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Question
My son purchased a home back in 1995 it was financed through Wells Fargo because he was out of work he got behind on his mortgage Wells Fargo has issued a foreclosure on Sept 2006 adding $5000.00 in legal fees. My son has tried to make arrangement with Wells Fargo to set up a payment plan but they will not discuss what can we do the house is not worth what he paid for it I would just as well let Wells Fargo have it please I need you advise. Listen to you every Saturday and love your show.
Wells Fargo can be difficult but we have been successful in dealing with them. Keep in mind mortgage companies are collection agencies. Their job is to collect money, not fix your problem. however, they have workout options available if you get to the right person they can be very helpful. You may be able to do a deed in lieu of foreclosure or short sale or if you want to keep the property they may be able to modify the loan to bring it current and give you a fresh start. Please visit my web site at www.financialemergency.com. Read up on the options available. I am a negotiator. This is my primary business, stopping foreclosure. You may also call my office to discuss this in more detail. 877 270 8204.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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