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Old 06-19-2011, 03:51 PM
 
Location: San Ramon, Ca
72 posts, read 156,780 times
Reputation: 55

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has anyone gone through a foreclosure with Wells Fargo? I am considering letting my house go and i don't know how long the process takes. I have many other issues leading to this, Wife is done being an mother and a wife. She will not get a full time job to help with the bills. Spends here free time and money on girls nights out and meeting other men. ETC.. Enough about that. I have 2 children to take care of and a job that will let me do that. If i stop paying my House payment how long can i expect to live in my home until we are evicted? I am using this as a basis for how much i can give my wife to go an get her own place. The kids want to live with me so i really need good information so i can take Care of them. Any advice helps.
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Old 06-19-2011, 08:37 PM
 
2,652 posts, read 7,580,431 times
Reputation: 1872
Talk to a lawyer.
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Old 06-20-2011, 01:41 AM
 
60 posts, read 107,882 times
Reputation: 41
At least 3 months (90 day past due).

Make sure you can walk away free and clear so the banks can't pursuit deficiency judgement against you.

Good luck!
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Old 06-20-2011, 03:19 PM
 
12,825 posts, read 18,985,099 times
Reputation: 10852
Why not a short sale?
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Old 06-20-2011, 07:23 PM
 
Location: San Ramon, Ca
72 posts, read 156,780 times
Reputation: 55
House is not worth what i owe. There are 3 home near me within a few homes and none of them have had any bites in a few months. i think i am just stuck. i have heard that Wells Fargo plays hard ball and short sales are not given often.
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Old 06-21-2011, 11:01 PM
 
60 posts, read 107,882 times
Reputation: 41
If you have two loans and with a short sale you might have to pay cash out of your own pocket to settle with the 2nd lender.
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Old 06-21-2011, 11:46 PM
 
Location: San Jose
160 posts, read 386,075 times
Reputation: 177
I am doing a Wells short sale right now. Great friends of mine that are splitting up.
It was a purchase money first and second so there is no deficiency judgment if they are foreclosed on.
Wells is a pain to work with but they are working hard to have a minimal impact on their credit.
It's been a few months and the foreclosure is pacing the short sale so that if my clients can't/won't close the short sale then Wells will take the house back at sale.
It's a tough road - they are selling for less than half what they bought at 6 years ago - but it looks like they are going to get by with a short sale and no money out of pocket so they can buy something again within the next few years.
Consider the short sale. It's a hassle but worth it if you want to buy again. Once winter passes spring will come again.
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Old 06-22-2011, 11:21 AM
 
60 posts, read 107,882 times
Reputation: 41
There is no point in short sale UNLESS you want to buy again soon (like 2 years soon).

In terms of credit score, both short sale and foreclosure do same amount of damage to the score.

If you do foreclose, there is no guarantee that you will have to wait for 7 years to buy due to uncertainly in future policies. It is probalby they will soften up that seeing how many people have foreclosed.

I also don't see the housing market bounce back any time soon. Let's say you really have to wait for 7 years to buy again, it will most likely still be a buyer's market like now (ie, cheap).
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Old 06-24-2011, 09:22 AM
 
Location: Sunnyvale, CA
4,717 posts, read 8,748,847 times
Reputation: 2282
Another alternative that nobody here has mentioned is bankruptcy. Walk away from all the debts and start over.
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Old 06-24-2011, 01:59 PM
 
Location: Portland, Oregon
9,768 posts, read 15,639,840 times
Reputation: 6174
If he is anticipating a divorce the lawyer who handles that may be able to provide advise about dealing with the house.

Unless there is a huge advantage is listing the house as a short sale I wouldn't bother. Showing a house is very disruptive and with kids, even teens, it could be problematic.
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