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Where to turn for mortgage modification help? – Larry

3 1/2 years ago I switched jobs. My wife and i were high on our credit and mortgage, and i took a 12k pay cut (also lost medical insurance from company prior). The slowed economy has slowed my catching up on income. I was soon maxed on credit cards.

I turned to CuraDebt for debt settlement help back in May of this year. They also referred me to a modification comapny since they only handle unsecured. I have a 1st and 2nd with Wells Fargo.

I worked with Rocky Mountain Processing (the company I was referred to) since june and paid $1,200 so far. As it turns out it was a scam and Wells had only 2 phone calls in 6 months, but no modification paperwork submitted.

I am now way behind (5 months) on the mortgage, the home is approx 70k uner water on the 1st and then there is the 32k on the 2nd. I am looking for honest help in negotiating with Wells Fargo and have hit a wall.

I was just about to go with “my home advocate” untill i continued looking and found you. Please give me some direction here. BTW we are at around 29% on the 1st as part of the HAMP rules, but I here traditional mods are possible. I am quite confused by all the B.S. being shovelled my way. Help!

Larry

Where to turn for mortgage modification help? - Larry by

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  • http://www.consumerrecoverynetwork.com/ Michael

    Hi Larry,

    You are likely as capable of working things out with Wells as anyone else would be.
    Given the information you provided I have some questions.
    Have you given any thought to settling the second and getting caught up on the first? I have seen this accomplished with wells where the second has been settled and at some fairly dynamic savings.
    Have you considered walking away from or seeking a short sale on an underwater asset? If so, what did you determine and why? Walking away or short sale may mean you are out of the home buying market for 3 years so you would likely be a renter for a few years. Are there comparable homes in your area or other areas you would choose where rent would provide a significant savings over what you were paying?
    If you are set on staying put and would like to pursue settling the second I do have some additional details. If you can answer the questions in a comment reply you will get some helpful feedback.

    • Matlin

      Hi Michael,

      We definitely want to stay in the home. After i posted this we were served with court papers on the 2nd. The struggle to catch up would  be tough as they (1st and 2nd) would want, according to paperwork, around 30k. I have contacted a local attorney because of being served and will explore chapter 13 and use of the new mediation law on modification for the 1st.

      Larry

      • http://www.consumerrecoverynetwork.com/ Michael

        Thanks for the update Larry.

        Best of success to you in getting this worked out in a way that agrees with you and your finances.

        If you don’t mind, come back and post updates of how things progress for you in the comments. Your updates may help other people who are looking at similar circumstances that find this page.

        What state are you in?

  • http://www.consumerrecoverynetwork.com/ Michael

    Hi Larry,

    You are likely as capable of working things out with Wells as anyone else would be.
    Given the information you provided I have some questions.
    Have you given any thought to settling the second and getting caught up on the first? I have seen this accomplished with wells where the second has been settled and at some fairly dynamic savings.
    Have you considered walking away from or seeking a short sale on an underwater asset? If so, what did you determine and why? Walking away or short sale may mean you are out of the home buying market for 3 years so you would likely be a renter for a few years. Are there comparable homes in your area or other areas you would choose where rent would provide a significant savings over what you were paying?
    If you are set on staying put and would like to pursue settling the second I do have some additional details. If you can answer the questions in a comment reply you will get some helpful feedback.

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