You've just received a 20-day Notice for a Trustee Sale so it is important that you act quickly. Your first mortgage and your HELOC with Wells Fargo are managed by different departments within the bank, so you cannot assume that the Bank is internally coordinating their actions on these notes. Because you state that you are current on your HELOC payments, I am presuming that it's your first mortgage that is in default. Without knowing all the facts in your situation, it is impossible to give you reliable advice due to the many complex factors involved. What I can tell you is that even if you have options available to you, such as a loan modification or short sale, none of these can be completed and achieved before your sales date. In the short term, you need expert advice that will help you negotiate a postponement of this sale while other remedies are being explored.
I urgently recommend that you seek out legal advice immediately. If you cannot afford a private attorney, organizations like Public Counsel and Bet Tzedek can provide qualified counsel to you at a reduced rate.
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You do have options that can certainly save your home if you want to stay in your home.
I advise you to check out the following programs available to homeowners under the HAMP, HARP and DOJ programs expanded criteria.
After you have reviewed the programs, go ahead and give me a call so I can let you know how to prepare your package to submit to Wells Fargo.
Jane La Trace
Give me a call and I can pull the property info and take a look. If your 2nd is a HELOC, the bank may come after you for the amount owed if they foreclose.
If you do a short sale, which you would need to move quickly, the bank would most likely accept the approved short sale on the 2nd as payment in full, however, they can still 1099 you for any balance charged off.
There are many variables to this as well.
Give me a call to discuss.
All the best,
Kat Becker, Realtor
Prudential California Realty
The best thing to do is get an agent that is both experienced in your neighborhood and in Short Sales. You want an agent that will treat you like it is a regular sale, with full respect. My web page has tons of information for you under ShortSale/Foreclosure click on LIST WITH US.
A short sale does not cost you a dime. The banks pay the Realtor commissions, and you must have a Real Estate License to do a Short Sale.
Call for a free consultation,
Madelaine Kolisnyk, Realtor
How this affects you? can you modify? does it make sense to try? have you tried? wha other options do you have? what other debt do you have?
Please start by reading my website on these issues... then reach out to me or any EXPERIENCED agent in your area...
It is possible to have your HELOC completely wipe out with principle forgiveness of your home equity line of credit.
I'll be more than happy to explain all your options and provide you a free consultation just contact me direct!
Hope this info will help you! Â
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