Well, I spent here over a year trying learn ways to save out house. Unfortunately, we ran out of patience and time. We were offered trail mods I think 4 -times and most of the the time the payments were more than our mortgage amount.
Finally, we decided to go with Short sale and surprisingly it was approved very quickly even with holiday season. It was approved on Jan 7th and we got the letter yesterday. They want us to close the deal by Feb 1st or risk foreclosure they say won't get postponed as they already postponed once with my loan status as Short Sale approval pending.
Both my loans are with Wells Fargo. The first loan sent a letter to 2nd one about the short sale approval and that they would be getting around 11K to settle off second loan (I owe 110K on my HELOC).
I am not sure if this standard process but the second mortgage office which is also Wells Fargo want to do a BPO (some appraisal). I am worried that if they take took long we miss the Feb 1st deadline set for closing. Anyone knows how long they take and if there is anything I can do to speed it up? The settlement company is doing all the communication with them and they seem to get no clear time line when they will be done with BPO and give approval for the sale.
I appreciate all the great advise we got from here. It atleast helped us live a year longer in the house and save some cash to recoup of the heavy loss we took on this house on which I put almost 20% down.