posted on Jul, 27 2009 @ 11:46 AM
I will add the Wells Fargo is hard to deal with statement. Both of us work and my hours have been cut to about 25 a week at a very large global
company. We are not behind on anything yet but the end of the rope is slipping away. We attempted to get WF to do a loan modification and they
countered with a $20,000 loan with both our vehicles as collateral. Now this loan to help us get by had about $6000 in fees and closing costs to get
the money. Now if we had $6,000 there would not be a problem. So we are done, the towel is being thrown. Or home was built and purchased new before
the housing bubble started 4 years ago. So despite paying WF $60,000 so far, the home is now worth $110,000 or 40,000 less then we paid for it. Then
you add in the second mortgage we had to get to stay afloat and we owe about $180,000. It has been for sale for 15 months with no takers and the real
estate agent tells us that banks are not loaning money for existing homes in our county. There are too many foreclosures and they are using bailout
money for that.
Good thing we have excellent credit because it will have farther to fall when we file for bankruptcy. I think that may be the way the average working
person has to make a statement to the banking industry. We tried to play your game and now you took the ball and went home. Now we will be renter for
a year or so until we can get our score back up. No home repair bills to worry about and the ability to up and move to where there is plenty of work
when we need to. We get to keep both vehicles and I will still make my boat payment. Other then that $225,000 wiped off the books for a $1,600 fee.
One more foreclosure to the list of about 600 in the county at last count. They say we have a good eight months until they try to throw us out but we
will be gone by then.