I was in an area where Hurricane Sandy had hit. My name is on the mortgage but I don't work so my wife works and pays all the bills. She was out of work for three weeks during that time. I was wondering once I call, will they allow to use my wife's income as possibly making repayment plans to be up to date with mortgage payments? We would have been just fine if she did worked those three weeks. She's a house cleaner so she couldn't go properly clean a house especially if her bosses were having troubles themselves. Wells Fargo already gave us the moratorium, but we cannot come up with all three payments.
Unfortunately, there are many more factors that come into play with respect to your question if in fact Wells Fargo would be willing to "help you" (i.e. modify your mortgage).
To address one aspect of your question, yes, your wife's income can be used by Wells Fargo in consideration of offering you a loan workout (i.e., loan modification, forbearance agreement, repayment plan, etc...).
You should really contact an New York law firm whom specializes in loss mitigation and foreclosure to at least give you a free consultation to discuss your options. Feel free to follow up with any further questions, comments or concerns.
I am confused because you talk about missing 3 weeks of work, but you then reference missing three payments. I am assuming that you missed three monthly payments even though you missed less than one month of work.
Anyway - back to your questions: there is no way anyone can predict what Wells Fargo will do or will require you to do. Call them and ask.
If you are really 3 months behind rather than 3 weeks, then call the folks at www.makinghomeaffordable.gov. They might be able to help. You can also interview a good foreclosure attorney. But, make sure to get references. Understand no one can guarantee you a certain result.
This firm is in the business of helping people and companies file for bankruptcy protection. Therefore, the bankruptcy code requires that we call our firm a "debt relief agency." This information is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the related issues. Nor is this advice intended to create a client - attorney relationship. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.
Wells Fargo is extremely difficult to deal with, and you are almost certainly going to run into a brick wall. I recommend working with an attorney, and not trying to do this yourself. You should be able to get a refi that tacks these misssed payments on the end of the loan, but it has to be handled properly.
If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - [email protected]
In this particular situation, if you can bring the loan current, I think you will be ok. The bank normally does not issue a default until you are about 6 months behind.
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