mortgage delinquent, can't sleep

I recd a threatening letter from Wells Fargo today.

I lost my job & haven't been able to find comparable work and my husband had his pay reduced by 10% due to "economic conditions" and company 401(k) contributions eliminated. I have to call Wells Fargo tomorrow and try to work something out and I was wondering if anyone can tell me anything about requesting a "forebearance" from their mortgagor. Thank you.

they will set you up with a payment plus a portion of the one you missed spread over six months. imperative to stay on schedule once this process begins, but it allows you to skip a payment.

in person, with paperwork,

that being said can you rent out a room?

but I hope you can rest. Get some sleep. Your rest is so important at times like these. Taking care of yourself is vital, too. It's so easy to injure yourself or get sick right now, with all the stress you're under, but that's why you need to get your rest and care well for yourself.

It'll be all right. It will............... :hug:

Maybe part of the reason you can't sleep tonight is because you don't know the outcome yet. It seems to me a huge bank like Wells Fargo has heard stories like yours before, however. I'm sorry I can't offer you any specific advice except to say by all means, be in touch with them and explain the situation. It's in everyones' best interest that you and your family stay in your home. I wish you the very best of luck and hope you will get a decent night's sleep.:hug:

That might be very helpful if you find the right person.

If you've got some jewelry you don't really wear, gold is high--you might want to sell off some of it.

I hope you can work it out with the mortgage bums. Good luck.

Renting out a room if you have one could be a huge help until both of you are working again.

This foreclosure stuff must be horribly stressful. Our homes are our refuge, and to have it threatened that way is traumatic.

BTW, ask Wells Fargo to produce the note, proof that they own that mortgage. From what i've been reading in other foreclosure threads on DU, they can't evict you unless they can prove ownership. At the very least, it could buy you some time or put you in a better position to negotiate more favorable terms. Perhaps someone more knowledgeable about this issue can chime in?

Hang in there .... :hug:

http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/3596-beginning-wells-fargo-loan-modification-suggestions.html

It sounds like it needs a lot of double checking to make sure things go ok. And I sure hope they've got their act together since this thread was originated.

I'm so sorry to hear what you are going through. :hug:

want to find an alternative to foreclosure, which does not serve them at all. They generally offer several options and will work with you to find the one that works best. One of my relatives received an incredible offer from her mortgage company that dramatically reduced both her principle and her mortgage payments.

Let them know that you want to work with them to find a resolution. Meanwhile, do some research on the Internet to find out what kind of deals other people have been able to work out. There are usually other options other than forbearance, which could give you temporary relief, but end up costing you more later down the road.

I know it is stressful, but you do have household income, even if it is reduced. If you aren't happy with what Wells Fargo offers you, that are outside groups that may be able to help or advise you.

There's some info at these sites that might help:

http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL

http://hopeforhomeownersact.us/

That could lead to a reduction of principle. They don;t want a "walk-away", and may be ready to do some reducing... If a person is on the hook for a $300K mortgage, and houses just like theirs are selling for $150K, the bank almost has to take that into account..

OKDem08 my heart goes out to you. You've gotten great advice here. Bankrupt against everything else if you must but keep your home. I pray for you to be secure and blessed. (((((HUG))))))

Please PM me. I'm far more than knee deep in this industry, and I'll be more than happy to help you and walk you through it.

And Wells Fargo is in a bad way, and that's leverage you can use.

allow you to tap it for making mortgage payments.