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help...advise needed for young couple after getting acceleration notice from our wella fargo home mo

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by kalizmomma, Apr 18, 2011.

  1. kalizmomma

    kalizmomma LoanSafe Member

    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
  2. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 619-379-0654

    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 Income:(total 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:

    I would love to see if the numbers first make sense, then point you in the right direction
  3. miata007

    miata007 LoanSafe Member

    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.


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