We attended the Wells Fargo Home Preservation workshop in Oakland on Tuesday. Our appointment was at 1.30pm, got shuffled thru to one girl, then another who scanned our docs, then a long wait to see a Loss Mit negotiator from the BK Dept (we're in Ch 7).
This is apparently the best they can do. Quite a let down. Citigroup is our investor. She claims:
*investor (Citigroup) won't extend or change the term out to 40 yrs, will have to keep it at 30.
* want to change it from 6.25% 10 yr int.only to 4.00% 30 yr fixed (26 yrs left on loan) and change it from IO to PITI.
OUR PAYMENT GOES UP $160 A MONTH TO $3780!!We can't afford $3620 Interest, taxes insurance as it is. This is ZERO help.
She also went on to say they want $$ up front as a "down payment". Also wants us to pay their "legal fees" because of our BK. They can sure whistle for that! I don't think so. Also refused to put the escrow shortage ($12,000) onto the principal.
I asked about HAMP and she said "I'm not sure if this investor is participating in HAMP". She said she will go back to her office and check on it.
So it seems they are still playing hardball and refusing to stem the tide of foreclosures hitting California. Well I guess the investor must really want our totally upside down house back with ZERO recourse after our mortgage discharges in our BK. We are now over $200,000 underwater on this money pit.
When she send me a written offer I will turn it down and just wait until we come out of BK (July) and see if they change their tune then. Their "offer" was all WRONG and we will not be taking them up on it.
Feel sort of bummed as we drove 2 hrs there, was there for over 3 hrs and got a crappy "offer".
Short sale here we come. I'm going to stretch it out as long as I can and save $$.
This is apparently the best they can do. Quite a let down. Citigroup is our investor. She claims:
*investor (Citigroup) won't extend or change the term out to 40 yrs, will have to keep it at 30.
* want to change it from 6.25% 10 yr int.only to 4.00% 30 yr fixed (26 yrs left on loan) and change it from IO to PITI.
OUR PAYMENT GOES UP $160 A MONTH TO $3780!!We can't afford $3620 Interest, taxes insurance as it is. This is ZERO help.
She also went on to say they want $$ up front as a "down payment". Also wants us to pay their "legal fees" because of our BK. They can sure whistle for that! I don't think so. Also refused to put the escrow shortage ($12,000) onto the principal.
I asked about HAMP and she said "I'm not sure if this investor is participating in HAMP". She said she will go back to her office and check on it.
So it seems they are still playing hardball and refusing to stem the tide of foreclosures hitting California. Well I guess the investor must really want our totally upside down house back with ZERO recourse after our mortgage discharges in our BK. We are now over $200,000 underwater on this money pit.
When she send me a written offer I will turn it down and just wait until we come out of BK (July) and see if they change their tune then. Their "offer" was all WRONG and we will not be taking them up on it.
Feel sort of bummed as we drove 2 hrs there, was there for over 3 hrs and got a crappy "offer".
Short sale here we come. I'm going to stretch it out as long as I can and save $$.
Comment