Some much needed advice
Posted: Tue Feb 21, 2012 1:08 am
I was wondering if I can get some help to the questions below. I am currently 4 months behind on my Wells Fargo mortgage (Approx $6k) in the state of Illinois. I owe $155k and the house is worth about $100k.
Although I have the funds ($6k) to come even, I would be back to living paycheck to paycheck if I made ourselves current.
I truly feel at this point, I am probably behind so much on my credit report that it would take just as long to fix my credit by getting current, or am I wrong? I think it’s best to short sale but don’t know how to even begin the process.
I did speak with someone at Wells Fargo when I was a month short but they told me I did not qualify for any loan modifications.
I make 85k a year and my wife does not work. We are both on the mortgage.
My plan is to either.
1. Pay the mortgage and just live in the house until we get our credit back in order?
2. Short sale, possibly foreclose, rent something nicer for a couple years and get our credit in order?
I am currently up to date and pay a home equity loan of credit for $200 month and owe about $12k on that. I don’t know if I should be continuing to pay this right now or not? How would this affect my short sale/foreclosure and do I continue to pay?
Any advice is appreciated. I’m thinking of going to speak with a lawyer for some guidance because I am lost and not sure what to do…….
Thank you.
Although I have the funds ($6k) to come even, I would be back to living paycheck to paycheck if I made ourselves current.
I truly feel at this point, I am probably behind so much on my credit report that it would take just as long to fix my credit by getting current, or am I wrong? I think it’s best to short sale but don’t know how to even begin the process.
I did speak with someone at Wells Fargo when I was a month short but they told me I did not qualify for any loan modifications.
I make 85k a year and my wife does not work. We are both on the mortgage.
My plan is to either.
1. Pay the mortgage and just live in the house until we get our credit back in order?
2. Short sale, possibly foreclose, rent something nicer for a couple years and get our credit in order?
I am currently up to date and pay a home equity loan of credit for $200 month and owe about $12k on that. I don’t know if I should be continuing to pay this right now or not? How would this affect my short sale/foreclosure and do I continue to pay?
Any advice is appreciated. I’m thinking of going to speak with a lawyer for some guidance because I am lost and not sure what to do…….
Thank you.