We were discharged recently from our Chapter 7 bankruptcy. We've been in review with Wells Fargo for a modification for a while. The other day I called and was informed that they are offering us a 6 month trial period where our mortgage is cut in half. They said at the end of the 6 months, they would review us again and decide if they are willing to give us a permanent modification. They said we need to reduce our debts or increase our income. We have no debt. So, that leaves an increase in our income. My husband is in the lumber market and is paid on commission only. I have a small business that is finally growing! I 'think' we can show an increase in income in 6 months. But, what if we cant ? our income over the lasts 6 months has already increased from the time we actually filed the BK, but again, my DH is commission only in the lumber industry which is VERY dependant on the economy and housing.
Right now our house was included in our BK and has a sell date of December 3. What if they don't give us a permanent modification in 6 months and they foreclose at that time? Is it better to walk away now with everything wrapped up in the BK, or does it matter if in 6 months they foreclose? What's better for rebuilding credit?
Right now our house was included in our BK and has a sell date of December 3. What if they don't give us a permanent modification in 6 months and they foreclose at that time? Is it better to walk away now with everything wrapped up in the BK, or does it matter if in 6 months they foreclose? What's better for rebuilding credit?
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