| Wells Fargo....oh help
Hello everyone, so glad you are here. OK right to it...long story short.
1st mortgage...5 year arm...countrywide...to adjust in March....I've started that ball rolling and have been approved for the next step....yes....hardship letter and all that stuff. I am to call them Nov 1st. To begin the process.
2nd mortgage...Wells Fargo. I got a no money down deal...of course thinking I would just refinance...ha ha...joke's on me. My value is lower than my debt of the mortgages...so, my equity line is the tough one....I think. It has adjusted and doubled. And, 3 years ago i actually refinanced this equity line and rolled in a credit card. Now i know for a fact, that at the time, this exceeded the value of the home. At that time, they did not even check the comps....they just gave it to me. I have tried to refinance with them thinking they might see the advantage in that....but no that wont happen. So I have sent their work out dept. my hardship letter and all the financial stuff....and now I am on hold waiting. And scared....they seemed to be a bit rough at first...saying what will be different in a year? So here is a copy of the hardship letter I sent after that question.
To Whom It May Concern:
It is with considerable distress and sadness that I write to you to explain my inability to pay my recently adjusted home equity line payment., and it my sincere hope that you will consider working with me to modify my loan. My main goal is to keep my home and I would really appreciate the opportunity to do that.
The recent adjustment in my 3 year fixed home equity line has caused my payment to double. I cannot pay this. I took out this equity line in conjunction with my 1st mortgage, when I purchased my home, as a no money down package. As it was presented to me, I would be able to refinance a few years down the line, into a fixed plan, after my equity had built in the home. My first mortgage will adjust in March. I have tried diligently to refinance both of my loans to no avail. Recently, Wells Fargo denied this attempt, due to my debt being higher than the value of my home, a very common problem, I'm sure, in our economic crisis.
I have been faithful in my payments to Wells Fargo and my credit report today is good. Yet, the inability to refinance has me very frightened that foreclosure is inevitable. And it is. My hope, is that we, together, can keep me in my home and find an agreement of payment, either via a longer fixed rate plan, or a postponement of the adjustment, that will allow us time to let the economy bring my home value back up. This would keep my credit in tact allowing me to refinance in the near future, thus assuring my ability to pay you for the long term. Waiting for foreclosure to take these steps, will only harm my credit and, therefore, my ability to hang in there with you long term, via refinancing.
I have attached my pay stubs and my monthly list of expenses. This will show that I am at my limits now. I hope you will consider my request for assistance and I truly look forward to remaining a customer of yours for many years to come.
Sincerely,
So there it is. I used a format I found on this site. If they turn me down, I need to have a plan B ready. Can anyone suggest what my next action should be? My payment is due today, they told me to wait until they determine my rate hold. But I like to know what to do next, if I need to.
Thanks so much!!
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