I can no longer make payments on a home I purchased in 2006

Asked by Howard, Las Vegas, NV Mon Aug 27, 2012

I purchased a home for my disabled veteran brother and his children, unfortunately he passed about 3 years ago. I have been struggling to keep up the payments but I have recently become disabled and can not longer afford the payments on two homes. I live in Tennessee and my mortgages are with Wells Fargo. What can I do ??? Please help

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Amerevision, , New York, NY
Wed Sep 5, 2012
Hi Howard,

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Wayne Bellem…, Agent, New Bedford, MA
Mon Aug 27, 2012
Hello Howard,

You've already received some prudent advice in this forum. One other option that you may consider is renting the home if the rental income will be sufficient to cover the mortgage and expenses. While a short sale is certainly an option, renting the home and staying current on the mortage will preserve your credit standing. Make sure that you include a property management fee in your calculation since you won't be able to do it yourself.

A loan modification is still your best option since it keeps your sister-in-law and the children in the house.

Good luck!

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Christopher…, Agent, Tarrytown, NY
Mon Aug 27, 2012
Hi, Contact your lien holder sooner rather then later. there are programs available to help, they will let you know what you qualify for.

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Roschpropert…, , Utah
Mon Aug 27, 2012
Contact http://www.reoprep.com they should be able to assist you in a short sale.
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Corey Sprague…, Agent, Milton, MA
Mon Aug 27, 2012
Hi, Howard.

Please contact me at your earliest convenience. I work on Cape Cod and would be happy to discuss your options. Jason and Anna offered good advise. Sounds like you may be eligible to short sell the property or try a loan modification if that fits your financial situation. Well Fargo has ironed out their short sale department and things seem to be going a lot smoother.

I work with short sale attorney's to ensure the process goes as smooth as possible and have been able to get many sellers out of an otherwise difficult situation. Be happy to assist. Sorry to hear about your current situation.

Best regards,
Corey Sprague
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Wen Farina, Agent, Reading, MA
Mon Aug 27, 2012
Hello Howard,

you definitely need to contact your lender and let them know of your hardship. They may be able to help you with a loan modification, forbearance or they may approve you for a HAFA short sale. If a short sale is your best option a realtor that is experienced with these type of sales can help you and guide you through the entire process. But it all starts with you letting Wells know of your hardship and current situation. Good luck
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Jason Nadler, Agent, Tampa, FL
Mon Aug 27, 2012
You can contact Wells Fargo and request some type of payment assistance (ie. modification) or, you can find a local real estate agent who may be able to assist you with a short sale.
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Anna M Brocco, Agent, Williston Park, NY
Mon Aug 27, 2012
Consider consulting with an attorney who specializes in real estate beforehand; a short sale could be a possibility....
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