Let me first start off by saying that my situation is 100% my fault, and I cannot blame WF for my mess, but I need some advice on what my options are.
I've bought my house w/ a co-borrower (not married) about 8yrs ago. We split and she moved out summer of 2008 and I have been paying everything on my own since then. I lost my job summer of 2010 and have only worked a short bit since then and am currently unemployed.
I made the HUGE mistake of avoiding calls from WF and not opening any mail since I knew why they were contacting me. I always thought that things would turn around and I would catch up on what I owe in no time or possibly refinance once I had steady employment. Well, that never happened. I was skipping payments (a lot actually), and I owe my mortgage for the past yr less three payments being held in "unapplied funds" (because they don't take payments when foreclosure starts)
Last week I started to receive advertisements from attorneys regarding foreclosure, so I started to think that they just started the foreclosure.
After trying to contact WF locally about my situation without success, I finally got enough balls to call them and spoke to someone in the loan modification department. I was informed that the foreclosure actually started July 2011, but a sale date has not been assigned. They gave me my approximate totals due, and the attorney that is handling it for them locally.
We briefly went over my hardship(s), and started to begin a "verbal financial interview" which I then stopped so I could gather my info and call at a later time.
My main question is, is this the 1st step in a "possible" loan modification? Does the info I give here, determine if they will even send me all the paperwork to start the process?
I DO want to stay in the house, and can make my regular payment when I have employment. I've been getting by almost 100% for the past year with the help of my family. My savings are down drastically to under $2,000, and my expenses are only utilities, gas and grocery. I have cc's as well with balances that I have not been paying, and the rep I spoke with said that is some of the info that they will need.
I really would like a mod, but I don't want to mess up my verbal interview. Also, what circumstances / information I give are better if they end up sending me paperwork?
I'm really at a loss right now and would like some advice
Many thanks in advance ....