Home Loans and Support

Took a deep breath - and decided to short sell!

Discussion in 'Wells Fargo Home Mortgage' started by lorifrank, Jan 14, 2014.

  1. lorifrank

    lorifrank LoanSafe Member

    Hello Everyone -

    First - my thanks to this forum and to Evan for all the careful guidance, advice and education! This is by far the best site on the web for all of these items and has given me hope in some dark moments.

    After receiving a trial modification that saved me $20 a month in October - my husband and I decided that on New Year's Day that we would place our home up for short sale, and move on with our lives. It was not an easy decision, but after 2 years of long negotiations, and incompetent loan servicers at Wells Fargo - we just decided that the stress was ruining our marriage, starting to affect our only child's progress in school and leaving us with many sleepless nights.

    We found a wonderful broker/agent who has educated us on the process - and held a few tissues while we cried.

    Thanks everyone! Would love to tell everyone that I fought the good fight and won against WF - but I finally realized this home was a financial contract - and breaking it would NOT BREAK ME!

    Thanks - if anyone wants to weigh in on their success after the sale - I'm all ears!

    Lori
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hello Lori,

    Thanks for the gracious remarks and coming back to update the community on your journey! It's unfortunate that you were offered a modification that provided no relief, but it's great to hear that you and your husband have come together to set a game plan and prepare for the future. Nothing is more important in life than your family, health and contentment. A short sale or even foreclosure are events you'll ultimately overcome and having a loved one by your side will make the task that much easier. Yes you'll have to rent for 2-3 years (unless you can qualify for a portfolio loan) before you'll qualify for a new mortgage and get back into homeownership, however as we all know the years will fly by and I'm sure you'll secure a new home you love!

    You can find details on the mortgage programs available post-short sale & foreclosure in the following forum section:

    Mortgage After Foreclosure

    Have a blessed day and please keep us updated on the ss!
  3. lorifrank

    lorifrank LoanSafe Member

    Thanks so much for your quick reply and encouraging words Evan! My husband and I made a strategic decision years ago to take his name off both the title and mortgage when we refinanced because he was starting his own company. We did this and got a loan with the "stated" income" requirement - and supporting documentation.

    Our plan is to rent for several years and invest in a home when it makes sense -

    Again - many thanks for all you do to make sure there is an outlet for people who need to hear that there life on the other side of this!
  4. keepthefaithyall

    keepthefaithyall LoanSafe Member

    Such great news that you are at peace with your decision! This place is such a godsend for so many. I am so thankful it exists. Where would so many of us be without it. I am so glad that the founders of this site had the heart and foresight to do this. So much support and compassion they show.

    Here's to moving on Lori!
  5. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Thank you both from the bottom of my heart! The words you two have expressed here are what keeps us going and makes the community what it has become today! We're all here to support one another and share our knowledge and experience in a time of need.

    Lori, I just went over your post from today about qualifying for a possible DIL. This is an option you can always explore, just keep in mind that WF may require you to list the home for a minimum of 90 days before offering a DIL. You have a great game plan set for the future and a SS or DIL are certainly the quickest ways to get out of the property and eventually back into homeownership. Also, keep in mind that a DIL will be looked at the same as a foreclosure when pursuing new financing and you may qualify for a new mortgage faster following a short sale.

    Good luck and please keep us posted on your progress!
  6. lorifrank

    lorifrank LoanSafe Member

    Thanks Evan - as you can imagine lots of questions circle around my brain - I just want this forum to educate me on the process - rather than rely on anyone else -
  7. TXWilly

    TXWilly LoanSafe Member

    Lori,

    Though I am kind of happy that you decided to take the path what is best for you, I am kind of sad that you have to sell your house on short sale. Yes. This site is great. Esp well researched/comforting answers from ppl like Evan and others really helps a lot of people. If NOT for this site, I would not have got any info in fighting my case. I owe it to Evan and others. I hope everyone who struggles to keep their house get to keep it. I am kind of feeling sad when someone loses or had to sell the house...

    Goodluck to you in your next steps..
  8. lorifrank

    lorifrank LoanSafe Member

    Thanks Everyone! One of our key motivators and primary reason for the Short Sale and move is to get our daughter into better school system. The schools in our district (we live in the suburbs of Chicago) have now had 5 years of being an "at risk and failing school system" -

    The school district has been caught in 9 years of litigation for their attempt to redistrict - and as a result, the schools are overcrowded and have a large influx of bused students in the population. A big loss for every student in our district - but keeping the case in litigation is profitable for someone!

    We ended up sending her to a Catholic school four years ago - but with her hearing impairment and learning disorder - she does not get the services she would in a public school.

    At the end of the day - we are sinking lots of cash into a house - where she can even use the school system and then shelling out another 5K a year for school - which we learned this fall, can not meet her needs.

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