Mortgage forbearance/modification - HELP PLEASE
Hope someone here can help.
We were behind on our mtg, so last fall Wells Fargo agreed to resuming payments and ballooning out our past due amounts (2 payments) at the end. They told me to call back and tell them I wanted to modify my balloon, which would have just modified our payment a bit.
I called requesting that at the appropriate time and had to provide them with financial information. I don't know if they pulled a credit report and based on what they saw they figured we needed this or not; I did NOT tell them we were filing.
Well, now, instead of a loan modification, they have sent me a FOREBEARANCE agreement that cuts my payment in half while I am in this financial hardship, and another balloon (the former balloon and the new 1/2-payment deficits) are all due at the end of six months, unless we have "established acceptable arrangments with our office for bringing your loan current."
We haven't filed BK yet, we are gathering paperwork together but we had water problems a month ago and are just now getting our act togehter (lots of damage) along with the money for the attorney (tax refund).
Is this going to screw things up? If we are in this agreement and then file, will we lose our home because we are behind, or will this agreement work in our favor?? We don't want to lose our home.
Any help would be much appreciated.
We were behind on our mtg, so last fall Wells Fargo agreed to resuming payments and ballooning out our past due amounts (2 payments) at the end. They told me to call back and tell them I wanted to modify my balloon, which would have just modified our payment a bit.
I called requesting that at the appropriate time and had to provide them with financial information. I don't know if they pulled a credit report and based on what they saw they figured we needed this or not; I did NOT tell them we were filing.
Well, now, instead of a loan modification, they have sent me a FOREBEARANCE agreement that cuts my payment in half while I am in this financial hardship, and another balloon (the former balloon and the new 1/2-payment deficits) are all due at the end of six months, unless we have "established acceptable arrangments with our office for bringing your loan current."
We haven't filed BK yet, we are gathering paperwork together but we had water problems a month ago and are just now getting our act togehter (lots of damage) along with the money for the attorney (tax refund).
Is this going to screw things up? If we are in this agreement and then file, will we lose our home because we are behind, or will this agreement work in our favor?? We don't want to lose our home.
Any help would be much appreciated.
Comment