does this sound right? foreclosure....

[B65]

Sent loan mod paperwork in to Well fargo/fannie mae last week, tomorrow we will be 3 months behind. Hubby called wells today and they told him we are in review and that the review process can take 45-90 days and they are running behind and they are swamped... also told him while we are under review they cannot start foreclosure proceedings.... is this correct? So what do i do now...? bide my time? I am worried that i will not have enough time to find a rental, and I have family coming to visit mid July.. but my gut is telling me the main focus has to be trying for a mod and /or pocketing as much money as possible.

we were discharged chapter 7 in feb.

[JRScott]

Only you can really answer what you should do.

However they did tell you correctly, Fannie Mae cannot take foreclosure action against an active application under the terms set by Congress.