Hi We have a first at $440,000 and 2nd $90,000 and a 3rd HELOC at $250,000 we could sell our house in Arizona for maybe $600,000 so the 3rd would not be covered as we used the HELOC ($250,000 for landscaping, addittion to the house, hot tub etc etc...) Question is we would like to stay in the house rather than short sale as we would have to negotiate with the 3rd (all with Wells Fargo, 3rd was actually with Wachovia but doesn't really matter now) anyways in a short sale (foreclose not a option), realtor says they won't negotiate as they want you out of the house, not sure if its cause he wants the commission or not.
If I stopped making payments on the 3rd they aren't going to forclose on us so don't you think this would be the best option in getting rid of this and staying in the house? We can make the payments on the first and 2nd but the 3rd is causing stress as we will eventually have to deal with this at some point.
I have heard the bank is going to want all your financial records and read on there not to show them. I would be more than happy to show them my tax returns but not any 401k's etc etc as my income has drastically dropped when we took these out in 2005.
Our 401ks are in a account that the clearing house is Wells Fargo, even though they "legally" can't touch I have heard that they have touched accounts in Wells Fargo and "said you owe us the money, now come and get it, you signed a document to pay us back"... We will remove these before we miss payment
Any suggestions or comments would be greatly appreciated