Some much needed advice

[frank1010]

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.

[Admin]

This is a very in depth question with many items to consider. Too much for us in a form. So what we suggest is a couple things. One is look onto a non-profit HUD counseling agency in Illinois. They can offer information on how to get back on track with paying mortgage, many offer credit counseling and general financial and budgeting advice, and much more. Some services are free, and others are low cost. Here is a listing. http://needhelppayingbills.com/html/ill ... couns.html

Also, the state of Illinois offers many mortgage assistance programs, such as the Housing Assistance Pool, foreclosure centers, and much more. Use this link for Illinois mortgage assistance.

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.

[bluegourami3]

I would for the time being if able bodied, is to have your wife find a job.