just got my letter from wells fargo

[B65]

saying they want $7,606 by april 14th or they will automatically accelaerate the loan, so i guess i have roughly 2 months from then to get out? this is so scary for me

[Mi Bankruptcy]

your home loan? have you file BK. did they get a relief of stay?

[B65]

yes

we were discharged In feb, then we missed out first payment , so we missed Feb, march and by april 14th will be the 3rd payment missed. Our mortgage is $2500 a month and if we pay that we feel we cnanot save much money and it will hinder our future, Nice rentals here are around $1600-1800 a month. We owe $292k on the house plus the 3 months missed, the house has dropped in value and is now worth around $220. so it might be worth looking at a loan mod but even if they dropped the rate and extended the loan time I would be stuck for years waiting for it to climb in value again. to get back up to what we owe... so maybe it is just better to foreclose and walk.

still very scary.

[AngelinaCatHub]

we were discharged In feb, then we missed out first payment , so we missed Feb, march and by april 14th will be the 3rd payment missed. Our mortgage is $2500 a month and if we pay that we feel we cnanot save much money and it will hinder our future, Nice rentals here are around $1600-1800 a month. We owe $292k on the house plus the 3 months missed, the house has dropped in value and is now worth around $220. so it might be worth looking at a loan mod but even if they dropped the rate and extended the loan time I would be stuck for years waiting for it to climb in value again. to get back up to what we owe... so maybe it is just better to foreclose and walk.

still very scary.

[B65]

thanks

we did not reaffirm. So we will be liable for nothing, I think we have until about June 15th to leave, we have already saved the mortgage money we have not paid so hopefully we will save april and mays too.... Looking at more rentals this weekend.

[kimba251]

What does pay through mean? Aren't you only liable if it was discahrged in bk if you reaffirmed?

[StartingOver08]

What does pay through mean? Aren't you only liable if it was discahrged in bk if you reaffirmed?

Yes. Pay through is like a ride through on a car. You have it right.

[dogbone33]

We have Wells Fargo also. We stopped paying 2 months before we filed per our Attorney. We are walking away. They got the stay lifted and the sheriff has already been here. They don't take their time. Also, our Attorney said not to worry about moving it could be 3 years. Yea right!! Well, luckily we found a brand new house on land contract and are moving in a week. We didn't want to take the chance and be homeless.

[B65]

what is a land contract

we looked at a house last week brand new so gorgeous but it was on a subdision of 23 homes and Dh and I hate subdivisions... did they mind your bad credit? Also how many months late were you when the sherrif showed up? did you have to do first, last and security?

[myhearts07]

DB33, how were you able to get a land contract having just filed BK? What exactly is a land contract and how did you get financing?

Hearts

[kimba251]

We are walking away tto after trying to get a loan modifacation. THey never would send us the paperwork after we would talked on the phone with them.

Who is responsible for the taxes on property? Our home insurance is paid until march 2010. Once they deplete escrow do you know what happens with taxes due?

[B65]

Kimba

How long has this been going with you.. how many payments missed? and when do you plan on walking.... I think the taxes become the lenders issue.

[kimba251]

We have only missed March payment. THey paid my home insurance last June so I guess I'm not due again until this June and they will probably pay my April taxes with my escrow. I plan on calling them to tell them we are walking away but wanted to wait until we got the NOD in another month. I don't want the stress of the phone calls again. They called before 5-6 times a day for a month straight.

We plan on leaving the house in July after we save money for a few months.

B65 sorry for the hijack

[sivuh5]

Don't be in too much of a rush to leave and then miss out on the opportunity to save $$... a friend of mine is with Countrywide and has missed 23 mortgage payments and is still living in the house. The last time he paid was April 2007. They foreclosed and the auction was in September 2007. They have been trying to negotiate with him to stay. He doesn't want the house, but is staying as long as he can to save money. He continues to tell them that he'd "like to work something out"... they call every few months, but have not moved to evict him, even though they legally own the house now. He has not filed bk.

[B65]

wow

I think that might be an exception ... they own it but have not got him out yet..?I think countrywide are being sued by a lot of people too..maybe thats why... It would be nice to think that I could do that but.. if I did not have little children I would but with an eviction they can get you out in a matter of days and i could not do that. I hope to ride as long as I can where I have at least 2 months notice to leave.