“Dear Steve,
Life happened. Doctor bills, behind on payments, everything.
I just received a Notice of Default and Intention to Accelerate on my mortgage from a lawyer. I was working with the mortgage company – Wells Fargo for a Loan Modification. It was in process and haven’t heard from them. I kept checking their online tool and it always said in process. After I got the letter, I checked the status and it said that I’d have to call the 1-800 number. It was after the hours.
I had everything banking on getting the Loan Modification approved. I don’t know what went wrong. I’m 5 months behind.
What can I do to save my home? I don’t think I can get $7,100 together in less than 30 days.
Mark”
Dear Mark,
First off I’d call them back during office hours and ask them why you did not qualify.
The only legal recourse you have to make them stop foreclosure would be a Chapter 13 bankruptcy filing. However that’s only really effective if you can make at least your regular mortgage play plus an amount to cover the past due balance. You might be so far behind at this point that a bankruptcy won’t be an effective solution but you won’t know till you speak to a bankruptcy lawyer. You can click here to find a local bankruptcy attorney. Make a free appointment and go talk to them.
You might also want to chat with a free housing counselor using the link and ask them if Wells Fargo has any other options.
One reason people are getting rejected is because their current income can’t support even a modified mortgage. Only 7% of modification applicants have received a meaningful modification that may possibly save their home.
Big Hug! 
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