Wells Fargo / Subordinate update

[BOBBY1269]

Hi ,

HERE IS AN UPDATE ON MY SUBORDINATE ISSUE.

WELLS FARGO SAID I SHOULD STAY WITH THEM IN A POSSIBLE FOREBEARANCE PLAN EVEN THOUGH MY 2 ND LIEN ( COMPLETELY UNDERWATER ) WILL NOT SUBORINATE A FORBEARCE PLAN.

W.F. SAID I SHOULD GO THROUGH A 3 MONTH FOREBEARANCE PLAN ( ( STILL WAITING FOR IT TO BE APPROVED ) AND HOLD OFF FILING CHAPTER AS THEY FEEL THE CREDIT UNION WILL NOT GO FOR FORCLOSURE BECAUSE THEY HAVE NOTHING TO GAIN. THEY FEEL I SHOULD GET THROUGH THE 3 MONTH FOREBEARANCE PLAN , GET A PERMANENT MODIFICATION ( HAVE TO WAIT FOR APPROVAL ON THAT AFTER THE 3 MONTH FORBEARANCE PLAN - NOTHING GUARENTEED ) AND THEN AND NOT UNTIL THEN FILE TO STRIP THE CREDIT UNION WHOOLY UNSECURED 2ND LIEN .

SEEMS THEY WANT ME TO WAIT TILL AFTER I GET A PERMANENT MOD FROM THEM BEFORE I FILE CHAPTER 13 AGAINST THE CREDIT UNION.

MAYBE IT IS ME , BUT THIS THING IS GETTING VERY WIERD , I TOLD THEM THAT CREDIT UNION MAY JUST PUSH ME INTO CHAPTER 13 EVEN THOUGH THEY HAVE NOTHING GAIN - ALL I KNOW IS IF THE CREDIT UNION SEND A FORECLOSURE NOTICE - THAT DAY I FILE CHAPTER 13 -

I STILL FEEL W.F. IS UP TO SOMETHING - EVERY BODY I SPEAK WITH SAY'S FILE CHAPTER 13 AND BE DONE WITH THE WHOLE THING - I DO NOT WNAT TO WASTE TIME WAITING FOR W.F. AND THEN FIND OUT I AM NOY APPROVED FOR A PERMANENT MODIFICATION .

I AM $16160.00 IN SECURED ARREARAGES TO W.F. I DO NOT WANT TO GET ANY FUTHER BEHIND - I FEEL I SHOULD JUST GET ON WITH IT .

WHAT IS YOUR OPINION - YOU ALL BEEN GREAT - I NEED TO MAKE A DECISION THIS WEEK AND I AM RELING ON THIS BOARD TOI HELP ME MAKE THE RIGHT DECISION .

AGAIN THANKS TO ALL OF YOU WHO HAVE HELP ME - ESPECIALLY --- JUSTBROKE

[LadyInTheRed]

I know your frustrated, but I don't think you intend to shout at all of us. So, please don't post in all caps.

It sound like you already know what you want to do. It's hard for us to know what's best for you without having a complete picture of your financial situation in order to guage the risks of a delay in filing. The lack of a crystal ball makes also makes it difficult to know what the "correct" deciesion is. Your attorney is in the best position to advise you because he/she should have your complete financial picture.

But, here are some general thoughts:

• The last people you should take advice from re BK is your creditors.
• Banks are known for stringing people along, promising modifications for months and then refusing them, even after months of on-time trial payments. Regardless of what WF is telling you now, you risk finding out months from now that you wasted your time.
• If your 2nd is underwater, the lender is not likely to initiate foreclosure. There's nothing in it for them except expenses.
• If you are keeping your house, your plan payment must be large enough to pay your pre petition arrears during your 36-60 month plan. So, the minimum DMI you must show to propose a feasible plan is growing every month.
• The decision to file BK should be based on your current situation, not what may or may not happen in the future.
• Once you pull the BK trigger, there's no turning back.

Perhaps you can use these points to start a pros and cons list to help make your decision.

[BOBBY1269]

please understand that i do not understand blogging protocol - i will not post again

[despritfreya]

please understand that i do not understand blogging protocol - i will not post again

Yes, you will post again as we are here to help you. I think you meant you will not post in CAPS again.

My spin,

If you are so concerned then consider the 13 sooner rather than later. You don’t have to file tomorrow but you can begin the process now with your attny (assuming you will not be filing pro se). There is no rule that you cannot continue down the path of a modification after you file. It becomes a bit more difficult due to logistics but folks do successfully modify while in a 13.

Des.

[LadyInTheRed]

please understand that i do not understand blogging protocol - i will not post again

I do understand that you didn't understand. Now you do understand. Why would you stop posting now?

[LadyInTheRed]

Yes, you will post again as we are here to help you. I think you meant you will not post in CAPS again.

Ahhh! I hope you are right. I certainly didn't mean to offend.

[Pandora]

Agree with Lady & Des - dont let your lender dictate your finances or Bk filing. The bigger question is this: If you are already close to $17K in arrears and get approved for a perm. mod - can you afford it through the life of the note? Remember all arrears are added to the back end of the loan and your interest rate usually waterfalls before setting permanently. Another thing to consider is if you file CH. 13 before you get a perm mod - not only will you have to pay all arrears in your plan, but you will also have to pay the regular mortg. payment on top of everything else. Can you afford that?

What is your house currently worth vs. what you owe? It may be more prudent to merely let the house go back and find another house to rent. The trick is to know when to pull the BK trigger to most benefit you.