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I received a new mailing from Wells Fargo yesterday. It
was delivered by Priority Mail. It looked very impressive, but
it was only one short letter. I have uploaded a scanned copy for
your reference (scanned
copy); but I'll give you a quick recap here.
While it looks like this
might be something sponsored by the U.S. government, nothing
specifically mentioned the government. HopeNow might be
something from the U.S. Hope legislation, but I'm not sure.
Anyway, the letter just gave me an 866 number to call to discuss
my mortgage (although it is the same number that I have had for
months now). The letter stated that I am being considered for
loan modification. Unfortunately, they are not offering anything
new. The letter offered the possibility of interest rate
reduction or extend the time I have to repay the loan or both.
If I qualify (meaning can I repay the loan and/or want to repay
the loan), they will suspend the foreclosure activity on my
house for thirty days.
Poor Wells Fargo. They
obviously do not read the comments on my account which I have
provided over various collection calls. Yes, I could afford to
pay the Wells Fargo; but there is an extra $150,000 line of
equity debt on the house that I took out to tide me over until
the real estate market recovered or until I sold this property
or at least one of the other properties. Unfortunately, the real
estate market has not recovered and only shows signs of
worsening; and I have not sold anything since before 2006. Plus,
Florida insurance has sky rocketed as has Florida property
taxes. With all of these in consideration, I cannot afford to
keep the property so it must go back to the bank in foreclosure.
The sooner the better is preferential.
My take on this new
letter from Wells Fargo: Wells Fargo, you are not giving me any new options
although I do appreciate your reference at the bottom of the
letter that any information that I provide to you may be used to
collect the debt from me. Also, please do not think that I am
one of those defaulting homeowners who does not talk with their
creditors. I have had numerous and extensive telephone
conversations with all of the banks involved, probably Wells
Fargo the most.
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