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Strategic default with Wells Fargo/CA HELP!!

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    #1

    Strategic default with Wells Fargo/CA HELP!!

    I have searched but have not found answers for my question with WF and CA.
    I am desperate. Attorneys say they can't help us and i am wiped, with the 2 year struggle. If someone could please help me i would so appreciate it, i can barely think or remember my own name at the moment.
    Here's the story:
    After 2 years of trying for a loan mod and getting nothing we are done. way more to the story but will keep it short.
    1st 575,00 2nd 250,00 3rd 50,000. house worth 8-850,000.
    We have paper work ready for chapter 7. my desire is to take as much time as possible to default to save money. WF took ALL of our savings. We are current and there are not any foreclosures in our neighborhood, i have looked. it's a desirable area due to it's location. One attorney said WF works faster than most banks.
    1. When is best time to file 7 to buy time?
    2. Will WF default faster because we were in loss mitigation and they defaulted on us last year, but rescinded it? Get this, they rescinded my husbands name but NOT mine (per recorders office). i faxed this info to have it changed with WF. HA, nothing. Attorney (s)(yes plural) have never heard of this happening.
    3. Should we keep current with 1st (which we can afford and is same as renting) and let 2/3 foreclose?

    FYI, this forum and the people have been amazing. Did i mention i am tired?
    Tags: None
    #2
    If you are going to lose the house there is no point paying any of your 3 mortgages. If your junior lien holders had no equity in the property not paying them might allow you to stay in the house for a long time by just paying on the 1st. Since your house is only a little underwater the junior luen holders have plenty of incentive to foreclose and foreclose quickly before the house declines further in value. I would stop paying everyone and save as much money as you can prior to eviction.

    Since you have previously been in default WF will likely declare default again after just one missed payment. Filling for chapter 7 won't stop the clock on the time between recieving your NOD and the trustee sale. You can file right before the sale but that probably won't buy you a lot of time. Your lender should have an easy time lifting the automatic stay and the sale will proceed.

    Filling for chapter 13 will postpone the sale for a longer period. You will have an opportunity to propose a plan that will let you get current over time and you might even be able to strip the 3rd mortgage. I don't know if you can afford a payment plan or not but even if you can't proposing one via chapter 13 ought to buy you some time and you can convert to 7 later. Your attorney should be able to give you better advice

    Good luck to you.
    Last edited by badhouse; 03-02-2010, 04:15 PM.

    Comment

      #3
      Million dollar house

      Comment

        #4
        Million dollar house? Not as good as it sounds, depending on the area and so on:

        6389 W 78th St, Los Angeles‎
        Access Denied
        http://www.bobwaldron.com/MyHomeDtl.asp?HomeID=394957&P=2000

        For sale: $1,200,000
        3 bed 1.5 bath
        "Spread out & enjoy the space on this extra large lot w/ over 12000 square feet (per tax assessor) in an excellent location in prime North Kentwood, .

        The 12k square feet, refers to the LOT size, not the house's interior.

        DOES have a pool, but really, three bed, 1.5 bath? Prices vary, but the reality is the same, with a different price tag. Average price in that area is 850k, for similar homes.
        11-20-09-- Filed Chapter 7
        12-23-09-- 341 Meeting-Early Christmas Gift?
        3-9-10--Discharged

        Comment

          #5
          Originally posted by dm415 View Post
          Million dollar house
          paper million!
          i guess there is no "get them" strategy........should of kept the first chunk of change and never have given it to WF as "good faith" money......they win.

          And what's with everyone saying rent is down.....i have been looking in so many areas around us and it's about 2500-3000 for 3 bd 2 ba house in a decent neighborhood and there are not many. it's depressing. it's time to move somewhere else.....
          ugh

          Comment

            #6
            one last thing, chapter 13 does not work for us, way to expensive. house is just a house.....never thought i would say it.

            Comment

              #7
              Originally posted by DeadManCrawling View Post
              Million dollar house? Not as good as it sounds, depending on the area and so on:

              6389 W 78th St, Los Angeles‎
              Access Denied
              http://www.bobwaldron.com/MyHomeDtl.asp?HomeID=394957&P=2000

              For sale: $1,200,000
              3 bed 1.5 bath
              "Spread out & enjoy the space on this extra large lot w/ over 12000 square feet (per tax assessor) in an excellent location in prime North Kentwood, .

              The 12k square feet, refers to the LOT size, not the house's interior.

              DOES have a pool, but really, three bed, 1.5 bath? Prices vary, but the reality is the same, with a different price tag. Average price in that area is 850k, for similar homes.
              Wow! I will have to say our "million" is a lot nicer, and costal! still, it is a joke, a million, really?! funny 2 years ago our house was appraised at 1.5 mill and today is 800'ish......it's all so ridiculous.
              still, not looking forward to paying someone elses stinky rent.....

              Comment

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