviewing our docs? we did a hardship letter. he has a job now. any advise is helpfull...thanks so much everyone

If he has a job now please post the follow to see if i can help you out. If your numbers make sense I wil let you know. You have many options, if the home was after jan 1 2009 we would not be looking at HAMP, modification how ever there is STEP, FLEX, CAP Please post the following:

Gross Incometotal gross of people on the loan)
Property Value (goto ZIllow.com) Give me the Range and 30 day trend being (-) or (+):
Loan Balance:
Mortgage Payment:
PROPERTY TAX:
HAZARD INSURANCE:

I would love to see if the numbers first make sense, then point you in the right direction

[miata007]

sorry to hear about your situation..but I just want emphasize you do not sign anything that allow them to come after you for deficiency amount.
Try to work it out with the bank to come up with a repayment plan.

I am sure someone here with more expertise/related experience can provide better advice.

007