Foreclosure in El Mirage>Question Details

Calisfamus, Home Buyer in El Mirage, AZ

what happens if I don't pay my 80/20 seller carryback loan?

Asked by Calisfamus, El Mirage, AZ Wed Jul 8, 2009

I've been working with Wells Fargo Home Mortgage and they won't help so I hired U.S.A. Home Relief and they can't help either. I am $100,000.00 upside down on my home, so refinancing isn't an option. I haven't paid my mortgage in 6 months and Wells Fargo wants me to pay 3 consecutive payments before they can negotiate a loan modification. I need suggestions???

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Before lenders do a mod, often they requre that you pay 3 consecutive payments ontime. That tells them that you will be able to handle a modified loan. If this doesn't work for you; then ask them for a lesser amount for the 3 consecutive payments,. If this won't work either, a short sale is a good alternative vs foreclosure.
Do a short sale with a Realtor specializing in short sales. It's a lot of work for the Realtor and they need a lot of skills and knowledge.
1 vote Thank Flag Link Wed Jul 8, 2009
I'm a little confused. Is this a seller carryback loan, whereby the person that sold you the home is carrying the note? Or, is this a Wells Fargo 80/20 Loan?
Regardless, I'm sorry to hear about your situation. Almost 1/3 of all homeowners in the nation (and more than that in AZ) are faced with your same situation. I'm also sorry to hear you did not have any luck with a loan modification (but not surprised). Many of these so-called "experts" are doing what homeowners can just as easily do on their own. I hope you did not waste too much money on their services.
A short sale does sound like your best option. Visit our website. We are CDPE (Certified Distressed Property Experts), and the bulk of our business is helping homeowners like you avoid foreclosure through a short sale. Also, feel free to contact me directly if you have any questions. Either way, good luck!

Bob Hertzog
Summit Home Consultants
0 votes Thank Flag Link Wed Jul 8, 2009
This sounds like a No-Win Situation.

Consider putting the home up for Short Sale.

Best wishes to you,
0 votes Thank Flag Link Wed Jul 8, 2009
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