Hello from MN. Scenario: due to severe mental illness of my husband during his entire life which was greatly induced by the suicide of his sister and death of our daughter within a span of eight months in 2003, he lost his $60K job in Oct. 2003 and hasn't been able to sustain employment since that time. He was hospitalized twice in 2004 at psychiatric facilities and is on the verge of returning again, I'm afraid for a very long time. All of our savings are depleted. I'm currently supporting our family on a meager salary. We haven't been able to fulfill the 1st mortgage of $550 (five months behind) and 2nd mortgage of $300 (one month in arrear). Both mortgages are issued by Wells Fargo, $50K (1st) and $20K (2nd) on a home valued around $80K. In October 2004 I sent a detailed financial packet to WF for lender assistance until my husband's social security disability is approved (monthly grant will be $1400). Yesterday, 27DEC2004, a letter from WF arrived stating intent to foreclose (some help, eh?) is commencing, the note is due in full on the first mortgage, ending with a legal firm's contact info.
Two questions: 1) is this standard operating procedure for folks who are in arrears on mortgage payments...to dangle the essence of help and then to just "commence foreclosure"? WF is aware of his pending disability case which will also include a lump disbursement of nearly $9000 from the SSA. 2) At this point in the process, generally how much time remains before we officially are booted from our home? We have nowhere to go and it's arctic cold here for the next four months.
Sidenote: our credit rating is poor (score 485) due to numerous delinquint medical bills pertaining to the daughter who passed away and my husband went wild with credit cards due to his acute bi-polar depression.
Please offer any ideas and help. Thank you kindly, KDR.
Two questions: 1) is this standard operating procedure for folks who are in arrears on mortgage payments...to dangle the essence of help and then to just "commence foreclosure"? WF is aware of his pending disability case which will also include a lump disbursement of nearly $9000 from the SSA. 2) At this point in the process, generally how much time remains before we officially are booted from our home? We have nowhere to go and it's arctic cold here for the next four months.
Sidenote: our credit rating is poor (score 485) due to numerous delinquint medical bills pertaining to the daughter who passed away and my husband went wild with credit cards due to his acute bi-polar depression.
Please offer any ideas and help. Thank you kindly, KDR.
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