Is Wells Fargo puposely trying to confuse us?
My husband changed jobs in Nov. 2006, a couple months after refinancing our mortage loan with Wells Fargo, but 5 months after taking his new job, the company sold their dealerships and my husband lost his new job. He was on unemployment compensation for 6 months while he was job hunting. Finally, in Nov.2007, he was hired as a temp. with a 90 day contract. He is now being considered for a permanent position. As a temp, he has received one half of the wages he was being paid a year ago. During the time of unemployment, we used up our Wells Fargo equity line, which we took out after he got his new job. By August of 2007, we could no longer make our payments on our first mortgage. We were unable to negotiate anything with Wells Fargo until we were 90 days behind and formal foreclosure proceedings were initiated. In Nov. of 2007, after submitting a "hardship letter," Wells Fargo agreed to a loan modification and we signed and faxed it back on Nov. 29, 2007 to the negotiator who was assigned to our account. I called and received confirmation of the receipt of the signed agreement. All collection calls from Wells Fargo ceased, there were no more letters from Wells Fargo, and real estate agents stopped soliciting us. However, last week we received another letter from Wells Fargo asking us to sign a "Special Forbearance" agreement. We never discussed such an agreement. When my husband called the Loss Mitigation Department yesterday, the person handling the call seemed very confused. We don't know if Wells Fargo is mistaken, or intentionally trying to confuse us. We need to know that they acknowledge the fact that we already have a modification agreement. Also, once that is established, we may need more time to make the first payment of the modified loan (due 02/01/08) because my husband has at least a few more weeks before he is a permanent employee at, hopefully, regular wages for his position. If this all becomes too impossible, we may need to do a "deed in lieu of a foreclosure," but because we never actually put our house on the market(the real estate agent we used twice before said last summer he wouldn't try to sell our house because the value had dropped too much) and we have a second loan (equity line) through Wells Fargo, I'm not sure we can qualify for that option.
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