My house is going to Foreclosure....

[Ultimus 0]

Well, I am one of the many current Americans facing foreclosure. Mainly because of child support, not the economy but that doesn't help matters anyway. Don't get me wrong, I want to support my children and I would like custody of them but $300/week is outrageous.

I originally filed for the hard ship program November 12, 07. (You have to be 3 months behind to do the program) Wells Fargo, does not take late payments either. They originally told me 2-3 months for the application to be reviewed. Flash forward, I receive notice of my house going to foreclosure process(which they noted the hardship doesn't stop) in January. I still proceed to call. Wells Fargo is facing an overwhelming amount of applications... every person is different and only a couple are helpful. Flash forward to present.

I get a court date for the foreclosure. I proceed to goto said court date in which I am told I have till May 5th for the sale date. It would have been sooner but they couldn't get the add space in the paper with all the others. The guy had a box full, and that was just for the day he said....

Meanwhile I am working with Genworth Mortgage as they are my PMI and they are 100% better at customer service and I had a decision in a matter of a couple weeks, but ultimatly they dropped it because Wells Fargo was working on it. It's Wells Fargo's decision so they didn't want to do something that was already being done.

I proceed to call Wells Fargo again, this time I am getting more answers. It wasn't what I wanted to hear, apparently I have to resubmit everything because the financial information expires after 90 days.... It isn't my fault they haven't processed it yet.

So I redo the information with updated info, fax it in. They tell me call back in 5 days as it takes 2-3 days for them to receive the fax (they received it, it just takes them that long to get it found and sorted apparently)

So I call them again. They have actually received it and its under review. I've heard that before... I keep reminding them that the sale date is less than a month away... they keep telling me call back weekly....

GAH.

[chippa13 1844]

If I may say, the moment that you realized child support was going to put you in such a hole you should have put the house on the market.

[Ultimus 0]

If it were only that easy. I couldn't do anything with the house legally because no permanent agreement was in place. Only temporary. The temporary is still in effect, and they (her lawyer) has finally budged and allowed me to do what is needed to be done. A little late...

[chippa13 1844]

That sucks. Best of luck, that lawyer probably cost you 20% off of what you could have made.

[Stampeder 2]

I'm not really sure what your looking for, but as chippa said all of this could of been easily avoidable. Too many people do not know how to manage their money. Are you cutting absolutely every expense out that you don't need to survive? Cable, cell, smokes, booze, eating out, car payments, internet, pretty much anything that won't keep you alive.

[Ultimus 0]

Not looking for anything really, other than if anyone has been in this situation perhaps even with Wells Fargo. It's good to vent as well.

I've cut everything including the heat ;-) I've managed my money and finances fine. Seperation/Divorce has pretty much killed that and all my credit history. It's not as easy as you might think. When your legally obligated to do this and that and lawyers are billed out at 200 dollars an hour... it adds up fast. Thats not including a retainer, and any court fees.

[Stampeder 2]

Well that doesn't sound like a fun situation to be in. I wasn't trying to be an asshole about it, but a lot of the times people in this situation spend their money terribly. Looks like you are trying everything here, sorry man. Hopefully you can get rid of the place and find a cheap apartment.

[JR97 2]

I've had nothing but problems with Wells Fargo. Damn near lost my house and had to file bankruptcy to keep it because of their ineptitude. I've dealt with 4 or 5 of their offices all over the country and in the dozens of people I've worked with, there were 2 that actually knew their system. The running joke at my house is that you have to call them 3 times for an answer because you'll get at least 2 different answers and the majority wins. That is not an exaggeration. I actually keep a log of of calls with them and in the last 2 years of dealing with them, I have yet to get the same answer on consecutive phone calls and I always call them right back to see what answer I'll get. Also, when they give the disclaimer that "this call could be monitored for qa purposes" I insist that the call IS monitored.

I wish I could say it was only the bottom rung phone people. But the ineptitude reached far into management. I couldn't believe some of the crap... like one manager promising me he'd take care of my case after the ball had been dropped a few times only to resign his position a week later and not pass on my case. When I called back a month later after not hearing from the guy, his replacement informed me that dude no longer worked there and had no record of my file and I'd have to start over again. Back to square one and by that time the legal fees were sky and processes in place that couldn't be undone.

One of the ladies that used to work for me had worked for Wells Fargo and told me that they had been under investigation many times for mishandling mortgage funds. They had a "miscellaneous error" account that was in the millions of dollars for payments that weren't applied to their respect accounts. Crazy.

And their fax system... they lose more damn faxes then anybody I've ever seen. I've even called them to verify that faxes were received, been told yes, and then got letters in the mail saying foreclosure was starting because I never responded to them and they have no record of my faxes wtf?

Even though I had no debt other than house, I filed bankruptcy chapter 13 to avoid foreclosure. It worked out well even though my credit is shot. Which I don't really care since I never use credit anyway.

And stay away from those vultures who say they'll do a buy lease-back/buy-back program. The best offer I've seen was for 50% of my equity.. which is a lot since I put a boat load down on my house and my area has sky rocketed. The worst was 75% - 80% of my equity. And I thought the ex-wife was a vulture.

Anywho... just ranting. The subject of Wells Fargo really touches a nerve with me.

I feel your pain, though. I went through a separation where I was making child support payments and paying for a house and the bills while also paying rent and bills where I was staying.

I know it can feel like there is no light at the end of the tunnel, and sometimes there isn't. Maybe letting go of the house is the best thing. A fresh start, even though shitty on the credit report, might save you from the depression and racked nerves of saving what might be a sinking ship.

Best of luck to ya, brah.

[Ultimus 0]

Appreciate it JR, exactly the kind of feedback I was looking for.

Renting a one bedroom here is 700+, I was paying 865 a month for my house. I need to have at least 2 bedrooms because of my girls other wise I will lose what little custody I have and have to pay more support.

What did WF end up doing for you?

[sitzlejd 0]

Horrible situation man, I wish you the best of luck. These stories are what turns me off to the institution of marriage. Me, myself, and I, an apartment, and Center Ice. Sounds good to me...

[jeffw 1]

Mainly because of child support, not the economy

(her lawyer) has finally budged and allowed me to do what is needed to be done. A little late...

I went through a separation where I was making child support payments and paying for a house and the bills while also paying rent and bills where I was staying.

I hope you young guys are reading this. Marriage sucks. There are a handful that are successful but too many end like this. Sorry to exploit your troubles guys but I went through the same BS 10 yrs ago.

[chippa13 1844]

Bitter much? Sure, many go south but many also go great. Let the kids make the decision for themselves.

[JR97 2]

Appreciate it JR, exactly the kind of feedback I was looking for.

Renting a one bedroom here is 700+, I was paying 865 a month for my house. I need to have at least 2 bedrooms because of my girls other wise I will lose what little custody I have and have to pay more support.

What did WF end up doing for you?

WF rarely has done anything for me. It's always been a fight to get through their crappy system. I've even had supervisors admit to me that their system is a joke.

After my bankruptcy there was one time where thing did work out. When you go chapter 13 you can not miss a house payment or they start foreclosing. I had a bad month of car probs, kids in the emergency room, and whatever else could go wrong. I missed my 14 day window and things went to foreclosure. However, because I knew how crappy they are at handling things, I was able to nag enough to make sure things went relatively smooth and I was able to get on a payment plan for the payment in arrears. But it was close.. I mean down to the last day thanks to that fax/no fax situation.

Right now, with the credit crunch and fubar sub-prime mortgage meltdown, there may not be money available to get on a payment. What happens is they have an outside investor loan you the money and I had to prove where every penny of my budget went to get on the plan. As crappy as their customer service is, the one guy I dealt with on the re-payment plan was A-money on the ball, thorough, would follow up, and saved my house.

How is the house being handled in the divorce? When my first marriage went south, there were no kids, so I just paid her out 1/2 the equity done deal. But with the current wife there are kids involved and I'd probably just walk away from it and the equity.

[mack 44]

Mainly because of child support, not the economy

(her lawyer) has finally budged and allowed me to do what is needed to be done. A little late...

I went through a separation where I was making child support payments and paying for a house and the bills while also paying rent and bills where I was staying.

I hope you young guys are reading this. Marriage sucks. There are a handful that are successful but too many end like this. Sorry to exploit your troubles guys but I went through the same BS 10 yrs ago.

I agree with Chippa on this. Shit happens. Work sucks too, but I still have to do that as well. Best of luck to the OP though, I wish you the best through this.

[LkptTiger 1]

I'm never growing-up.

[WAMPS19 0]

Fortunately for me, I am not in your situation, however, I do feel some pain toward what you are going through. I live in FL, the state with the second most foreclosures in the country. While I am not anywhere near foreclosing, I do feel pain that the house that I purchased 2 years ago for 220k is now only worth about 180k. For 220k, I could now get the same house I have now, in a nicer area, more upgrades and probably a pool and it still wouldn't be 220k.

I also have a friend I work with, bought a little before I did for 155k, got a line of credit about 6 months after he bought, they appraised his home for 236k. That is 80k jump in about 6 months!! A month ago, the bank suspended his line of credit, not allowing him to spend anymore money on it. This just happened to happen right after he paid off his high interest car payment and had nothing in his savings.

It sucks that we, the little people, have to pay because the banks got greedy and decided to give out money to people who can't make the payments (not saying you are one of those guys at all). It just seems that around here, 22yr old kids right out of college making 55k/yr were getting approved for mortgages of more than 200k. Insane.

Good Luck and while I am not completely in your situation, I wish I would have waited to buy a house, I would have had my pick of anything now!

[chippa13 1844]

It is funny how consumers refuse to take some of the heat for the mortgage crisis. Just because you were preapproved for a ridiculous amount for a house doesn't mean that is what you should spend. The Mrs. and I spent about 1/2 of what we were approved for, reason being, we felt food and heat were important, too.

[Spreedizzle 1]

It is funny how consumers refuse to take some of the heat for the mortgage crisis. Just because you were preapproved for a ridiculous amount for a house doesn't mean that is what you should spend. The Mrs. and I spent about 1/2 of what we were approved for, reason being, we felt food and heat were important, too.

I agree with you 100%. Too many people believe that a pre-approval is a writ of passage to purchase as your please. Being approved for $400,000 doesn't mean that you can necessarily afford a home of that caliber. The going trend is proving worth through material posession and "curb appeal" with huge homes and high dollar cars, yet the debt to equity ratio in this country is higher than it ever has been.

Sorry for the soapbox....just passionate about the subject matter.

[Ultimus 0]

I hear you guys and I understand, mortgage companies aren't to blame if people blew their money etc... I am hit with 1200+ additional payments a month and lost a spousal income as well roughly about 2000 or so a month.

Can you take a 3200 dollar a month hit and survive that?

I was doing alright. I was managing and making payments. Guess what happens when your ex doesn't make a couple of payments on a vehicle that you co-signed? It affects your credit. As soon as a hit gets on your credit, the credit card companies act. They cut your spending limits. Guess what happens when they cut your spending limits to just above the limit? Your now high risk on those credit cards because your near your max... then they jack the interest rates up.

Funny thin is I was paying less than 200 a month on CC cards, now with fees and interests its up to over 400 a month. No, can't pay those.... try to do a debt management place they won't touch me and if they could it would be in the 320 a month range...

Its a vicious cycle.

[chippa13 1844]

I hear you. I was just addressing the issue that a bunch of people like to blame the latest crisis on the lenders and that isn't always the case.

I don't think anyone could take an additional $1,200 monthly expense and just keep rolling.

[pantherfan 0]

Sounds rough, hope you land on your feet soon!

[Jarick 5]

I'm eyeing down my first mortgage next year...scary though, especially with the foreclosures.

One thing's for sure, before I even remotely dream of getting married, I'll be sitting down with a lawyer. Not that it'll do anything in the long run, but still...

[chippa13 1844]

Unless you've got a serious fortune already then there's no reason to try for a pre-nup, well, unless you want the girl to leave that instant.

[sdcopp 1]

this all sucks man, I went through my divorce a yr and a half ago. Thankfully here I get 50% custody/"parenting time" and don't have any child support because of it. Losing the spousal income is a huge blow, and we had debt up to our eyeballs. We qualified for Chapter 7 and I ran with it. Had to sign off my portion of the equity in my townhouse to my parents who co-signed, they get the tax break and I and my little one get to occupy a pair of rooms at their house. I say fight for more custody if you can, $300 a week is outrageous. Keep your chin up, when you realize what truly matters in life and that you can live through this it gets better.

Unless you've got a serious fortune already then there's no reason to try for a pre-nup, well, unless you want the girl to leave that instant.

there's plenty of reasons to do a pre-nup even without being filthy rich. Getting screwed in a divorce financially is about the worst thing you can go through; there's already a lot of hard feelings, then you realize you can't stop the other person from ruining your life fast enough

[chippa13 1844]

Trust me, try springing a pre-nup on a middle class bride-to-be and she'll become an ex-fiance.