I am three months behind in mortgage, but can pay one of those three payments. Will Wells Fargo help me?
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.
4 attorney answers
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.
I know that. I was just wondering before I call Wells Fargo to discuss my options before the moratorium is over. Thank you.
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]
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Thank you for answering. I've had problems before with them as well, but we always managed to come up with the money. We were going fine until Hurricane Sandy hit so this time around I don't think we can manage to come up with the money. We are able to come up with one out of the three payments for the mortgage by the end of the month. Would they take that into consideration? I was looking to do the repayment plan because my wife is now able to come up with extra money for the mortgage in order to be current if they do allow us to do the repayment plan. It's just that those two payments will not be able to be paid once the moratorium ends on the 28th.
Ivan E. Young
If you can make a payment in an amount that would bring you only 2 months or sixty (60) days behind and then just start paying your mortgage on a monthly basis again (i.e. rolling a 60 day lateness), that would be ideal. It would be ideal because you would no longer have any risk of your lender initiating a foreclosure proceeding against you being that you are not ninety (90) days delinquent; and you would also still be considered as delinquent which is a main per-requisite for Wells Fargo to review you and/or approve for a forbearance plan, repayment plan or loan modification. You are in a much better situation then most and your situation appears to be one that can have a pleasing end result. But like I said, without many more details, there is no way to say for certain and you should definitely still consult with a NY law firm that specializes in this area of law. Feel free to contact my firm with any further questions, comments or concerns.
Thank you very much for the advice. I shall be calling up the mortgage company tomorrow morning.