Need All The Suggestions I Can Get

[procedures]

Hello Everyone,

I just joined today as I find myself (as most of you) in a very difficult situation. I see myself sinking more and more each day and I need to try and do something. My hubby became disabled and doesn't work the overtime as he used to when we needed it. No good news here, I was on furlough for a week with no pay due to our company's budget and we still have to take 1 more week.

I have called Wells Fargo numerous times and they said that because I have never been late on a payment and was not currently behind they could not help me. It wasn't until I got sooooooooo mad that I said I'm trying to tell you that the day is coming when I will not afford my mortgage do I have to default for a month or two before someone will listen and try to help?

Finally, I was sent to the loss-mitigation dept. where they said to submit a hardship letter and proof of income, which I did today. I told them to put a stop on the automatic draft from my bank for the mortgage payment this month as the money would not be there, while placing me on hold, transfering me, etc., they hung up on me once again.

Over the holiday we borrowed money and deposited only to find out that they never placed the stop on the auto draft, luckly we had the money there but we see ourselves in this position from month to month and we haven't paid the Property Taxes and I can't even imagine where to get the money for this.

My intent is to stay in the house but I don't forsee our monetary situation changing and I need a long term fix not a short one, we must be realistic if we can't keep the house will we in the long run? Who knows how long it will take before the market comes back up.......

Purchased the house 3yrs. ago for 350,000.00, the current estimated value is 209 to 219,000.00.

Wells Fargo Bank - 1st :

$1370.58 a month @ 5.750% on $280,000.00 for 5yrs.

Wells Fargo Bank - Equity Line with Flex Ability:
$450.00 a month @ 7.88$ variable on $70,000.00

Can anyone suggest on what I may be able to do?? It would be greatly appreciated.

[HopingtoFind]

Hello procedures,

The rate that you have now the first is very good, is it interest only or fixed? I am assuming it is interest only. If it is interest only they might be able to offer fixed, but in a lot of cases when they do that the payment does not go down by much because at that point your payment will consist of interest + principal. They also escrow taxes and insurance and rolled into the payment as well. So I'm not sure how much of relief you would get if first is modified.

I think you need to figure out how much you can afford to pay and go from there.

[Paul Maciel]

Hang in there and don't give up!

[procedures]

Thank you,
My bank called and it looks like they may work something with me I don't know what just yet, but at least I was able to make it to the loss & mitigation dept. that's a start.

[Moe Bedard]

that sounds good..............

Keep us posted on what you hear.........

Good Luck!

[Anthony24]

Good luck!!!!!