I applied for Obama’s loan modification with Wells Fargo, my mortgage lender. They want me to do a credit counseling! Where is all this federal money? I meet all the criteria for the program except my loan payment is lower than 31 percent of my monthly net income. I have a loan that will adjust and I am severely upside down. My mortgage balance is 126,500 and according to cyberhomes.com my condo is only worth 87k. What am I to do except walk away? Or are there other options for me? I need to eventually move out of my area. Help!
The program is to help get peoples payment down to the 31% group, yours is already there, in other words you have too much other debt so in reality they cannot help you. You are already at the point that they would be able to get you to. They are right about the credit counseling your problem is not with the mortgage but the other debt and payments you are carrying
Wells Fargo did not approve for loan modification. What next?
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July 9th, 2009 at 4:07 pm
Of course there are other options… rent the place out, even at a slight loss. Property values (in most cases) will eventually recover.
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July 9th, 2009 at 4:56 pm
How will your loan adjust? That is the key. Credit counseling? If your loan is lower than 31% of your income something tells me there are other issues with your credit. Sounds like you need to get that taken care of. But it does stink, Obama was suppose to help. Just wait til next winter when our energy bills go up… this isn’t going to be fun for any of us.
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July 9th, 2009 at 5:20 pm
Go visit these discussion forums and see if anyone there has an idea of what you can do:
http://www.loansafe.org/forum
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July 9th, 2009 at 6:02 pm
The program is to help get peoples payment down to the 31% group, yours is already there, in other words you have too much other debt so in reality they cannot help you. You are already at the point that they would be able to get you to. They are right about the credit counseling your problem is not with the mortgage but the other debt and payments you are carrying
References :