DIL = Denied!!!

I knew our chances were slim-to-none to get a DIL but I thought I would try. We have our first and second loan through Wells Fargo. We are approximately 60 days late. I called our 1st loan and they stated that we had to get the 2nd loan to release (or settle) their portion of the loan in order for them to consider a DIL.

This led me to a conversation with "Christopher", a gentleman who works with the 2nd loan. This was after many phones calls trying to get the right department, etc. I told him we were requesting a DIL. He stated that he would look into it - whatever that meant (I gave him no financials, etc.). After 2 weeks, he called back today to state that we have been denied; However, he stated that I could send a letter (to a fax number he provided) for a settlement offer - SERIOUSLY????

Well, I can now officially say that we have tried everything and have been denied at every step along the way. Let the journey continue....

Our credit got hit

Our credit score got hit this week. We are not quite 60 days late yet. It went from 787 to 692. We are now considered medium risk. The phone calls have started back up again. Still no call from “Christopher”. I will probably give him a call next week. He promised to call me in a week (ha – it is now two weeks since we talked).

A couple of letters

We received quite a few letters the last couple of days from our bank.

1. A letter of acceleration. Basically saying we need to bring our loan current or they are going to accelerate the process to foreclosure. My understanding is that this letter is computer generated at 45/60 days late.

2. “Helping you stay in your home”. This has a “Making Homes Affordable” stamp on the outside of the envelope. The letter says that help is available, etc. I think this is also generated when you are late on your mortgage. We have already been denied by HAMP.

3. “Get help now”. This letter/brochure gives us a number to call for “customers just like you, who have both a first mortgage and a home equity with Wells Fargo”. I think this is their way of trying to squeeze some more money from us.

We are not going to call. There is nothing they can tell us or offer us that will help (other than decreasing our principal by 200k – which is never going to happen). We are still waiting for “Christopher” to call to found out if we can do a DIL.

Still no calls…….very strange…..

Eerily quiet

No calls this week – Not one!!!! Not sure what that is all about – Are the banks swamped??? Are they considering our DIL?? Hmmmmm……Not complaining – just curious.


President Obama is to speak in Las Vegas today re: a new plan to help the housing crisis. I hope it is not more empty promises. It is so sad to see the amount of money the NV homeowners have lost in their homes. Not expecting any help from him or his peers in Congress, since everything else has been a complete joke so far (IMHO).

A letter delivered from UPS

I was surprised to get something this soon from Wells Fargo delivered via UPS. When I opened the envelope, it was one piece of paper informing us about available credit counseling. It was signed from the CEO of Wells Fargo. It listed different numbers to call and it also expressed “their concern” about our financial situation. Ironically, at the very bottom of the page, in small print, it stated that each service could cost anywhere from 50-100/hour. UNBELIEVEABLE!!!
These banks are so out-of-touch with the consumer. Anyway to make a dollar, right?? I am sure that the cost of the UPS delivery will be added to our “bill”. We are still awaiting word back from “Christopher” on our DIL offer. We did however have a nice Valentine’s Day Weekend (despite my food poisoning :()

"Christopher" called

A little recap = Last week I requested a DIL. My first is 365k, my second is 40k (house is worth 195k, in Las Vegas)....both loans are with Wells Fargo. My first loan stated that I needed to call the second loan and ask for a release for them to even consider a DIL. Even though they are both with Wells Fargo....they are actually with two different companies. We stopped paying on January 1st.
I know that it will be next to impossible to get a release from the second but I figured at least I should try it. We no longer live in the house and have sinced moved for a military assignment. I got an answering machine last week and left a message at the DIL office.
Yesterday, I got a call from "Christopher", who is the one person working DIL on the second loan. Basically, he said he is "getting his info together" to see if they could possibly do a DIL or settlement. He stated he will get back with me in a week.
I have not given any financial info (although they probably have some on hand from previous hardship letters for loans mods - which we got denied). I do not plan on given any more info either. This morning, I woke up with an alert from freecreditreport alerting me to a Hard Hit on my credit. Wells Fargo did a Hard Hit searching my credit. I am not worried about my credit score as I know it will tank in this process, but I can see they are searching my credit/debt ratio.  Our credit score still remains in the high 700's.  It should be soon that it will starting taking a dive.
I will be very curious to see if they offer a settlement......I highly doubt it but I will keep you all posted....I refuse to consider anything more than 20% of the loan (and even hoping for less than that).....

The calls continue and we still don't answer them, except "Christopher" = His number comes up as a different number o nthe caller ID.

So, I called the bank....

Well, it has been over a month and I finally called the banks. I was thinking that IF we could get a deed-in-lieu (DIL), that it might be beneficial to our situation. We have been denied so many other things in the past, but I thought maybe now that we are late, they might consider a deed-in-lieu.

So, after getting a call through to the bank, I finally got a woman (name to be withheld, for now) on the line. This took several minutes and many transfers to actually get a real person. You would think that since we are so late that someone would be on the phone immediately wanting to talk to us = not the case. Needless to say, I talked to her about the DIL option. She stated that since we had a second loan I personally had to call the people of the second loan and ask them to "release the loan" before they would consider a DIL.....Are you kidding me?? O.K., at this point I knew it was a joke but I thought I would give it a try. I called the second loan people, after many transfers and time on the phone, I finally got the DIL office. Guess what, it was an answering machine. I left our info and still haven't gotten a call back from that department. I am happy to note that it was recorded in our “records” that I did request a DIL.

I am not even sure if a DIL is an option. My understanding is that they are very hard to come by. Also, the DIL that we would accept would have to forgive all deficiencies - not sure the banks would offer that.

The only thing that I learned from this experience is that it wasn't even worth my time to place these calls. Once again, the banks proved that they could give two craps about us or our situation.
On a happier note……Had a great day at the free Home Depot clinic with the girls

The pool, plants, etc....

It is still hard to accept the fact that we are foreclosing on our house BUT both Ryan and I know that it is the right decision at this time.  The other day we had to come to terms with the fact that our pool is going to get "destroyed" in this process.  We spent days/hours/weeks building that pool.  We were involved in every detail.  We know that it is going to turn green and nasty.
Now that our renters (who used our house as a dog kennel) are completely gone, we asked our friends to take some of the plants/foliage in the backyard.  I would rather know that some of these plants (that we spent years growing) were going to our good friends then dying in our backyard.  It is a loss but we are ready to get this behind us.
I recently told a friend (who is in a very similiar situation) that if you decide that foreclosure is right for your family, then make sure both you and your husband are on "the same page".  I am so grateful that Ryan and I are in this together and "on the same page".  It helps with the whole process.