We currently live in California and have an 80/20 loan- both with Wells Fargo. We paid $545,000.00 for our home. The current value of our home is $288,000.00. We have been approved for a short sale, but three buyers have fallen through.
I have written the executive team of Wells Fargo and asked them to do a loan reduction so that we can keep our home. According to Wells, due to the policies that their investors have established, they aren't allowed to do this. I then inquired about the new laws that are supposed to help homeowners like me and Wells doesn't have any current policies on how to deal with the new law(s) yet.
I am angry that they would approve a short sale for someone else to purchase my home when in fact- if they reduced my loan, they would lose less money.
I did have a loan modification approved, but chose not to take it because the value of the home had dropped so much. I don't see me living in the home for the next 30 years and the home may never be worth what we paid for it. It just doesn't make any financial sense.
Has anyone had success in getting a loan reduction with Wells Fargo? Is there any way to contact these investors?