10th Jan2011

Wells Fargo – Modification and other things that didn’t happen

by ardith

 first started on my journey with Wells Fargo last year. My parents spent 2009 recovering from various illnesses. I called them up and tried to get the loan modified. 

For the next few months, I dutifully faxed over pay stubs, bank statements, and tax documents. I followed their instructions.

Several times, they dropped the modification because of missing documentation. Always, the documentation was there. I basically did everything efax, so I could tell them the date and time they received it, so that would pull us back into the program.

The roller coaster of waiting, having our hopes dashed, and then raised again had a harsh toll on my parents. Both of them are just about retirement age. When they purchased their house, the economy was roaring and they were convinced that it was the right thing to do. 

Of course, now we know that it wasn’t. 

Anyway, we were told on 12/20 that the modification was officially denied. They said if the modification went through, my parents’ monthly mortgage would be cost prohibitive. 

We were given till January 11, 2011 to short sell the house. Just about 3 weeks, with one of the weeks being THE holiday week of the year. 

But we hoped and prayed someone would buy the house.

It’s January 10th now. I’m not sure that it will happen.

We asked for Wells Fargo to delay the foreclosure one more time so that we could try to short sell properly, but they have refused. I guess they get to write off the loan either which way.

But my parents have survived a lot in their lives. They can go on from this. I’m not sure why Wells Fargo would rather not modify so that a family can stay in a house rather than having it vacant from foreclosure. They only know the answer to that mystery.

07th Jan2011

Event Horizon and Other Goings On

by ardith

Gah, where does the time go? I have been super busy with just…everything! Work has been great. The past few months, my family has been healthy. The holidays passed without much madness.

Now for the hard part:

My parents’ house is for sale right now. I spent the past year trying to get it modified with Wells Fargo. Unfortunately, they decided not to modify and then gave my parents only about 2 weeks to try to sell it.

So sum it up: it’s been stressful! Gut wrenching. Makes me want to comfort eat, hard core.

Unfortunately, my parents purchased their house at the height of the real estate madness. And their loan terms–GAH!!! My parents are just about retirement age. I don’t think the lender took that into account when they approved everything. And those types of loans…. they have stung a lot of Americans.

The last few years have not been the best. Both my parents got sick and were hospitalized My mom was in the hospital TWICE! Then, we had bad renters who basically had to be evicted.

Anyway, I’ve spent hours and hours on the phone with Wells Fargo, faxing and sending them information, but they just didn’t want to modify. I just called a few lawyers to get more information about other options, but it doesn’t look good.

So, the sticking point is here. I’m going to work my way through with my parents.

Here’s the thing. My parents raised me. They provided me with love, support, and spent a lot on me growing up. I will always be there for them if they need me.

One of my old bosses couldn’t understand why I moved out here to Murrieta to be with them. I had a life and work in LA. Our family takes care of each other. I’m an adult, but that doesn’t mean that I’d just leave them when they need me.

I loved how I was raised. My parents often left us with my maternal grandparents. Along with my cousins, we spent days, months, playing and imagining together. My parents worked hard to put us through school and to help us get established in  homes of our own. They sacrificed a lot to be here for us. I’m willing to do that and more to be there for them. So onward I go! I can only carry on.

Update:

Please don’t think that I’m complaining in this post or being a martyr. I do what I do because my parents were always there for me. As they get older, it’s time for me to be there for them.