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Tgages Homeequitymortgagepayment Mortgage Ru More Home Equity Mortgage Payment Wells Fargo Home Equity Loan balloon payment

Tgages Homeequitymortgagepayment Mortgage Ru More Home Equity Mortgage Payment

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    Thread: Wells Fargo Home Equity Loan balloon payment

    1. 05-20-2010 #1
      Junior Member
      Join Date
      May 2010
      Posts
      4

      Wells Fargo Home Equity Loan balloon payment

      I am a new comer on this forum and I am so impressed with the wealth of information you have amassed. I am hoping that one of you out there can help me out. I have a 1st and a 2nd mortgage with WF. The investor on the 1st is Merrill Lynch (I assume BOA now) and I have already been denied modification, income too high.... but I will try again. My real concern is our 2nd, Home Equity loan, it comes due / matures May 2011 in full $105,000. There is no way that we can pay that. When I call WF Home Equity dept. they say we have to wait until 3 months before the maturation date to apply for modification and meanwhile there is nothing we can do. We can barely afford to make the payments and there is no way for us to save any money to satisfy the 2nd when it comes due. Has anyone been able to negotiate with WF on their home equity loan? Should I pursue loan mod on the 2nd or should I go back and try to modify the 1st and is there any way that the 1st would assume the 2nd or something like that? Any help I would be really thankful.
    2. 05-20-2010 #2
      Senior Member
      Join Date
      Dec 2009
      Posts
      432

      Re: Wells Fargo Home Equity Loan balloon payment

      If im not mistaken you have to modify your first before your second. But sense you have both with WF i would ask if they can merge them both into one.
    3. 05-24-2010 #3
      Junior Member
      Join Date
      May 2010
      Posts
      4

      Re: Wells Fargo Home Equity Loan balloon payment

      thanks Skeeter for the suggestion. So far WF has not been very helpful. Our loan is not Fannie owned and the first says its got nothing to do with the 2nd. It seems like as long as we keep paying they are not willing to work with us.... so frustrating.
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