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I Have Stress and Cancer. I’m Also Struggling to Get Out From My Wells Fargo Mortgage. – Tarah

“Dear Andy,

I bought my house 4 years ago. My value has dropped over 100K. I live Maryland. My mortgage is Non-Conforming. I have attempted to refinances 2 and denied because of my appraisal. I also attempted to get a modification 2 times and the investor denied it both times. I am current on my payment, but starting to wonder why. I was diagnosed with cancer last year and was out of work for 3 months. I am still going through tests and treatment but am working.

My doctor are saying that I need to remove all the stress in my life, especially with everything I am going through. My job is very stressful but I can not change my career or cut back my hours and still pay my mortgage.

I can’t sell my house because I have lost so much value and I work for Wells Fargo so I don’t qualify for a short sale. I paid 3K for an attorney to assist me and they took my money and ran. What can I do? Also my husband is trying to get his PHD fall of 2012 (so he can make more money so I don’t have to work as much/stressful) and depending on where he get’s in we will have to move. And I am the only person on our mortgage but both my husband and I are on the title. I was also contacted by percision law center to join a mass tort and I am reading that it is a scam

Do you have suggestions on what I can do? I feel lost and like there is no hope for me. Are you aware of any modification programs that I would fall under? Do I really not qualify for a short sale, or are there ways around it? Do I just walk away from my house? If so how bad will that hurt my credit. Does it help that my husband is not on the title if we walk away from the house?

Tarah”

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The Answer

Tarah,

It sounds like you’re #1 priority is getting rid of that home, and I can’t blame you. It’s a bad investment and with everything else going on in your life right now, it has become a massive burden to carry. Your health is your most valuable asset and you have to protect that at all costs. I would listen to your doctor’s orders and find a any way possible to relieve stress.

If you‘ve already been denied for modification twice, I’m sure there’s a reason. It’s unlikely you will ever be qualified, unless there has been a change to your income or overall financial situation. If your financial situation does change and you have the time and desire to continue on indefinitely with the modification process, then nothing is stopping you from trying a third time. Definitely don’t bother paying anybody else to do it for you at this point though.

I was not aware that being an employee of Wells Fargo would disqualify you from doing a short sale. Knowing that I still think it may be worth a shot to go ahead and list the home for sale at market value and submit the highest and best offer that comes in. Just like it was the investor that denied your modification, the investor makes the final approval on all short sales also. If you’re waving a strong market value offer in their face, my guess is they’re going to want it, whether you work at WF or not. Also, being an employee you may be able to ask around and find the correct channels to higher ups that can review your hardship and possibly make an exception for you. Listing your home for sale doesn’t cost you a dime. I would suggest you contact a local real estate broker that can demonstrate a strong background and knowledge of the short sale process to help you.

If you find that no matter what you try, they will never allow a short sale, you may want to go speak with a bankruptcy attorney. It may sound scary, but if Wells Fargo is offering you NO alternatives to get out of this house, bankruptcy could be a logical step to discharge the debt in a controlled, legal way.

Walking away from the house and letting it go to foreclosure would be your last resort and would have a devastating effect on your credit rating. However, if you find that short sale, bankruptcy, or modification will never be possible, you’re only left with the option to continue paying the mortgage, or walk away. Only you can make this decision. If you do find yourself in this spot, I would suggest that you find a local real estate attorney and speak with them about your situation. You can use them throughout the process to answer questions and advise you on the legal matters that come up.

If you’re husband is not on the loan, and the loan has never been listed on his credit report in the past, then he should not be impacted credit-wise. Again, you should consult with a local real estate attorney to learn if there would be any legal impact on your husband, with him only being listed on the deed.

Please keep us posted on your progress in the comment section below. I very curious to learn how your situation with Wells Fargo turns out and if they will in fact allow you to short sale. Good luck!

Best Regards,

I Have Stress and Cancer. Im Also Struggling to Get Out From My Wells Fargo Mortgage.   TarahAndy is a licensed real estate broker in Massachusetts and is the founder of Northeast Properties in Norton, Massachusetts. His brokerage is designed to help homeowners in today’s difficult real estate market, specializing in short sales. Andy speaks with Massachusetts homeowners every day, helping them to address their questions or issues with short sale or loan modification. He enjoys helping consumers arrive at the correct solution to their problem, and believes that the only way to correctly do that is by presenting them with all of their options in an un-biased manner.

If you have a mortgage, short sale, real estate, or loan modification question you’d like to ask just use the online form. I’m happy to help you totally for free.

I Have Stress and Cancer. I'm Also Struggling to Get Out From My Wells Fargo Mortgage. - Tarah by

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • http://GetOutOfDebt.org Steve Rhode

    Tarah,

    Andy offered you exceptional advice. He’s right on track here. 

    Do you have a second mortgage on the property?

    Steve

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