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As the question stated plus at a lower price since the houses are not moving here. There is no way I’m investing in this house only to lose my money in a sale. The problem is that there are non-profits building houses with mishda funding around here.How can I compete with a brand new house @130,000 ,not to mention the City incentives of 10,000. And here my house sits @ 115yrs old with a 112,000 @6.5%mortgage.Payed up ,not in foreclosure.Too many condemned/red-tagged properties,no job market. Wouldn’t they be happy with a reduced payoff as opposed to me threatening to just walk away and taking my lumps.I’ve lived in this house just about 4 years. Thanks for letting me vent

3 Thoughts on How Eager would Wells Fargo be to recieve a payoff on my Michigan home Loan?
  1. Reply
    Blaven!
    May 16, 2011 at 3:18 am

    When you signed papers for the mortgage the terms for early payoff were included in the contract. Sometimes there are penalties for early payoff, but legally they cannot outright prevent you from paying it off.

  2. Reply
    robin p
    May 16, 2011 at 3:31 am

    They will be thrilled

  3. Reply
    Rush is a band
    May 16, 2011 at 3:51 am

    They wouldn’t mind a FULL priced payoff…

    You are talking about a short sale. You would try to get Wells Fargo to agree to take a lesser amount than they owe to fully satisfy a mortgage. Lenders are doing this all over the country right now and are also doing a lot of them in Michigan right now. Many lenders agree to short sale rather than acquire the properties through foreclosure.

    You aren’t late and are not in danger of losing your home immediately. That said a short sale would ding your credit significantly. It looks to me like you have sour grapes about the housing market and YOUR decision to buy this particular house. No one guaranteed you that your house would go up in value. No one guaranteed you that there would be jobs in your community. It may certainly be true that you have no financial incentive to improve your house. Either do it for yourself or don’t bother.

    If you don’t have to move now or are not planning on moving now why does it bother you?

    good luck!

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