I bought a condo in 2006: Bought a month later by Wells Fargo.
196K 80/20 Loan
80: 156K Interest only 15yr then interest kicks in
20: 37K Interest only Balloon payment at the end of 15yr.
The condo is maybe worth 105k
There are 3 short sales ranging from 89K-115K some have been on the market foe well over a year.
I would like to try to settle the 2nd since I’m so far underwater it seems like I’m throwing away my money. I stopped maying on my 2nd and I’m getting the usual calls from Wells Fargo. I would like to know the best way in trying to settle with Wells Fargo.
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