I am in the midst of foreclosure.
I can't stop it, can't change it, I got sick and am losing everything.
I am heart broken, depressed at time quasi suicidal, (quasi being the operative word there)
But I got this comment from Wells Fargo this week, and I found it well telling....
Additionally if you make payments for another year and then default again the house could potentially be worth less money resulting in an even larger loss, something the bank is not interested in at this time.
Wells Fargo at least anticipates that foreclosures will continue to climb for another year, and housing value to continue to decline?
Is that what I read into that statement?
It explains why they are not jumping on the refi bandwagon, even though they garnish fees for refi.
And then in the next email was this:
If we sell it now and take a 300k hit the loss is in fact higher but we do not have a way to calculate this risk or determine what the market conditions could be like if you were to default at a later date.