So tired of writing my story to deaf ears...However, i will try again in the form of my hardship letter to WELLS FARGO (in part leaving out the names).
This letter has been written to Wells Fargo several times, several ways since 2010...asking for loan mod, short sale, deed-in-lieu ...or? some kind of fair settlement...so i could move forward in my life... (going on 5 years)...without resolve. Somebody please help me!
...'as I have been trying since May 2010 to negotiate a solution and or settlement without resolve.
Desperately requesting your sincere consideration and timely response regarding this matter due to significant hardships, current financial constraints, illness, and great duress.
My hardships were caused in short by the following: Newly married in 05, in September 06 purchased home/property through a 7% interest rate FHA, ARM, and 203K loan. At that time I was active duty, stationed in (blank recourse state) and did not know the area very well. This home/property was bought in foreclosure with no electric, plumbing, kitchen or bathrooms. It was uninhabitable. The bank said it was a good deal (I think the appraisal was off?). Our intent was to purchase the home and renovate it, and refinance at a lower interest rate and possibly retire there. Soon after the purchase of our home I was deployed once for a few months and then back overseas in support of OIF/OEF, for nearly a year.
Just before my deployment we met with the bank regarding the 203k and how it would be dispersed in renovating the house while i was gone. We made a list of projects and costs. It was said that when one project was finished an inspector would have to come out and approve it before allotting money for the next project. With only $24,000.+ in that account upon my return, it did not appear this had happened. (?) (I believe there may have been a misappropriation of funds?).
Also upon my return I was diagnosed with a disability, as time, treatment and medical exams went on, my disability was worse than initially suspected. Since then I have experienced many personal and financial hardships to include the death of a parent due to cancer. I was retired from the military early 2011. Upon retirement, pay (which i am very blessed to have) is cut in half, and with the elimination of basic housing allowance from the military my retirement income is now 1/3 of my active duty income- which is less than the monthly mortgage payment. Because there are so many wounded warriors the wait for for my disability was over 2 yrs from the VA. Currently disabled and unemployed.
We desperately wanted to keep our home and pay our bills on time. We requested a loan modification in May 2010 (by phone), then in July 2010 via written request. All this was done prior to my retirement fore seeing what was to come financially for us. Because we were diligent in paying our mortgage on time (and not late) we were sent a letter saying 'CONGRATS your loan was in good standing'. After speaking with Green-path and with their "mediation", we were able to re-submit our request for a loan modification and was given a new loan officer. After one year and seven months, several submissions of the same paperwork over and over (delay tactics), and our funds completely drained, we were told by a Wells Fargo loan officer that we ‘would not be taken seriously for our modification unless we quit making payments’ (which I found later was untrue due to my disability). Until Feb 2012, although struggling, I was able to keep paying our mortgage with Wells Fargo on time, thinking a resolution would come. However, as predicted, with the loss of income, house severely underwater, downturn in the economy, retirement savings drained, my disability, and all the delays from Wells Fargo, I was no longer able to meet the monthly mortgage and pay the bills. It was nearly 2 years after my retirement that i missed my first payment. 3 months after I stopped the payment, a loan modification was finally offered (1yr 10mos later...should have only taken 30-90 days!). Unfortunately, by this time, our funds were completely drained. We made one trial modification payment…but by the end of the month there were unpaid bills and less than $30.00 in our pockets. The terms of the loan would only increase the length and amount of the loan. On top of all of this we were nearly 100% underwater on the property! We inquired about doing a short sale several times during this process as well as requesting a deed in lieu. We were told the property would have to be on the market for 90 days prior to doing a deed in lieu. We listed the property with a real-estate agent at below market value, only to be told we could not offer the home for short sale while we were in the loan modification process. The home has been on the market since before April 2012 (at below market value without any offers). It is now listed as a short sale at $80,000! (we still owe $339,000!) and there has been only one buyer willing to purchase the home/property, despite our best efforts to find others.
The final icing on the cake for me due to this great duress, my husband and I were divorced. He has now filed and completed bankruptcy, in which the house was discharged.
We have paid over $244,220.00, in down payment and payments, and over $125,000.00 in improvements such as a deep well, nitrogen reduction system, electric, etc… and put much sweat and many tears into our dream which I am now regretfully losing.
In all due respect I have been desperately trying since May of 2010 to respectfully work with Wells Fargo to negotiate a reasonable solution/settlement to this problem (before it became a problem). If the loan modification would have been offered in a timely manner (30-90 days) I would not find myself in this current situation.
I now with no other known choice ask for the acceptance of this short-sale or will again offer Wells Fargo the deed to our home, in lieu of foreclosure.
We do not have a second mortgage, and there are no liens. My humble request is for your sincere help and consideration, to accept this offer with a non-deficiency judgment (as above) and to make this process as quick and easy as possible as I am in dire straits, mentally, physically, and financially.
I have attached all relevant documents regarding my current situation. (several times over).
If there are any questions or further documentation needed please to not hesitate to ask.
Please contact me as soon as possible so that we may confirm this process.
Thank you. I look forward to hearing from you.
UPDATE AND AN ASIDE: (there is an offer pending (again) and Wells Fargo just extended the contract date of the pending sale, and just this week put an auction date on the property for the second week in July)! We owe $340,000 and they are asking $80,000)