Wells Fargo – Bankruptcy, Loan Mod, Short Sale, Advertising, etc.

Hi Paul. 

My ex-husband and I purchased a 2 acre lot and and new manufactured house about 6 years ago.  We are both on the mortgage.  We filed bankruptcy and got divorced a couple years ago. 

When we got divorced, he stayed in the home.  the mortgage was not reaffirmed in the bankruptcy.  Since then, I have gotten remarried. 

My ex is now 3 months behind on the mortgage and is in the process of moving out.  Since i am on the loan, wells-fargo is working with me and has offered a loan modification. 

My ex has decided that he doesnt want us to move in to the house and I suspect he is going to try to short sale it behind my back.  The property is in a very distressed condition (his doing) and now is worth way less than the loan amount.  Can he do that if I dont agree to it? 

If I am willing and able to make the payments (which I am), can he prevent me from doing so?  I really dont want to lose the house and we are willing to rehab the property.  We would like to live there long term. 

Any advice would be a blessing.  Thanks!!!

Patti

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Hi Patti,

No one can prevent you from making payments and no on can complete a short sale on the property without the other owner’s consent. 

You two would have to work together if you are going to move into the property.  Hopefully things can be worked out.  In a weird way the ex may have helped to motivate Wells Fargo to offer a loan modification – if the condition of the home was stellar and the property had equity, then Wells wouldn’t have been as inclined to modify.

Thanks for the questions and hope this helps.

Paul

P.S. Not related directly to this post, but anytime I hear ‘Wells Fargo’ these days I think of this billboard:

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.